Marine Cargo Insurance: Basics and Complexities
Created on May 02, 2017
Marine cargo insurance is one of the oldest insurance products around. Given global trade, it remains a highly relevant and significant tool to manage risk and promote commerce. While the insurance product itself may be old, some of the perils to cargo have shifted and grown in magnitude. Technology-enabled theft is one area where pirates use more nimble and sophisticated means to steal. Severe weather is another area where the safe passage of cargo may be placed at increased risk.
For the sake of commerce, it is important that cargo insurance
- Identify insurance products and claims issues involving the transport and handling of cargo, including Ocean Marine Insurance products offered and the risks covered
- Gain insight on coverage disputes regarding cargo claims
- Understand how to navigate the claims process and build a better product to minimize disputes over cargo losses
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