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Fires from mis-declared cargo cost insurers $500 million a year

Shipping container fire

Fires caused by mis-declared cargo on containerships are is costing the insurance industry more than $500 million a year, Seatrade Maritime News reports. This is fueling a rise in insurance premiums, both for hull and machinery and protection and indemnity insurance. More than six million containers shipped each year are likely to contain dangerous cargoes that have been mis-declared.

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