The benefits of buying insurance products

Cargo insurance is considered vital to businesses. So before commencing commercial transactions, we need to understand the terms of insurance to protect our goods.

Cargo insurance This is a type of insurance for risks occurring during the carriage of goods by any means of transportation, in the interior of Vietnam or in the whole world. After the risk can cause loss and material loss to the insured goods. What is domestic insurance? Commodity insurance: All assets and goods are transported within the territory of Vietnam by road, waterway, rail and sea. Insurance buyers will be covered by the insurance company the following risks: - Fire, earthquake, tsunami, lightning strike, whirlwind ... - Means of transportation of goods have been overturned, derailed, aground, overthrown or collided with other means or objects and the worst case may be missing. - In the process of transportation, the architectural works such as bridges, tunnels encounter problems, broken trees ... What is import-export insurance? Subject of insurance import and export goods Including goods from Vietnam to foreign countries and vice versa from abroad to Vietnam. They can be shipped by air, by air or by road, depending on the manufacturer's plan. Coverage - Starting from the time when the insured person is leaving the warehouse, the insurance becomes effective. - The location of the original cargo and the final destination specified in the insurance certificate. - The insurance will expire 60 days after the end of the discharge of the subject of insurance from the ship at the port of discharge. The reason should buy insurance import-export goods - Reduce financial losses: If goods are lost or damaged during transportation, then the exporter or importer faces the risk of financial loss. Choosing this insurance is a way for us to minimize these uncertainties. - Overall loss, quick release of goods: This is the principle accepted internationally. If the shipping ship occurs some kind of accident, all parties will share the same loss. When purchasing insurance, the insurance company assumes responsibility. They will proceed to release your goods. - By law, carriers are not responsible or liable for some common causes. For example, general average, force majeure occurring during the carriage of goods. In the course of transportation by land, air, sea or inland, the risks that may occur cause damage to the goods at any time. As a result, commodity insurance was born to protect and share the risks for both producers and receivers. I would like to mention two types of insurance for domestic and import and export for you to read more clearly.