According to the Ministry of Shipping, around 95% of India's trading by volume and 70% by value is done through maritime transport. This trade is essential for boosting exports and ensuring economic growth.
But, traders have been running into a major problem these past years - Pirates!
In maritime trade, a pirate refers to someone who illegally attacks or boards a ship with the purpose of stealing or destroying cargo.
According to the Maritime Union of India (MUI), there has been a 26% rise in piracy and armed robbery of marine vessels due to the pandemic. So much so, that it has become a major concern for more than 2 Lakh Indian sailors.
So how can cargo ships be protected from the threat of pirates?
Through Marine Cargo Insurance. This policy comes with a clause that covers instances of piracy.
Under this, any loss, damage or destruction of cargo due to an illegal act of robbery or assault on the ship or its sailors is covered. Moreover, any deliberate malicious damage done by a wrongful person also falls in the purview of such coverage.
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Learn more: Marine Cargo Insurance