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Goods transported by sea are exposed to various risks during transit, including storms, piracy, and handling mishaps that can lead to loss or damage. These unforeseen events can result in substantial financial setbacks for businesses and individuals shipping goods. Marine Cargo Insurance provides financial protection against potential loss or damage to goods while in transit, covering risks from loading and unloading to the journey itself. It offers indemnification for damages due to natural disasters, accidents at sea, theft, and pilferage, and can include coverage for both partial and total losses.
Marine cargo insurance is an insurance that protects goods or cargo while in transit over land, sea, or air, both within a country and to different countries. It covers losses that may occur when the cargo in transit (starting from the goods leaving the seller’s warehouse until they reach the buyer’s warehouse) is exposed to a wide range of risks such as accidents, damage due to fire, improper loading or unloading, theft, etc. The risks covered vary depending on the type of clauses included.
Financial protection against losses: Sending your goods across the country or to different countries around the world exposes them to a wide range of risks such as the goods being stolen, lost, or damaged due to weather, accidents, mishandling, etc. Whether your cargo is transported by sea, land, or air, it is exposed to these risks. Thus, insuring your goods/cargo while in transit will protect you against the financial losses you may incur in case of unforeseen damages or loss.
Business continuity: Financial investments in goods or cargo can be massive. Any damage to or loss of such goods will be a huge blow to your business. No matter what the value of your goods or the size of your consignment, a marine cargo insurance will allow you to quickly recover your losses and continue your business operations smoothly.
Legal or contractual requirement: Depending on the type of goods being transported or the country it is being transported to, a marine cargo insurance may be mandated by law or be a contractual obligation. In such cases, you are thus bound to provide proof of insurance.
