Write a short note on marine industry.

1.	Write a short note on marine industry.
Answer» Marine insurance: Transporting goods through ships is one of the most economical form of transport. However, there are several risks in it like damage or destruction of ship, goods carried by ship, etc. Marine insurance covers all these risks and compensates the insuree. It is one of the oldest from of transport between countries and was the most common mode till 18th century. Due to very slow movement of ship and several associated risks it is a very important form of insurance. The premium of marine insurance is quite less. Marine insurance was started by Lloyd’s organization of London about 325 years ago.

Answer»

Marine insurance:

Transporting goods through ships is one of the most economical form of transport. However, there are several risks in it like damage or destruction of ship, goods carried by ship, etc. Marine insurance covers all these risks and compensates the insuree.
It is one of the oldest from of transport between countries and was the most common mode till 18th century.
Due to very slow movement of ship and several associated risks it is a very important form of insurance.
The premium of marine insurance is quite less.
Marine insurance was started by Lloyd’s organization of London about 325 years ago.

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