Kinds of insurance

Insurance – a practice of sharing among many persons , risks to life or property that would otherwise be suffered by only a few.
Risks in international trade
The export trade is subject to many risks. Ships may sink or collide; consignment may be lost or damaged. While the goods are in a warehouse, there are risks of fire & burglary. While the goods are in transit they may be stolen, totally destroyed or damaged through a lot of reasons, for example vibration, an accident, poor handling, change of temperature, etc.