A Fool and His Money

First an explanation on what Marine Insurance does:

It covers the damage and loss of your ship and goods on board between its journey across the sea.

Now you may ask why this is important.

Im sure you have all heard the recent news where a Greek ship was held by sea pirates (Not pirates as you imagine with a black eye patch and the hook, although this would be cool…). Although released later on, it’s far too risky to let a ship with millions of pounds worth of goods go to sea with no backup.

It is very common in this day and age for ships to get hijacked. Trust me, only major hijackings are reported to the world. If a true report was to be released, I’m sure the world would be shocked.

However, marine insurance is not in the budget of everyone. This is also understood and looking at it from another viewpoint, if you cannot fit it in a person’s budget, then the good on board are probably not worth much and the only importance is the safety of the crew on board.

So what’s your opinion, is it an important factor to consider? Don’t fool the answer.

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