Bonded Indemnity

Bonded indemnity in shipping is a type of insurance policy that provides financial protection to a shipping company or other party involved in international trade against potential losses resulting from non-payment or non-performance by a foreign buyer or seller.

Under a bonded indemnity policy, the insurance company agrees to compensate the insured party for any losses incurred as a result of the failure of a foreign buyer or seller to fulfill their contractual obligations. This can include the non-payment of goods, failure to deliver goods, or other breaches of contract.