According to the International Chamber of Shipping, international shipping industry is responsible for the carriage of around 90% of world trade – making it the life blood of growing economies. An estimated 50,000 merchant ships carrying all kinds of cargo tread international waters. On board these vessels are millions of seafarers of different nationalities.
Everyone knows that the maritime industry encounters many navigation risks. With so much at stake with these trades, getting insured has become an imperative and non-negotiable element. And because the Philippines owns 1.62% share in world vessels, it’s has become crucial to find the best and most trusted marine insurance provider in the country. Malayan Insurance, the leading non-life insurance company in the Philippines, offers protection for the country’s high valued trade assets with their Open Marine Cargo Policy.
Yearly loss of cargo varies as it would entirely depend on the weather and unusual events a cargo ship may face. The World Shipping Council claims that a yearly average of 1,390 containers have been lost for the past three years. Just imagine the cost of the product that gets lost at the bottom of the ocean. They can go up to thousands and millions! These would leave any sea freight company in a financial setback.
It’s common knowledge that travel at sea comes with perils. With Malayan’s Open Marine Cargo Policy, peace of mind can be obtained for any business owner’s shipment. It’s a continuing contract that binds both the insured and the insurance company. And since it’s a continuing contract, the assured party doesn’t have to apply for a new policy every shipment made – making it the best and hassle-free solution for navigation risks.
Avail a marine insurance with the Philippines’ leading non-life insurance company today. Create a safety net for your business in case any unfortunate incident that may come your way. Secure your business now with Malayan!