Under most conditions, whether or not cargo is insured is a matter of commercial preference. Should the Seller and/or Buyer arrange insurance, how the cargo is to be insured, under what terms the cargo is covered and so on are all matters for negotiation. In the context of international trade, the word 'marine insurance' refers to all forms of transport and not just sea or waterborne transport. Thus cargo moving by air may be covered under a Marine Insurance contract.
Insurance is a contractual agreement between the insured and the underwriter whereby the underwriter offers to indemnify the insured against certain specified risks or events. It is the intention of the agreement that the insured will be placed in the position that they would have been in had the loss or damage not arisen e.g. they will be financially compensated for lost goods to the value of those goods and any additional charges that they may have incurred in the movement of the goods prior to the loss etc.It is often overlooked, however, that the nature of the agreement is contractual and that as a consequence there are many things that the insured has to achieve in order to keep the contract valid. These include using adequate packing, proper carriers, secure transfer of information and so on. Above all else, the insured must act reasonably and honour 'their side' of the contract.
Insurance is a very necessary cost in the international transport. Consider, for example, you move an inexpensive item by sea, but the shipping line declares "General Average" during the vessels' crossing. According to Maritime Low, YOU are charged a percentage of the cost, which the shipping line is declaring. You insure not only against the possibility of damage, or entire loss of your shipment, but also against the danger of the carrier incurring unforeseen costs.
Delta Shipping Ltd., as an official agent of Bulstrad (Vieanna Insurance Group) is able to arrange insurance for "All Risks" Coverage, including War Risk, which we can quote very favorable rates through leading Bulgarian insurance companies. We can of course, place whatever insurance you specify with whatever inclusions, and will advise the cost for this.
We PLACE insurance with the insurance company, meaning that we (ourselves) do not insure your shipment, the Insurance Company does - the money DOES NOT come from our account should YOU have a claim. Can you afford to lose the cost of your shipment in a disaster, the freight cost to a destination it does not get to, and to pay the shipping line a percentage of the cost of the ship, or repairs to it - as maritime low dictates? - it can, and has happened before! Consider Insurance.