Do you consider investing products to trusted Companies that protect you and your valuable goods in general which may be exposed to perils of the ocean during a voyage or for a period of time from original location to its destination?
For me, it is necessary to buy or invest products to a company that provides quality services not only for a profit business purposes but more on satisfying the needs of both parties.
Everyone of us has the ability to choose products and services that could meet or satisfy the needs of both buyers and sellers using our basic or extraordinary instinct. Nowadays, Local and Multinational Companies are using traditional and modern technologies or both techniques to develop, create and invent local and innovative products & services to cater or sustain the needs of humanity. More often than not, companies with frequent transactions of delivering their goods through cargos are investing products that protect against navigation risk which may be exposed to perils of the sea for a period of time.
However, it is important for us to identify the cost, nature and quality of the product that we’ll going to invest today or in the future. To give you an idea of this product, let me share to you the legal definition of marine insurance as stated in Presidential Decree No. 612 as follows:
Sec. 99. Marine Insurance includes:
(1) Insurance against loss of or damage to:
(a) Vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, evidences of debts, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transhipment, or reshipment incident thereto, including war risks, marine builder’s risks, and all personal property floater risks;
(b) Person or property in connection with or appertaining to a marine, inland marine, transit or transportation insurance, including liability for loss of or damage arising out of or in connection with the construction, repair, operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds nor insurance against loss by reason of bodily injury to any person arising out of ownership, maintenance, or use of automobiles);
(c) Precious stones, jewels, jewelry, precious metals, whether in course of transportation or otherwise;
(d) Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage); piers, wharves, docks and slips, and other aids to navigation and transportation, including dry docks and marine railways, dams and appurtenant facilities for the control of waterways.
(2) “Marine protection and indemnity insurance,” meaning insurance against, or against legal liability of the insured for loss, damage, or expense incident to ownership, operation, chartering, maintenance, use, repair, or construction of any vessel, craft or instrumentality in use of ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person.
One of the trusted Companies that provides Marine Insurance is the Malayan Insurance Co., Inc., a leading non-life insurance company in the Philippines that is Founded in 1930. Malayan offers its client and the public guaranteed peace of mind through service excellence, quality insurance protection, and the prompt processing and settlement of just and valid claims.
Malayan Insurance provide insurance policies that protect you against navigation risks to which a ship, cargo, freight, profits or even interests on movable properties. Your cargo, Malayan can insure you against perils of the sea such as lightning, damage due to heavy weather, sinking, fire/burning, stranding/ grounding, typhoon, collision, tsunami, barratry, piracy and jettison.
At the end of the day, if you are an entrepreneur or businessmen it is important to invest or acquire marine insurance that will meet the requirements for the growth & success of the business operations of your company.