Final answer:
Air cargo insurance and marine cargo insurance share similarities such as coverage for various loss types, liability coverage, and cargo valuation methods. These insurance types calculate premiums based on risk factors and have a formal claims process to address losses.
Step-by-step explanation:
The similarities between air cargo insurance and marine cargo insurance primarily include aspects such as the types of losses covered, the liability coverage provided, and the valuation of cargo. Specifically, option C) Loss types, liability coverage, cargo valuation correspond to these similarities. Both types of insurance cover losses from damages or losses to the cargo during transport, provide liability coverage for legal responsibility associated with cargo damage or loss, and assess cargo valuation to determine the insured value of the goods in question.
Premium calculation for both air and marine cargo insurance would consider risk factors associated with the cargo itself, such as its value, susceptibility to damage, and the route taken. Weather conditions, packaging requirements, and destination regulations, although indirectly related, mainly affect the risk assessment and not the core insurance coverage similarities. The underwriting process, while critical to both types of insurance, also shapes the policy's terms rather than mirroring the coverage. The claims process in both insurances is designed to handle situations when insured events occur, providing financial protection and compensation to the insured party.