Israeli-owned ships are facing particularly high insurance rates due to being directly targeted as Red Sea shipping attacks continue, according to AM Best Senior Economist Graziano Brady. Some insurers are refusing to cover these ships altogether, he said.
Tag: marine insurance
CAC Exec: Liability Fallout Will Take Years as Clean-up Begins for Baltimore Bridge Disaster
Insurance fallout from the collision of a container ship with the Francis Scott Key Bridge in Baltimore will take a decade or more to play out in the courts, said an executive with a commercial lines broker.
Container Ship Owner, Manager Seek Legal Shield Against Baltimore Disaster Claims
The owner and manager of a container ship that crashed into the Francis Scott Key Bridge in Baltimore filed a petition in a Maryland federal court in an effort to head off potential liabilities of up to $43.7 million as an investigation gets under way to determine the cause of the disaster.
Who’s Paying for the Francis Scott Key Bridge Disaster?
Economic losses have been increasing since a cargo ship lost power and collided with a huge bridge in Baltimore last week, causing it to collapse and kill six people.
Investigation Launches for ‘Complex and Expensive’ Baltimore Bridge Marine Disaster
Lloyd’s Chief Executive Officer John Neal sees a “complex and expensive” industry loss after a container ship crashed into a Baltimore bridge, and a marine insurer has outlined the structure of the investigation into the disaster.
Insurers Could Face Losses of Up to $4B after Baltimore Bridge Tragedy
Baltimore’s Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as $4 billion, which would make the tragedy a record shipping insurance loss.
Lawyers Gear Up for Swift Start in Legal Fight Over Baltimore Bridge
The first shot in the legal fight over who will pay for the damage and loss from the collapse of the Francis Scott Key Bridge will likely occur in the next few days in a Baltimore courtroom, insurance academics said.
Marine Insurance Industry Bracing for Huge Claims from the Baltimore Bridge Disaster
Insurance claims from the collision of the Dali containership with the Francis Scott Key Bridge could be on par with a 2012 maritime disaster that led to $1.5 billion in payouts, John Miklus, the president of the American Institute of Marine Underwriters, told trade magazine Insurance Business on Tuesday.
Marine Mutual Britannia Confirms Insurance Role in Baltimore Bridge Ship Collision
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.
Ship Insurance Facility Set Up for Ukraine Grain Exports, Says Broker Miller
A new marine insurance facility for Ukrainian grain exports using the country’s sea corridor has been set up in conjunction with Ukraine’s authorities, insurance broker Miller said on Tuesday.