Risk Assessment Methods for Independent Purchase of High-Value Ocean Marine Cargo Insurance

Risk Assessment Methods for Independent Purchase of High-Value Ocean Marine Cargo Insurance

Conduct comprehensive risk assessments by:

1. Evaluating cargo traits (flammability, fragility, value) and packaging.
2. Analyzing route risks (piracy zones, harsh weather, political instability).
3. Assessing carrier reliability (vessel age, maintenance, crew competence).

For example, oil tankers transiting the Gulf of Aden need piracy coverage. Use assessments to determine appropriate coverage and sum insured, balancing risk and cost.