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Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit. In Canada and the US , shipping insurance is offered by postal services, courier companies, and shipping-insurance companies.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
The National Maritime Authority (NMA), predecessor of NIMASA, was established by the Shipping Policy Decree of 11 May 1987, and was supervised by the Federal Ministry of Transport. Its mandate was to ensure orderly development, protection and manpower training in the shipping industry. [2]
Policy features often include extensions of coverage for items typical to a marine business such as liability for container damage and removal of debris. A deductible is the first amount of a claim that the policy holders bears themselves.
The United States Shipping Board was created in 1916. The Merchant Marine Act of 1920 regulates maritime commerce and restricts cabotage. The Shipping Board was abolished in 1934 and replaced by the United States Maritime Commission in 1936. The Maritime Commission was replaced by the Maritime Administration in 1950.
The passage of the Shipping Act of 1984 brought about a major deregulatory change in the regulatory regime facing shipping companies operating in the U.S. foreign commerce. The subsequent passage of the Ocean Shipping Reform Act of 1998, with its further deregulatory amendments and modifications to the Shipping Act of 1984, represented another ...