The news recently broke that the vessel, the Ever Given, blocking the Suez Canal for nearly a week has been freed and that the canal should be open again soon.
This raises important questions for blue water and brown water insurance claims. When determining what the proper limits should be to insure our marine exposures many times we do not have the foresight to think of what costs would be in a major loss. Now, a major loss for a brown water vessel would not amount to the magnitude of the losses at the Suez Canal but it is a good exercise to review major events and examine loss scenarios (or run simulations) to benchmark your operations.
Please note that the information contained in this posting is designed to provide general awareness in regard to the subject matter covered. It is not provided as legal, medical, or tax advice, nor is it intended to address all concerns in your workplace or for public health. No representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.