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International

Cargo vessel fires cost insurers more than $500 million per year

March 25, 2019 Reprints

U.K.-based TT Club Mutual Insurance Ltd. said that poor packing and undeclared goods cause about two-thirds of fires on ships and cost insurers more than $500 million per year, Hellenic Shipping News Worldwide reported. The insurer said that a fire occurs every 60 days on average due to lax safety measures.

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Cargo vessel fires cost insurers more than $500 million per year

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