The sea has played an important part on the world’s trade industry. This stretches back to 15th century when Europeans explored the world in search of spices. In fact, it has been said that it was for this reason that development on these vessels were made. It sparked the goal of discovering new lands and fostering diplomatic relationships with other countries.
Today, the trade industry by sea has tremendously increased. A review of maritime transport in 2015 by United Nations Conference on Trade and Development (UNTCD) said that it is the backbone of international trade and global economy. The organization has found that 80% of global trade by volume and over 70% of global trade are carried by sea.
Security Against Losses
You would think that after years, seafaring has already been mastered. It is not. There has been a reported number of 2,000 seafarers who lose their lives each year. With these in mind, it’s not an option to disregard the importance of a marine insurance than to risk losing more to ironically save on cost. Poor business choices may lead to financial losses or worst, business closure.
Shipping companies, importers, exporters, and employees benefit a great deal from marine insurance once an unexpected situation arises. Whether a ship has incurred damage, lost cargoes, or foundered in the middle of the ocean, your marine insurance deals with the incident and indemnifies the insured’s losses to prevent it from losing more and going under. Imagine how much it would cost to salvage a sunken ship or find a lost cargo. It is a number that even businesses would back down from.
Malayan Marine Insurance
Since trade volume has increased, so has the risks. A marine insurance is your path to a peace of mind. So it’s paramount for all those who embark on the seafaring business to ensure the safety of every maritime transport.
By availing a comprehensive marine insurance with Malayan, you ensure coverage and protection of your business against the perils of the sea. With Malayan Marine Insurance, you are secured with your business, your trade, and your future.
