If you are an importer of cargo from overseas and are relying on your seller’s insurance policy to protect your cargo investment in the event of a claim, be aware!
You need to ask a number of questions:
a) What currency is the insurance in?
b) What are the insuring conditions? Is it a limited insurance cover that only pays in the event of a an accident at sea or on the road? Or, is it all risks cover intended to respond in the event of any type of unforeseen damage or loss?
c) Does the overseas policy have a large deductible?