In the insurance sector, the insurance of goods transported by sea is much more complex and causes most disputes in the process of claim settlement.
Marine insurance is the insurance operations related to the operation of the ship, the human or the goods are transported on the sea or the insurance operation risks at sea, on land, in river relating to sea voyage.
The import and export activities of Vietnam are growing strong in recent years. Therefore, the revenue from cargo insurance is growing well. Insured clients are companies export and import of goods, logistics companies, shipping companies, the investors and contractors of projects…
Risks for cargo insurance is not high, mainly are risks occurred during transportation. The loss ratio of the market is quite low, which was 27% in 2012, 21.6% in 2013 were 21.6% (excluding the losses that are being resolved), with the causes mainly are deficiencies and damages in transportation process.
Understanding the principles of the compensation in maritime insurance will help us to limit the disputes. When incident happen, insurance lawyers in shipping, transportation sector are always called in for advice and dispute resolution.
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