Marine property insurance for international trade is a type of insurance that protects the goods being transported by ship against loss or damage. It is a vital part of international trade, as it provides financial protection for businesses that are shipping goods overseas. Marine property insurance can cover a wide range of risks, including:
- Physical damage to the goods
- Loss of goods due to theft or piracy
- Damage to the goods due to weather conditions
- Delay in delivery of the goods
Marine property insurance is important because it provides businesses with peace of mind knowing that their goods are protected against loss or damage. It can also help businesses to save money by reducing the risk of financial losses due to damaged or lost goods.
The history of marine property insurance dates back to the early days of international trade. Merchants would often form mutual associations to pool their resources and provide financial protection for each other’s goods. The first formal marine insurance policy was written in Genoa, Italy, in 1347.Today, marine property insurance is a global industry. There are a number of different types of marine insurance policies available, and businesses can choose the coverage that best meets their needs.
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