The seminar “Import-Export Goods Insurance to the US” was jointly held on June 24 by the Ho Chi Minh City Economics University and American International Group (AIG), an international insurance group of the US, aiming to support developing import-export activities between Viet Nam and the US.
The US ranks sixth among the world’s biggest importers of Viet Nam commodities and fifth in investment in Viet Nam (after Taiwan, Republic of Korea, Japan and Singapore).
Viet Nam’s total export turnover to the US was USD1.2 billion in 2005, an increase of 24% from 2004.
Therefore, goods insurance plays an important role in supporting imports and exports, which are expanding between the two countries. It is aimed to guarantee safety for commodities and make exporters feel secure in their trading.
At present, the insurance policy on import-export goods to the US is an open one, protecting all goods transported by ship, airplane and airmail.
The open insurance policy includes terms on damage causes and insurance covers. Most of the risks are included in many cases such as loss of goods due to acts of God, anchoring, collision, shipwreck, fire and robbery. The policy is effective when the goods is being transported from the seller's warehouse to the buyer's.
