Name three factors that can affect the premium charged for marine insurance and explain why the ...

Answers should include three of the following:
(1) Value of the goods: The more valuable the goods the higher the premium because loss would be expensive to the insurer.
(2) Destination: Premiums could increase or decrease depending on safety of the destination.
(3) Age of the ship: Newer ships might be considered safer and reduce premiums.
(4) Storage location on the ship: Some locations might be more secure than others. On deck storage, for example, might expose goods to the elements justifying higher risk and premiums.
(5) Packaging: The more secure the packaging the less change of damage and the lower the premium should be. Standard containerization might also decrease premiums.
(6) Size of the shipment: A large shipment might provide some volume discounts.