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What is the difference between cargo insurance and cargo liability insurance?
Cargo insurance is something that you buy to protect against your financial losses from the loss of or damage to goods during transportation. Cargo liability insurance, on the other hand, is intended to protect the transportation company from the financial impacts of your cargo claims.
What is the proposal form in an insurance policy?
A proposal form is a formal application document that an individual fills out when applying for an insurance policy. This form is used by insurance companies to gather detailed information about the prospective policyholder. It plays a crucial role in the risk assessment and underwriting process of insurance.
What is broad form cargo insurance?
All Risk: As the name implies, all risk (also known as broad form) coverage provides protection for cargo against all types of risks, unless they are specifically excluded from the policy. They cover losses resulting from unexpected and unforeseeable events such as theft, damage, or loss due to an accident.
Who is responsible for buying cargo insurance?
That means Cargo owners should be responsible for Insurance, which should be the buyers responsibility when choosing EXW and FOB trade terms. While for trader terms under DDP, CIF. The seller should be responsible for the damage occurred.
The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. A glossary section contains.
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