Types of import insurance:

Shipping insurance:

This insurance helps to compensate the damage caused during the transportation of the product(s) from the country of origin to the destination.

Currency insurance:

Due to exchange rate fluctuations, this insurance helps to protect importers against the risks of exchange rate changes.

 Quality and quantity insurance:

 This insurance is related to the compensation of losses caused by qualitative and quantitative differences of products at the time of delivery.

Importance of insurance in import:

 Import insurance is of particular importance because:

1. It helps to protect the funds and ensure the profitability of the business.
2. It protects the trust and confidence of the contracting parties and helps to facilitate international trade.
3. It helps in dealing with uncertainties and creating security in business.