Risk Management at MS Company MS Company is a Trading Company involved in Import and export trade. With various suppliers from Europe and Asia, MS has to keep track of the activities of its suppliers and the entire supply chain. Indeed, MS has to ensure that quality standards and other production standards like occupation safety, labour and human rights are upheld. The shipment process also has its own challenges ranging from damage due to poor handling in shipment containers, loss of goods on transit due to theft or as a result of sea jettisoning practice, and delays in delivery. Question 1. Advise on the different types of insurance that MS could have pursued in order to mitigate against risks in its nature of business. 2. Explain how each of these the insurance types can be benefitial to MS’s business.
Risk Management at MS Company
MS Company is a Trading Company involved in Import and export trade. With various suppliers from Europe and Asia, MS has to keep track of the activities of its suppliers and the entire supply chain. Indeed, MS has to ensure that quality standards and other production standards like occupation safety, labour and human rights are upheld. The shipment process also has its own challenges ranging from damage due to poor handling in shipment containers, loss of goods on transit due to theft or as a result of sea jettisoning practice, and delays in delivery.
Question
1. Advise on the different types of insurance that MS could have pursued in order to mitigate against risks in its nature of business.
2. Explain how each of these the insurance types can be benefitial to MS’s business.
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