Marine Insurance
The continuing growth in world trade is resulting
in unprecedended levels of goods moving across borders. This rise in trade
volumes has increased the potential for a company’s goods to be lost
or damaged in transit. To guard against this problem, which can disrupt trade
and increase the cost of goods, you should arrange Marine Cargo Insurance.
AIB Trade Finance Services is now able to organise
Marine Cargo Insurance policies for you, to ensure that, regardless of whether
you are buying or selling, your goods are insured against the danger of loss
or damage in transit.
Marine insurance is probably the oldest form
of business indemnity. It covers the risks of physical damage to, or loss
of, goods in transit whether the goods are transported by:
Ocean vessel
Aircraft
Truck
Barge
Rail
Marine cargo insurance covers goods that are
being bought, or sold, either domestically or internationally. International
law and the terms of sale/purchase will determine the extent to which responsibility
for loss or damage to the goods is vested with the seller, buyer or the carrier.
A marine insurance policy or certificate is a
flexible document, the benefit of which can be transferred from the insured
party to another. This means that a seller who has arranged cargo insurance
on goods can transfer the benefit of the insurance contract to their buyer.
Advantages for you having your own marine
insurance policy
If you arrange Marine Insurance through AIB Trade
Finance Services it can be tailor made to suit your requirements as far as
possible.
- You can select a single voyage policy or an
“open cover policy” for regular shipments.
- An open cover policy permits you issue their
own insurance certificates, subject to criteria agreed with the insurer.
- You can offer to sell goods with marine insurance
cover included.
- You can buy goods on terms exclusive of insurance.
- You can insure your goods for an adequate
amount, as the basis of valuation can allow for an element of profit, the
cost of production and transport, plus 10% or 15%.
- You would be dealing with a local broker.
All companies are aware that goods in transit
need to be adequately protected. Comprehensive marine insurance is an essential
part of this protection. AIB Trade Finance Services is pleased to offer its
customers Marine Cargo Insurance as part of an overall product suite which
aims to help our customers conduct trade with the minimum of risk.
