In the current global financial climate companies involved in international trade need to be aware of how their marine insurance protection would act in the event of one of the following:
- Insolvency of carrier, charterer or shipping company
- Financial default of a buyer of cargoes
- Financial default of your supplier and/or its marine insurance cover
- Financial default on sovereign debt of a particular country or debtor nation/group of countries
The paper discusses general information with regards to the impact of events such as a financial default on marine cargo insurance policies and offers recommendations on key issues that brokers can discuss with their clients.