Payment of risk premium

Marine cargo insurance premiums are typically paid upfront, before the shipment begins. This is because the insurer needs to be paid in order to cover the risk of the shipment.

There are a few different ways to pay marine cargo insurance premiums:

• Direct payment to the insurer: The insured can pay the premium directly to the insurer by check, credit card, or wire transfer.
• Payment through a broker: The insured can also pay the premium through a marine insurance broker. The broker will collect the premium from the insured and then pay it to the insurer on their behalf.
• Financing: Some insurers offer financing options for marine cargo insurance premiums. This allows the insured to pay the premium over time, instead of having to pay it all upfront.

The specific payment options that are available to the insured will vary depending on the insurer and the broker. The insured should contact their insurer or broker to discuss the best payment option for their needs.

Once the premium has been paid, the insurer will issue a marine cargo insurance policy to the insured. The policy will outline the terms and conditions of the coverage, including the coverage limits, exclusions, and deductible.

The insured should keep the policy in a safe place and review it carefully before the shipment begins. This will help to ensure that they understand the coverage that they have purchased and that they are taking the necessary steps to protect their cargo.