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According to the Wall Street Journal: "More than $3 billion of insurance is in place for liability claims against the owner of the grounded container ship Ever Given..." but "It is unclear whether that will be enough to cover losses that are likely to be claimed by some of the more than 200 ships in the canal as of Friday, plus the owners of the cargo they are carrying, if the vessel continues to block the Suez Canal, industry executives said."
The article continues:
"Some ship and cargo owners could end up filing claims with both their own insurers and Ever Given’s insurer—and ultimately suing the container ship’s owner—to receive compensation.
A total of $3.1 billion of liability coverage is available to the ship’s owner, Japan-based Shoei Kisen Kaisha Ltd., through a longstanding shipping-industry program that relies on 13 so-called Protection & Indemnity Clubs, said Nick Shaw, chief executive of the international association of those clubs, which are not-for-profit mutual insurers."
Read the rest of the WSJ article here from March 27, 2021 5:30 am ET
The article continues:
"Some ship and cargo owners could end up filing claims with both their own insurers and Ever Given’s insurer—and ultimately suing the container ship’s owner—to receive compensation.
A total of $3.1 billion of liability coverage is available to the ship’s owner, Japan-based Shoei Kisen Kaisha Ltd., through a longstanding shipping-industry program that relies on 13 so-called Protection & Indemnity Clubs, said Nick Shaw, chief executive of the international association of those clubs, which are not-for-profit mutual insurers."
Read the rest of the WSJ article here from March 27, 2021 5:30 am ET
