March, 2025 - Biznes Hobby - Turn Passions Into Profits

In today’s hypercompetitive business environment, the difference between thriving enterprises and stagnant organizations often comes down to one critical factor: corporate culture. Few executives understand this reality better than Jack Truong, whose three-decade career transforming underperforming businesses has been built on dismantling what he identifies as the greatest detriment to organizational success—siloed workplaces.

“Siloed workplaces may be the biggest detriment to building a culture of success,” Truong explains. “They are inefficient, deter collaboration, and prevent the company from understanding and then responding quickly to market changes and shifts in demand.”

Throughout his tenures at corporate giants including 3M, Electrolux, and James Hardie, Truong has developed a reputation for revitalizing corporate cultures by fostering environments where cross-functional teams collaborate rather than compete. His approach, which he calls “The foreman and Norman,” establishes open communication channels where all team members can voice their opinions before leadership makes final decisions.

“You want to create the environment at the beginning where all people voice their opinions and voice their questions, concerns, and then so that you get everything out,” Truong elaborates. “You’ve got to allow people to have the opportunity to voice their concerns, their opinions. But then at the end of that period, the CEO has to make the final decision.”

This philosophy has been instrumental in Truong’s success, as detailed in BOSS Magazine’s profile on his consensus-building approach. By creating an inclusive environment that values diverse perspectives, Truong ensures that employees feel invested in the company’s vision and strategy.

Truong’s leadership methodology extends beyond simple consensus-building, however. As featured in CEO World, he consistently applies the 80/20 rule to identify and focus on the 20% of factors that drive 80% of a company’s value. This focused approach allows teams to align around clear priorities rather than becoming distracted by less impactful initiatives.

“As a CEO, you have got to make sure that you directly communicate with the leaders of each one of these critical functions and ensure they come together in saying: ‘This is our strategy, and this is how we are connected and how we are going to execute it together,'” Truong emphasizes.

The results of this approach speak for themselves. At James Hardie Industries, Truong’s cultural transformation contributed to a remarkable 370% increase in market capitalization and an 85% rise in net profits within just three years. His insights on business transformation have earned him recognition as one of the Elite Influencers to Watch in 2024.

Truong recently shared additional perspectives on corporate leadership in a podcast with The Street, demonstrating his continued influence on business thinking.

What distinguishes Truong’s approach is his emphasis on empowering employees while maintaining clear leadership. “Above all, it’s crucial to lead by example and empower employees to take ownership, as well as accountability. This will foster a positive company culture,” he notes. “It’s also equally important that leaders make the tough decisions at the right time to ensure the whole is always greater than the sum of the parts.”

As organizations continue to navigate increasingly complex market conditions, Truong’s insights offer valuable guidance for leaders seeking to break down silos and build unified, effective teams. His career demonstrates that when employees buy into a shared vision and understand how their roles connect to broader objectives, the potential for transformative growth becomes limitless.

Marine insurance is a type of transit insurance that can be referred to as an indemnity contract. It provides an assurance that those goods that are dispatched from the land of origin to the country of destination are protected through insurance.

This insurance provides coverage for the damage or loss of cargo, terminals, ships and includes other transportation means that are used for acquiring, transferring or holding goods between points of origin and destination.

If you are an entrepreneur who intends to make a global base for your business, you must learn about the types of marine insurance policies so that you know which one will work best for your business.

Different Types of Marine Insurance

The following are the marine insurance types based on the geographical area or the coverage area wherein the insurance policy benefits apply:

Marine Cargo Insurance

This is a property insurance type that provides coverage to the cargo owner from any damage or loss of their cargo at the time of transit. Although it comes with broad coverage, it has its own limitations, but it includes third-party liability coverage, which proves financially helpful to the insured.

Hull and Machinery Insurance

This insurance provides coverage for the damage or loss of the ship’s body or any equipment or machinery that is used for the ship’s functioning. It generally covers accidents that are caused by collisions or damages that result from explosions and earthquakes.

Freight Insurance

This insurance provides coverage for the liability of the logistics provider or shipping company for the loss or damage caused to the goods at the time of transit because of events that are outside the company’s control.

Liability Insurance

This insurance type provides coverage for the financial liability of the insured. It primarily covers the liabilities that arise because of the injuries or damages caused to a third party, for example, the personal injury or death of any third party travelling in the ship.

Types of Marine Insurance Policy

A policy can be described as an embodiment of the insurance contract’s terms and conditions. It is typically a written agreement form between the insured and the insurer and contains various provisions, including policy limitations, coverage area, etc. Therefore, based on the contract structure, the following are the different marine insurance policy types:

Voyage Policy – It is a marine insurance policy type that is valid for a specific voyage.
Mixed Policy – This marine insurance policy type offers the insured the advantage of both voyage and time policies.
Time Policy – This type of marine insurance policy is valid for a specific time period – typically for a year – and is referred to as a time policy.
Valued Policy – In this marine insurance policy type, the consignment or cargo’s value is ascertained and mentioned beforehand in the policy document, thereby making the value of the reimbursement clear in case of loss of consignment or cargo.
Unvalued Policy – Unvalued or open policy is a marine insurance policy type in which the consignment or cargo’s value is not mentioned beforehand in the policy document. Consequently, the reimbursement is made once the loss of consignment or cargo is thoroughly investigated and valued.
Port Risk Policy – The purpose of this marine insurance policy is to ensure the ship’s safety when it is stationed at a port.
Floating Policy – This is a marine insurance policy type in which only the claim amount is specified while the rest of the details get omitted till such time the ship starts its journey.
Fleet Policy – Under this policy, multiple ships belonging to a single owner get insured under a single policy.
Single Vessel Policy – This policy covers the risk of a single vessel of the insured individual.
Blanket Policy – This insurance policy covers all shipments under one policy without providing specifications for each shipment. This marine insurance policy type is well-suited for those with a large variety and volume of shipments.

Conclusion

Marine insurance provides a vast range of policies and services, and uncomplicated and easy business transactions can be facilitated. Therefore, it makes sense to invest in the right marine insurance policy.

For example, TATA AIG Marine Insurance offers extensive coverage, and is available to any business that moves goods by sea, air, land or rail. Apart from protection against loss or damage, this policy also provides liability protection, customised coverage, and above all, peace of mind.