Any person who is with the business of importing or exporting goods insurance to know something. In these difficult economic times, companies must have the guarantee of financial security.
Insurance of goods is one of many possibilities for the protection of a company. It offers a way to compensate businesses or individuals that have been made to have the misfortune of losing their property or be damaged during transport. In simple terms, insurance of cargois a contract or agreement between a person or a company and an insurance company, in which the policyholder receives compensation, if something happens to their merchandise.
Importers and exporters will be facing some risks when transporting their products. The importer has already paid for his goods stand to lose a lot of money if the goods are lost or damaged. Also an exporter who has a lot of money for products that also exports to lose investmentMoney in an accident. Cargo Insurance offers them a safety net if their products are lost or damaged in some way by sea, land and air.
The conditions of the insurance carrier are usually held on a turnover of contracts. The insurance takes effect, as a rule, if the goods changes hands, unless the clauses added or removed from the contract by an agreement by both parties.
Conditions of insurance of goods in general follow the guidelines of Incoterms.Incoterms, also known as Commerce international conditions are a set of terms and conditions that are considered the industry standard in many countries. These terms are often referred to involved the sharing of responsibilities and costs of transactions between sellers and buyers in a particular transaction. These terms have been led by the United Nations Convention on Contracts for the International Sale of Goods. Incoterms also the conditions in which the duties and obligations of allParties to begin and end. These terms are all fully described in documents obtained by the ICC.
For example, if an exporter agrees to a contract that is based in C & F FOB Incoterms described as shoulders exporter, all costs of insurance, to the point where the goods safely on board the transport chosen. From that moment on, shoulders of the importer, the risk of goods lost or damaged.
There are many otherdifferent types of insurance terms of cargo and a good understanding of the shipping process will help individual enterprises to avoid losing money on the margins of shipment. With proper planning, research and understanding of logistics can go a long way, when the transport policies of insurance.
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