Abstract:Maritime commerce in world commerce. Each year, vessels carry more cargo at higher costs and faster speeds. Insurance is an integral part of shipping, as it protects cargoes and crews against the perils of the sea. This article focuses on the peril of piracy, a criminal practice that has evolved significantly throughout history. Pirates today, as pirates of the past, prey upon the unprotected. Yet, modern piracy, unlike historical piracy, is essentially non-violent. The modern pirate profits from ransom, not t… Show more
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