✅What is the purpose of the online marine insurance portal?

The online marine insurance portal is designed to provide a convenient platform for managing all aspects of your single transit marine insurance policies. It offers features such as policy management, claims, tracking and instant quote generation.

✅What is marine cargo insurance?

Insurance of goods in transit from one place to another by any means of conveyance (Road, Rail, Air & Sea) under a contract of affreightment.

✅ Which type of risk been covered in the marine insurance?

Fire, Lightning, Breakage of Bridge, Collision with or by the carrying vehicle, Overturning of carrying vehicle, Derailment or accident or like to carrying vehicle/railway wagon, Non delivery of entire consignment or packets, Theft, Pilferage, Fresh and Rain water damage, Damage by hooks, nails, oil, mud, acids and other extraneous substances, Any other risk not specifically excluded under the policy are covered.

February 17, 2024

Clearing the Waters: Guide to Trade Contracts and Marine Cargo Insurance

Name: Marine Insurance Online
Brand: Aapka Transit
Rating: 4.9 (12087 reviews)

In the sea of Trade Contracts and Marine Cargo Insurance, finding the one that suits your needs the best is a challenging task. Especially when shipping items across borders in a hurry. Let’s break down the basics and make it easy.

Aapka Transit is here to talk about trade contracts like Ex-works, CNF/Fob/C&F, CIF/CIP, DAP/DDP, and different cargo insurance types, giving you a helpful guide for global business.

Popular Trade Contracts

Although there are numerous trade contracts issued by the International Chamber Of Commerce, Aapka Transit has listed the most popular Trade Contracts to make your search easy:

1. Ex-works:

In an Ex-works arrangement, the seller delivers the goods at their premises, and the buyer bears all transportation costs and risks. This trade contract places the maximum responsibility on the buyer.

2. CNF/Fob/C&F:

These terms, Cost and Freight (CNF/ C&F), and Free on Board (Fob), dictate the point at which the risk and responsibility shift from the seller to the buyer. CNF and C&F include transportation costs, while Fob requires the buyer to bear these costs.

3. CIF/CIP:

Cost, Insurance, and Freight (CIF) and Carriage and Insurance Paid To (CIP) include insurance costs in addition to transportation costs. The seller arranges insurance coverage for the buyer’s benefit, ensuring added protection during transit.

4. DAP/DDP:

These two terms Delivered at Place (DAP) and Delivered Duty Paid (DDP) place the maximum responsibility on the seller. In DAP, the seller delivers goods to a specified destination, while DDP includes all duties and taxes paid by the seller.

Understanding Marine Cargo Insurance Policies

1. Specific Transit Policy:

This policy provides coverage for a specific shipment from one point to another. It is customised for businesses with infrequent shipments and offers a focused and cost-effective solution.

2. Open Marine Policy:

An open marine policy provides continuous coverage for all shipments within a specified period. It offers flexibility for businesses with frequent shipments, eliminating the need to purchase separate policies for each consignment.

3. Sales Turnover Policy (Stop):

Geared towards businesses with regular shipments, the sales turnover policy (stop) provides coverage based on the insured’s annual sales turnover. This comprehensive policy adapts to the evolving needs of growing enterprises.

4. Bulk Cargo Policy:

Designed for businesses dealing with bulk shipments, this policy provides coverage for large quantities of homogeneous goods. It ensures efficient and cost-effective protection for businesses involved in bulk cargo transport.

Running a global business does not have to be difficult. Understand the complexities of trade contracts and cargo coverage with Aapka Transit.

Whether you choose Ex-works or CIF, specialized transit rules, or open maritime policies, our platform allows you to easily align options with your specific business needs in just 3 minutes. Ready to set sail? Make informed decisions and confidently journey international commerce waters with Aapka Transit.

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