Marine Cargo Insurance Thailand
Compare the best plans and rates for Marine cargo Insurance in Thailand with us.
What is Marine cargo Insurance ?
Marine Cargo Insurance is a specialized insurance policy designed to protect goods or assets being transported internationally from a seller in one country to a buyer in another country by sea, commercial aircraft, land vehicles, or postal parcel. This type of insurance coverage provides protection for loss or damage incurred during transportation, covering the conditions outlined in the insurance policy.
There are various accidents that may occur during transportation, such as a ship catching fire, capsizing, sinking, or damage resulting from loading or unloading goods from the ship. Marine Cargo Insurance is designed to cover these and other similar events that may lead to damage or loss of the goods being transported.
Marine Cargo Insurance provides peace of mind to sellers and buyers, protecting against unexpected financial losses that may arise from the loss or damage of goods during transportation. With this type of insurance policy in place, sellers and buyers can focus on their business operations without worrying about the inherent risks associated with international transportation. It is important to review the policy terms and conditions carefully to understand the coverage, exclusions, and limitations of the insurance policy. In today's globalized economy, Marine Cargo Insurance can be essential in protecting businesses from unforeseen financial losses.
Who should buy Marine cargo Insurance ?
Marine Cargo Insurance is suitable for businesses that transport goods by sea or inland waterways, such as:
- Importers
- Exporters
- Manufacturers
- Freight Forwarders
- Distributors
- Marine Cargo Carriers
Marine Cargo Insurance is something to consider for businesses that want to protect themselves from the financial impact of accidents, loss, or damage to goods during transportation.
What does a Marine cargo Insurance policy cover ?
Marine cargo insurance offers three types of coverage to choose from, listed below in descending order of comprehensiveness:
- Institute Cargo Clauses (A) is the most comprehensive coverage available, providing protection against a wide range of natural disasters such as earthquakes, volcanic eruptions, lightning, windstorms, as well as human-caused threats such as ship collisions, theft, and piracy. This type of coverage also includes protection from external and unexpected causes such as breakage, tearing, and contamination. However, the cause of the damage must not fall under any exceptions listed in the policy.
- Institute Cargo Clauses (B) provides the same coverage as Type C but includes protection against specific natural perils specified in the policy, such as earthquakes, volcanic eruptions, and being washed into the sea by waves.
- Institute Cargo Clauses (C) offer coverage against specific perils specified in the policy, such as fire, explosion, ship collision, ship stranding, and the throwing of goods overboard. However, there are fewer perils covered under this policy than under Type B.
It is essential to review the policy terms and conditions carefully to understand the coverage, exclusions, and limitations of each Institute Cargo Clause. By choosing the right type of Marine Cargo Insurance coverage, individuals and businesses can protect against unforeseen financial losses resulting from the loss or damage of goods during transportation.
How much does a Marine cargo Insurance policy cost ?
The premium rates for Marine Cargo Insurance are mainly determined by the following factors.
- Insured amount
- Type of cargo
- Shipping route
- Mode of transportation
- Previous claims history
Interested in purchasing Marine cargo Insurance policy ?
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Why do you need to buy Marine cargo Insurance via us ?
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