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Marine insurance is a type of insurance specifically designed to cover the loss or damage of ships, cargo, and other movable property during sea transport. It includes various types of coverage, such as hull insurance for the vessel and cargo insurance for the goods being transported. Marine insurance provides financial protection against perils of the sea, including storms, collisions, and piracy.
The Market Access Initiative (MAI) is a scheme by the Government of India aimed at enhancing export opportunities by providing financial assistance to exporters. This assistance is used for market research, product development, promotional activities, and trade delegation participation, helping Indian exporters gain better access to global markets and improve
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A Master Document is a comprehensive, authoritative document that consolidates and organizes all necessary information and documentation related to a particular process, project, or transaction. In international trade, a master document may include contracts, invoices, certificates, and other critical documents. It serves as a reference point, ensuring consistency and completeness
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The National Export Insurance Account (NEIA), launched in 2006, is a government-backed initiative aimed at providing insurance support to Indian exporters. Managed by the Export Credit Guarantee Corporation (ECGC), NEIA offers credit insurance for high-value projects in risky markets, ensuring that exporters are protected against payment defaults and political risks,
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A Negotiable Document is a financial instrument guaranteeing the payment of a specific amount of money, either on demand or at a set time. It can be transferred by endorsement or delivery, giving the holder the right to collect the payment. For example, Promissory Notes, Bills of Exchange, and Performa
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A Non-Transferable Letter of Credit is a type of letter of credit that cannot be assigned or transferred to another beneficiary. Only the named beneficiary can claim payment under this letter of credit, ensuring that the specific exporter receives the funds, thus providing focused financial security and control over transactions
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A Nostro Account is a bank account that a domestic bank holds in a foreign bank in the foreign currency. It is used to facilitate international transactions and manage foreign exchange. For example, SBI opens a USD account in JPMC in New York is an example of Nostro Account. However
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