Marine insurance has its own specific risks and terms describing them. The mishap of the ship Ever Given gives us an opportunity to review these terms.
June 16, 2021 at 05:43 AM
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Over the past two weeks, the world has been fascinated by the woes of the ship Ever Given stuck in the Suez Canal, blocking traffic and trade for several days. As the world watched attempts to free the ship and resume ship traffic, we thought it would be a good time to highlight marine terms related to insurance.
While there wasn’t any real property damage, the insuring of vessels and their cargo is a little different than your average property claim. There are liability issues from holding up the other ships that couldn’t pass through the canal to deliver goods. The coverage is known as property and indemnity, or P&I coverage, and provides liability coverage for the marine industry surrounding the ownership and operation of a vessel.
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