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< Back to questions :: Q&A / Export / Musical Instruments and Music Supplies

Letter of Indemnity Insurance

Export
Musical Instruments and Music Supplies
From Poland
To Germany
146 views / 1 experts
Feb 15, 2023

What is a letter of indemnity insurance?

1 answer

Leon L.
Feb 15, 2023

In a shipping contract, an LOI insurance acts as an added layer of protection. The letter offers protection from any liability when a party has to step out of bounds of its agreed obligations. This happens under the following instances:

  • When goods have to be delivered to a different destination than the port mentioned on the Bill of Lading (BOL)
  • When the document has flaws
  • When split BOLs are used
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