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Member, Beacon International Group, Ltd.
Germany-based International Union of Marine Insurance said that marine insurance premiums are currently inadequate to cover large and complex losses related to cyber attacks, containership fires, new regulations and natural disasters, The Maritime Executive reported. Sean Dalton, an official at the insurance association, said that cargo misdeclaration, improper packing, loading, labeling and shipping of hazardous cargoes could lead to a rise in ship fires and loss of containers.