Global shipping is one of the key pillars of the cross-border movement of goods, through seaborne transport. But, there are a lot of risks to the whole cargo during transportation, including natural disasters, accidents, theft, and damages. In order to ensure the protection of these shipment interests, marine insurance firms offer the necessary and sufficient coverage solutions to the business interests and to the logistics industry. Such solutions include Maritime Transport Insurance, Hull Insurance, Freight Insurance and what have you which helps in compensating for any loss that a business/organization may encounter.
In this post, we discuss the importance of marine and cargo insurance and ways that entities can leverage the vast array of options provided by marine insurers.
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The major goal of marine transit insurance is to ensure that the items are protected while on transit. Regardless of whether it is shipped through sea, air or land, the loss or damage might occur. Accident, cyclone or flood, mischievous during handling process or during loading and unloading, theft, etc., leads to valuable loss. Marine transit insurance does cover such risks to ensure that the business people receive compensation for whatever loss they may have encountered during transit.
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The Guaranteed Asset Protection (GAP) Insurance Market is witnessing steady growth, with its size estimated at USD 3.09 billion in 2023. This market is projected to grow at a compound annual growth rate (CAGR) of 3.46% from 2024 to 2032, reaching an estimated value of USD 4.2 billion by 2032. This steady upward trajectory reflects the increasing adoption of GAP insurance as a financial safety net for vehicle owners.
What is GAP Insurance?
GAP insurance is a policy designed to cover the "gap" between what a car owner owes on their vehicle and its current market value if the vehicle is totaled or stolen. It is particularly valuable when the vehicle is financed or leased, as it helps mitigate the financial burden of covering the difference between a car's outstanding loan balance and its depreciated value after an accident or theft.
Market Drivers
The growth of the GAP Insurance Market is primarily driven by several key factor
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Majority of Californians support restoring felony theft penalties ahead of public vote
As California deals with an ongoing crime wave, voters will have the opportunity to support a measure that would increase penalties for shoplifting, forgery and drug dealing.
https://www.foxnews.com/politics/majority-californians-support-restoring-felony-theft-penalties-ahead-public-voteClaiming refugee status for the purpose of immediate Social Security benefits and FOOD STAMPS is an act theft with the intension to defraud the United States.
Awarding those people with OFFICIAL VICTIM STAUTS make our Selected Officials? accessories to Fraud after the fact to which are no statute of limitations.
Dozens of bipartisan lawmakers press DHS for action on organized retail theft
A bipartisan group of House lawmakers is pressing DHS on the subject of organized retail crime as it becomes an increasingly bipartisan concern across the country.
https://www.foxnews.com/politics/dozens-bipartisan-lawmakers-press-dhs-action-organized-retail-theftUnderstanding the role of the file number is vital for anyone involved with passport-related tasks. Whether you’re applying for a new passport, renewing it, or dealing with passport issues such as loss or theft, the file number is an important element in maintaining accurate records. Knowing where to find this number and its function can simplify many processes.
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Former Rep. George Santos pleads guilty in federal wire fraud, ID theft case
Embattled former New York Rep. George Santos, a Republican, pleaded guilty Monday to wire fraud and aggravated identity theft, just weeks before the federal case was set for trial.
https://www.foxnews.com/politics/former-rep-george-santos-pleads-guilty-federal-wire-fraud-id-theft-caseNewsom signs package to curb smash-and-grab robberies, car thefts
California Gov. Gavin Newsom signed a bipartisan package of 10 bills in an attempt to reduce smash-and-grab robberies and property crimes in the state.
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State makes retail theft a felony as organized crime proliferates
Kansas joins several other states that have enacted harsher penalties for organized retail crime. The bill still needs the signature of Gov. Laura Kelly.
https://www.foxnews.com/politics/state-makes-retail-theft-felony-organized-crime-proliferatesAshley Biden diary theft: Suspect attends hearing remotely from Florida as judge delays sentencing
The suspect who stole Ashely Biden's diary, Aimee Harris, will have her sentencing delayed once again. Her attorney said Harris is making plans to appear in person.
https://www.foxnews.com/politics/ashley-biden-diary-theft-suspect-attends-hearing-remotely-florida-judge-delays-sentencingHouse passes Laken Riley Act requiring ICE to detain migrants arrested for theft
The House of Representatives has passed the Laken Riley Act, which would require ICE to detain illegal immigrants charged with local theft or burglary.
https://www.foxnews.com/politics/house-passes-laken-riley-act-requiring-ice-detain-migrants-arrested-theftRise in Maryland juvenile auto thefts motivates lawmakers to pass juvenile justice bills
The Maryland House and Senate are both advancing bills designed to improve the juvenile justice system in response to an increase in crimes like auto theft and handgun violations.
https://www.foxnews.com/politics/rise-maryland-juvenile-auto-thefts-motivates-lawmakers-pass-juvenile-justice-billsGOP congressman introduces 'Laken Riley Act' to require ICE to detain migrants arrested for theft
Rep. Mike Collins is introducing the Laken Riley Act to require ICE to detain migrants arrested for theft or burglary and give individual states more power against migrant crime.
https://www.foxnews.com/politics/gop-congressman-introduces-laken-riley-act-require-ice-detain-migrants-arrested-theftProgressive California mayors back effort to amend crime laws amid 'rampant' drugs and theft
Progressive Democratic mayors are backing an effort to undo certain policies in a decades-old California crime referendum that downgraded penalties for petty theft and drug possession.
https://www.foxnews.com/politics/progressive-california-mayors-back-effort-amend-crime-laws-rampant-drugs-theftNewsom recalls seeing brazen theft, refuses photo and asks for manager when worker blames him: LEAKED VIDEO
California Gov. Newsom said in a leaked video that his crime policies were blamed for a brazen shoplifting incident by a store employee
https://www.foxnews.com/politics/newsom-recalls-seeing-brazen-theft-refuses-photo-asks-manager-worker-blames-leaked-videoMiddle Georgia mayor facing 75 theft charges for misusing city funds | WGXA
WGXA News Fox 24 and ABC 16 in Macon Georgia provides local and national news, weather, sports and notice of community events in surrounding towns, including Warner Robins, Gray, Forsyth, Musella, Roberta, Milledgeville, Phoenix, Monticello, Hawkinsville and Montezuma, Georgia.
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Several cities saw an exponential rise in motor vehicle thefts last year.
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