Here we discuss early estimations of loss and damage from Ever Given's blockage of the Suez Canal and layered limits structure.
May 03, 2021 at 05:47 AM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
The Ever Given ship that ran aground in a single-lane stretch of the Suez Canal near the city of Suez on March 23 was estimated early on by Suez Canal Authority (SCA) Chairman Osama Rabie to reach $1 billion in loss and damages, with payouts in the hundreds of millions of dollars. These estimations however are not concrete as the actual amount will not be calculable until after investigations are complete, and when that will take place is anyone’s guess. Some 400+ vessels were thwarted by the canal’s closure and international supply chains were disrupted as traffic was halted for almost a week before Ever Given was dislodged and the canal re-opened.
Ever Given is in the top 1% globally of vessel size, with a length of 1,312 ft, a height of 1,454 ft, and 194 ft in width. It can carry as many as 20,000 containers, and up to 224,000 tons (source: MarineTraffic, Encyclopedia Britannica, Suez Canal Authority and Allianz Global Corporate & Specialty Graphic: Henrik Pettersson, CNN).
This premium content is locked for
FC&S Expert Coverage Interpretation subscribers.
Request a Free Trial today to enjoy unlimited access to the trusted solution for successful interpretation and analyses of complex insurance policies.
Trusted, quality content from industry experts with over 60 years insurance experience, combined
Customizable alerts of changes in relevant policies and trends
Search and navigate Q&As to find answers to your specific questions
Filter by article, discussion, analysis and more to find the exact information you’re looking for
Continually updated to bring you the latest reports, trending topics, and coverage analysis
Already have an account? Sign In Now
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].
Get Answers Directly From the FC&S Experts
Submit your coverage interpretation question to the editors of FC&S for quick and reliable information.