Who Needs Cover
Importers and exporters of raw materials or finished products need marine cargo insurance. This includes manufacturers, retailers, traders, freight forwarders, logistic providers, carriers etc.

When to Insure
An individual has an insurable interest in a marine venture when he stands to benefit from the safe arrival of the goods or be prejudiced by their loss. Unlike other insurance, however, this interest needs not to exist at the time a policy is written.

Most cargo policies are written on an open basis that will cover all future shipments of an issured when it is his responsibility to provide cargo insurance. Although the most common form of insurable interest is ownership, the point at which title passes from seller to buyer can be complex. In order to determine insurable interest, it is necessary to look at the terms of sale governing the contract.

The terms of sale are the starting point of all international movements of cargo. The sale of goods in the international market normally brings together two or more individuals who do not know one another, who speak different languages, and who have different customs and currencies. In order to overcome these many differences and encourage world trade a set of standard definitions, known as the “incoterms”, were established. Once incorporated into sales contracts, these terms legally outline the obligations and responsibilities of buyers and sellers.

For more information, please contact: Khun Wasana Sombuthom
Tel. 01-825-7528 E-mail Wasana@aprc-consultants.com