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No matter what kind of ship or yacht you own—for transportation, business, or both—a marine insurance coverage will protect you from any marine-related risks. Here are some facts about marine insurance that you may not know! To know more, visit : http://bit.ly/30A9UPT #DecodingInsurance #MarineInsurance #ABIBL #InsuranceBrokers #StayInformedStayInsured #insuranceawareness #insuranceassistance | Edme Insurance Brokers
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How Much Does Ship Insurance Cost? 1. Hull and Machinery Insurance (H&M) Typically 0.5% to 1.5% of the ship’s total value annually Example: If the ship is worth $10 million, insurance might cost around $50,000 to $150,000 per year. 2. Protection and Indemnity Insurance (P&I) Usually based on the size of the ship, number of crew, trading area, type of cargo, and risk profile. For a medium-sized cargo vessel, P&I insurance can cost around $50,000 to $200,000 per year or more. 3. Cargo Insurance No
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