What is Marine Insurance?A specific kind of insurance called marine insurance guards against hazards associated with shipping cargo by water. It encompasses a wide range of risks, such as harm to vessels and their cargo, legal concerns, and other hazards specific to the maritime industry. Shipowners, cargo owners, and insurers are the usual parties involved; premiums are determined by the insured value and route, among other things. International trade depends on marine insurance, which also assists companies in reducing the financial risks involved in shipping.
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