Definition: Trade insurance is a type of risk insurance that covers risks arising from trade or business activity, such as financial loss due to fire, theft, collision, or natural disaster. It typically provides protection against losses related to the costs of repairing damage caused by these events. The specific details of what 'trade insurance' means can vary depending on the industry and context. However, in general, it is a type of insurance that protects businesses from financial loss due to risks such as fire, theft, or damage due to accidents during trade activities. It covers losses resulting from various types of physical damage and can also include coverage for indirect losses incurred during the course of business. Trade insurance policies are typically written by an insurer who has expertise in handling trade-related risks, and it includes terms such as deductibles, limits of coverage, exclusions, and other coverage details. The purpose of trading is to increase productivity and profitability, and this can result in financial loss due to accidents or natural disasters that could be caused by physical damage. In summary, trade insurance provides protection against losses resulting from risks associated with trade activities. It covers both direct losses and indirect losses, such as repairs for damages caused during trade operations.
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