Financial
Subrogation
Right of the insurer who has paid a claim to recover from the party responsible for the damage the amount paid to the insured. Allows the insurance company to recover funds from the party causing the loss.
Right of the insurer who has paid a claim to recover from the party responsible for the damage the amount paid to the insured. Allows the insurance company to recover funds from the party causing the loss.
Right of the insurer who has paid a claim to recover from the party responsible for the damage the amount paid to the insured. Allows the insurance company to recover funds from the party causing the loss.
Marine Cargo Insurance
Policy protecting the insured against losses or damage to goods during maritime transport. Can cover from basic risks to all risks depending on the contracted ICC clause.
FinancialClaims Procedure
Formal process to request cargo insurance indemnification for loss or damage to goods. Includes immediate notification, damage documentation, expert inspection, and submission of supporting documents.
FinancialLoss Adjuster
Specialized professional who investigates and evaluates cargo insurance claims to determine the cause, extent of damage, and indemnification amount. Acts as a technical intermediary between insurer and insured.
FinancialCertificate of Insurance
Document evidencing the existence of a cargo insurance policy for a specific shipment. Required in CIF/CIP operations and frequently requested by banks in documentary letters of credit.