Just to add in Marine Insurance.Originally Posted by MTG
Marine insurance has two important and broad components. The first one is cargo insurance and the second one is hull insurance. Cargo insurance provides cover for losses or damages that could occur to goods in transit on sea, rail, road or air. This insurance is purchased by the owners of cargo/ships.
Hull insurance covers the insurance of the carrier of the goods. This type of insurance is purchased by the owners of the transportation vehicle. In case of Import-Export trade, the responsibility for purchase of insurance lies with the seller if the price quoted is Cost, Insurance, and Freight (CIF).
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