A document indicating the type and amount of insurance coverage in force on a particular shipment. Used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit. In some cases…
Read MoreCarrier liability limit
The maximum amount of money for which a carrier is legally liable for loss or damage to cargo. This is surprisingly low. For example, under the Warsaw Convention it is 17 euros per kilo for airfreight shipments.
Read MoreCOFACE country risk
Country risk classification provided by the French company COFACE (Compagnie Française d’Assurance pour le Commerce Extérieur), world leader in export insurance that is very useful to know the country risk and the business climate in 160 countries. It offers a…
Read MoreContingency insurance
Insurance coverage taken out by a party to an international transaction to insure against insurance coverage taken by the counterparty. The contingent insurer pays its beneficiary and attempts to collect from primary insurer. For example, a pre-paying buyer purchasing on…
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