As international trade has evolved, the issues of both payment and insuring goods being transported have grown into an established industry with firms providing these services at the international level. In other words, services to cover payment for the movement of goods and to cover any losses while in transport have historically been a part of international trade.
Upon looking at the financial and insurance side of international trade, we will be able to do the following:
- Explain what a draft is;
- Describe the link between banks and a letter of credit;
- Highlight the importance of a letter of credit;
- Discuss the specific benefits of maritime insurance services; and
- List key technologies that enhance financial and insurance services in the 21st century.
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