aggiehawg said:
Okay herewe go on the insurance question.Quote:
A marine protection and indemnity insurer confirmed it is part of coverage for a container ship that hit a bridge in Baltimore, collapsing the bridge and causing unknown damage at this time.
"We can confirm that the ship Dali is entered with Britannia P&I Club," the marine mutual said in a statement to BestWire. "We are working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally."More HERE for those interested.Quote:
Grace Ocean Pte Ltd. owns the Singapore-flagged container ship "Dali," and Synergy Marine manages the vessel.
"Reinsurers will bear the bulk of the insured cost of the collapse of the Francis Scott Key Bridge in Baltimore," said Matilde Jakobsen, senior director, analytics, AM Best. "Liability cover for most shipping vessels is provided through protection and indemnity insurers known as P&I Clubs."
Jakobsen said the P&I segment is dominated by the members of the International Group of P&I Clubs, which collectively insure approximately 90% of the world's ocean-going tonnage. As part of the International Group's pooling arrangements, member clubs mutually reinsure each other by sharing claims above $10 million.
Additionally, the group buys general excess-of-loss reinsurance cover up to $3.1 billion in the open market, Jakobsen said.
"While the total cost of the bridge collapse and associated claims will not be clear for some time, it is likely to run into the billions of dollars well above the $100 million attachment point for the GXL contract," she said.
"The insurance issues due to the collapse of the bridge will take a long time to determine and may involve several lines such as property, cargo, liability, trade credit and contingent business interruption.
The claim will likely involve several insurers, reinsurers, subrogation, and legal issues and will serve to add to the increasing challenges in reinsurance availability."
Sounds familiar-
"Vessels like these are insured through Protection & Indemnity Clubs. There are 12 in the International Group and this one was entered with Britannia. The IG Group pools losses at various levels beginning at $10M. They are mutuals but are reinsured via Lloyds and other markets. This vessel was classed by NK."
"I did nothing. I did absolutely nothing, and it was everything that I thought it could be."