All goods exported are subject to Perils of Sea in the Sea Voyage. Hence it is necessary to take Marine Insurance for the cargo being exported or Imported by paying a premium to the Insurance company. Insurance Value will be CIF Value of cargo + 10% for nominal profit for loss of business.
If the cargo package is torn or damaged at arrival at warehouse, the importer to lodge a claim with the insurance company & they will send their surveyor to carry out a detailed survey. Insurance company may insist on despatching cargo by a SEAWORTHY vessel, not older than 15 years.
