Cargo Insurance

Cargo Insurance

An insurance policy that protects the buyer of a good from the loss of that good while it is being transported. Most of the time, when a good is being shipped, either the buyer or the seller is required to purchase cargo insurance (or at least to assume the risk of transit); their specific agreement determines which one is responsible. See also: Incoterm.
References in periodicals archive ?
Even though every day almost $2 billion in trade crosses Mexico's northern border, the process to get cross-border cargo insurance can be extremely difficult.
Cargo Transportation Insurance Comprehensive Study by Type (Land Cargo Insurance, Marine Cargo Insurance, Air Cargo Insurance), Application (Marine, Land, Aviation) Players and Region - Global Market Outlook to 2024.
AXA XL, Vindati to Offer Ocean Cargo Insurance Via Online Platform
Specifically, they are teaming to offer Ocean Cargo insurance for small and mid-sized businesses via Vindati's proprietary rate, quote, bind, issue online platform.
This covers marine cargo insurance and marine hull insurance.
Previously called the Dutch Blockchain Hackathon, it will see about 100 teams building prototypes to address financial challenges including financial inclusion, digital identity, cargo insurance, and energy transition.
Expeditors is a global logistics company with services that include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
These new rules have tremendous impact on trade documentation and critical implications for businesses, especially in the carriage of goods between seller/ buyer, export and import clearance requirements, allocation of costs between seller and buyer, acquisition of cargo insurance and assumption of risks for loss and damage.
Risk, loss and damage are facts of life when shipping ocean cargo, so why is the evaluation of cargo insurance so often overlooked?
So far, 'the national single windows of each country (especially Singapore) have incorporated additional features to promote trade and policymaking, including: Risk assessment and profile management; efficient and predictable supply chains; port management; data privacy and management; provision of services such as logistics provision, trade finance, cargo insurance, etc.; online payment systems for revenues and fees; processing of import and export permits of regulated products; government-to-government transactions with trading partners; freight management, container booking, and fleet optimization; and cross-industry transactional data,' according to Beltran.
The recent spike in need for Project Cargo insurance worldwide has been triggered by a variety of factors, including stricter regulations governing plant efficiencies and air quality as well as an increased demand for alternative energy sources.