Is Marine Insurance Always Needed For Unique Cargo? Are you shipping unique or valuable cargo across the ocean? In this video, we discuss when marine insurance is necessary and how to protect your goods during transit. Whether you’re sending a one-of-a-kind sculpture, custom machinery, or high-value items like art or jewelry, understanding marine insurance options can help prevent significant financial loss. We cover the different types of marine policies, including All-Risks, Named Perils, and Open Cargo, and explain which might be best suited for your shipment. You’ll also learn about the responsibilities of sellers and buyers under various shipping terms, such as Cost, Insurance, and Freight (CIF) or Carriage and Insurance Paid To (CIP). Additionally, we highlight situations where extra coverage for storage, installation, or exhibition may be necessary, especially for delicate or high-value cargo. Consulting with an insurance broker can help you find the right policy tailored to your specific needs. Remember, choosing the proper marine insurance can save you from unexpected financial setbacks if your cargo is lost or damaged during transit. Protect your valuable shipments by understanding your options and ensuring you have the right coverage in place.
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