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How Freight Insurance Works: A Complete Guide with Hongocean

Its freight insurance solutions cover the freight owner and the freight forwarder, in cases of the loss, damage or pilferage of cargo during transportation. Through available options of the coverage, companies can select the most suitable one depending on their requirement. Hongocean directs clients on probable dangers and evaluates, looks for and compares policies and constantly undertakes policy inspection in order to guarantee comprehensive coverage on every shipment.

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Explanation: What Is Incoterms CIF (Cost Insurance And Freight)?

CIF (Cost, Insurance, and Freight) is one of the most commonly used Incoterms in International business where the seller is responsible for the cost of the goods, their insurance, and freight charges up to the point of shipment of goods on board a vessel and the buyer takes over all risks from that point with direct access and carriage paid. This term makes prices easy for the buyer to determine and also manage the amounts involved in the buying process while on the other side it passes more control, responsibilities and cost to the sellers. CIF defines the responsibilities and areas of coverage as well as the costs involved in shipping, and this knowledge assists companies in fashioning how they plan for and avoid mishaps in, cross-border transactions.

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