Depending on the market situation, it is conceivable that the value of a vessel exceeds the agreed value of the vessel for the purposes of the hull insurance. That means that gaps in cover may arise in the case of obtaining a replacement vessel or a general average. In addition, further interests in the vessel may arise from the freight.
For the above-mentioned reasons, it is therefore absolutely necessary to take out a policy concerning the other interests, and, together with the hull insurance and P and I insurance, the latter is a very important component of the entire insurance concept.
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