This insurance is designed to indemnify the shipowner against loss of or damage to ship and liability of shipowner arising from maritime perils which include perils of the sea and other similar perils for a specific period of time, mostly one year. The policy insures vessels for losses or damages resulting from:
- Perils of the sea such as heavy weather stranding or collision
- Fire
- Lightning
- Explosions
- Loading or discharging cargo
- Going on or off dry docks and marine railroads
- Negligence on the part of the captain and/or crew
It also provides the insured vessel with liability protection against damage to other vessels in the event of a collision, usually 3\4.
Affinity applications in insurance not only enhance customer service but also offer several advantages to companies:
In conclusion, affinity applications in insurance are a means of providing better service to customers and attracting new ones for businesses. These programs reflect industry advancements by focusing on specially designed insurance products and customer needs.
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