Cargo Insurance

Types of insurance for imported and exported goods

Insurance for import and export goods

There are many units that provide insurance for imported and exported goods for individuals and businesses sending goods internationally. Each insurance provider will have different insurance policies with prescribed fees. Customers need to base on their needs, financial ability and type of goods to be transported to choose the appropriate type of cargo insurance. There are types of cargo insurance such as:

• Insurance for imported and exported goods by sea
• Insurance for imported and exported goods by road
• Insurance for imported and exported goods by air
• Insurance for imported and exported goods by rail

Losses are accepted for compensation through insurance for imported and exported goods

Loss of goods is something no one wants, but customers also need to know the level of loss that, if it occurs, will be compensated by insurance. These losses are also part of the regulations and agreements between the insurance provider and the insurance buyer. In addition to these losses, there are also other losses stipulated after agreement between the two parties. Types of losses specified when purchasing cargo insurance include:

• Explosion.
• Ships and boats ran aground, sank, and capsized.
• Land transport vehicles overturned or derailed.
• Collision of vessels or means of transport with any object other than water.
• Unload goods at the port where the ship is in distress.

Insurance fees for imported and exported goods

The fee to buy insurance for imported and exported goods is different for different types of goods. Insurance premium rates depend on the type of goods, packaging method, means of transportation, route, and insurance conditions. These regulations are also set by the insurance provider with different costs.

Purchasing cargo insurance helps senders feel more secure when sending items

The formula for calculating insurance premiums for imported and exported goods that customers can refer to is:

• CIF = (C+F) / (1-R)
• I = CIF x R

In which, I: Insurance fee, C: Product price, F: Shipping fee price, R: Insurance fee rate

Currently, GREEN OCEAN has fully deployed domestic and international express delivery services so that customers can choose appropriate services. In addition, when shipping orders, GREEN OCEAN also has policies to compensate goods if problems are encountered during the transportation process.

For more information about GREEN OCEAN’s delivery services, customers can call Hotline  1+84-8- 6 283 55 58 .