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Question

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What is meant by Cargo insurance and Freight insurance ?

Solution

Cargo Insurance : The cargo transported by sea is subject to manifold risks at the port and during the voyage. The cargo can be insured to cover against such risks.

Freight Insurance : The shipping company has a right of receiving freight on the cargo, if it does not reach the destination safely. Freight insurance may be issued to reimburse the loss of freight to the insured in case the cargo does not reach the place of destination.

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