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Marine Insurance – Why Important

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Marine insurance covers damages or losses caused by the transfer. And entry or possession of transport or cargo between boats. So terminals and any transport or freight between different points of origin. The term can also be applied to the maritime home itself, but it is commonly used in maritime insurance.

Reasons for marine insurance

Marine insurance is a shelter for translation and transport companies. As it helps to reduce the economic loss caused by damage to the goods.

Marine insurance Through this policy. The Dars and other translators are a key aspect of the discussion that can guarantee the loss of the case. Sometimes, although all protection regulations are introduced with the same regulation, damage or losses are made. In addition to natural disasters that may contain cargo and appliances. Zhong has other events with the same attributes, which can result in enormous economic losses for the carrier.

For example, to avoid water transport, causing this loss or damage. It is in the interest of the carrier that is buying maritime insurance. Since events such as maritime and cross-border conflicts are more popular.

Some of the following characteristics of the marine insurance policy. The open policy covers the internal flow of equipment during a specific period.

This policy applies to companies that participate in multiple transactions throughout the year because it provides stable coverage.

Encompassing protection

This policy provides protection against damage or harm. Including the total reduction of equipment. Partial loss of equipment, fine loss of goods and continuous transport.

Custom-built

You can customize policies to meet your business needs. In the case of the marine insurance policy, you must process your baggage. 

Net income Value

The amount of the policy is a part of the benefit added to the policyholder.

The need for insurance

It is called the brand of the marine insurance industry. If the equipment is destroyed, damaged or stolen at the event. It is important to immediately present a claim of maritime insurance to the insurer.

The insurance company will do everything possible to determine. Whether it has taken care of transporting the equipment to ensure that efforts to file a claim are claimed. Just because you have a marine insurance policy does not mean you can do whatever you want. In addition, in the event of loss or loss. There is usually a period of one year to file a complaint with the marine insurance company.

Non-insurance coverage

  • Damages caused by willful negligence
  • Improper packaging due to loss or deterioration
  • Clear Runes
  • Radioactive rays caused by pollution
  • Loss or damage caused, strike, civil disturbances, etc.

Since cargo ships are surfing the world every day. The risk of loss or damage to cargo is a very real situation.

The disadvantage of a company can affect money and sales. Operate sand for millions of dollars and can result in higher prices of the products.

Insurance benefits

When you flee by sea and traffic, to protect your ship, you need the ocean to keep it constant. It is special insurance that covers responsibility for loss of income as a result of negligence. Damage, cargo and ship, and how to tackle any more shipping. It provides funds to help you dispose of the goods that are on, sunken or damaged.

What the ocean is sure to do

According to the legal definition. Marine insurance refers to three types of personal insurance. Goods, body, goods, and liability for negligence. In such dwellings, there are specific conditions for which compensation may be requested.

For example, the structure protects. But the only specific risks such as collisions with other objects or ships. Drowning, fire, pirates, bends, chaplain or waste disposal.

For this type of insurance. The approval request must meet two points:

  • Shipowners know the accident in advance
  • Damage or damage caused by ordinary wear or war events

What does Marine Insurance cover?

Loss of taxation

This happens when the goods are lost during transport. So it is good for you. For example oil spills or collisions that allow container trucks to pour into the sea.

Income loss

This insurance covers the loss of income. Due to a collision or accident during transport. It can also mean theft or damaged shipment. For example, in the event of a collision of a ship. Causing damage or destruction of the goods. The value of the goods is covered by marine insurance.

Damage to the body

Indicates that the body of the ship is damaged in this matter. For example. If a ship meets badly again. It can be pushed into an object. For touching the ground. Causing the body to become damaged.

Complete loss

When a ship sinks, the ship’s owner can only recover at a high cost. And it is considered as a total loss. So it is good for you. Because of the cost of recovering. The ships marine insurance will be high.

Literary pirate attacks

Including terrorist attacks is the main agenda for the theft of goods. But the hijacking of crew members in exchange for money. Example: Hacking attacks are common on some routes. But in places like Vietnam and Southeast Asia, the number of hacking attacks increases.

Constraints

If each policy is a condition, the constraint depends on the condition.

However, the factors taken into account in assessing such marine insurance limit values include:

  • Value of Goods
  • Product type (toxic, valuable and dangerous)
  • From the beginning to the destination

To go the way with other potential risks. In general, the maximum amount of this insurance. That will be based on the valuation formula of the service provider for shipments.

Do I need an ocean to stay?

If you are in business, marine insurance will be good for you:

  • Marine Psychiatrist
  • Provision of maritime transport services
  • Marion Transport Services
  • Exports/imports of goods
  • Fishing
  • If you own any private naval ships

Such as yachts with left insurance. But you can make unexpected financial losses that may arise while you or your D cargo at sea. It also helps for speed up the processing. So it is good for you. But to import and export orders. Otherwise, cash or links are required.

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