Property Damage
Property damage refers to the destruction or damage of any property that belongs to an individual or an organization. In the maritime context, property damage can occur to ships, cargo, ports, or any other maritime infrastructure. Property damage can be caused by various factors such as natural disasters, collisions, fires, or acts of piracy. The cost of property damage can be significant and can result in financial losses for the affected parties. It is important for maritime organizations to have insurance policies that cover property damage to mitigate the financial impact of such incidents.
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News Source: ABC News on 2024-11-20
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