The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

Answer Details

Marine Insurance is the type of insurance policy that is compulsory in international trade so that all goods passing through the sea must be covered. This type of insurance is necessary to protect goods in transit against loss or damage that may occur during shipping. For example, if goods are damaged or lost during a voyage, marine insurance can provide compensation to the owner of the goods. This helps ensure that international trade can take place smoothly and that businesses are not negatively impacted by unexpected losses. Marine insurance is therefore an essential part of international trade and is required to ensure that goods are protected during transit.