Insurance of import and export goods by sea

Imports and exports by sea often involve a number of different aspects, of which four are the seller, the buyer, the carrier and the insurer. In particular, insurance is an important part to prevent the loss, damage is too great surprise with their goods in the process of transportation. Therefore, the following article will share with you the risks set out in the insurance contract as well as the condition of import and export insurance by sea.

Insurance of import and export goods by sea This is a form of insurance where goods, property or objects are transported from place to place by sea. The insurer will pay the premium as well as the indemnity to the insured if damage to the goods occurs during the insurance. Risk in import-export insurance The unexpected risk that occurs with goods is usually divided into several categories, but the principal is divided by origin and insurance. The details of each of these categories are as follows.
• By origin - Due to natural disasters: natural phenomena that humans can not control such as storms, whirlwinds, tsunamis, sea ...
- The disaster of the sea: the catastrophe can occur with the ship in the sea as run aground, immersed, exploded, missing ...
- Due to other unexpected accidents: external accidental impacts are not covered by the above mentioned risks. These risks may occur during loading or unloading of goods, warehousing ... on land or at sea.
• According to insurance
- Risks usually covered: These include unexpected and accidental risks such as natural disasters, marine rays, unexpected accidents.
- Risk insured separately: depending on the agreement of the insurance contract, the two sides will add themselves to this section, not the compensation under the original conditions. These types of risks may be due to war, strikes, terrorism.
- Risk not covered: these are the types of risks that occur naturally due to the nature of the goods or the fault of the insured.
In general, the risks insured must be the direct cause of the loss, otherwise insured.
Loss in insurance of imports and exports
Losses shall be based on the scale, level of loss or loss of nature.
• By scale, extent of loss
- Partial loss: usually loss of weight, volume, volume or value - Total loss: for loss, damage, deformation or deformation of the insured object as it was initially insured.
• According to the nature of loss
- General loss: costs or sacrifices arising in the pursuit of salvage purposes as well as goods escaping a common danger.
- Own loss: This type of damage only causes damage to some of the interests of the owner and the ship owner
Insurance conditions in insurance import and export goods Insurance conditions define the scope of liability of the insurer for the insured. Include the following specific conditions:
- Conditions of insurance C
The goods or property transferred shall be insured in the event of loss due to:
• Fire or explosion • Ships run aground, capsize and sink • Flooded or derailed road vehicles • Ships collide, hit any object not including water • Cargo at the port where the ship is in distress • Goods thrown from the ship • Cargo is missing and goods are lost - Conditions of insurance
In addition to the conditions of insurance C, the insured person will also be compensated in the event of a risk such as:
• Earthquakes, volcanic eruptions or lightning strikes • The goods are washed away from the ship or thrown from the ship • Where cargo is flooded • Loss of cargo due to unloading through the ship's rail at the port - Insurance conditions A
In addition to Section B and C above, the condition of insurance A is the right to compensation if the subject matter falls into one of the following cases:
• Theft, theft • Missing fact • Hen rusting, broken during transportation • Tear, break, get wet or dirty ...
Import / export cargo insurance by sea is a comprehensive protection for your cargo during shipping. Hopefully with this article, you have more information about this type of insurance.