......under normal circumstances (meaning the Democratic Party is not involved) a big ship like this would have to have it’s insurance certificate on file and up to date with the Port Authorities to even enter the port.
As to WHO the insurance company is, I read it yesterday but have forgotten. If I run across it today, I’ll forward it on to you.
Here you go:
“Depending on the length of the blockage and the nature of the business interruption coverage for the Port of Baltimore, insured losses could total between $2 billion and $4 billion,” said Marcos Alvarez, managing director for global insurance ratings at Morningstar DBRS. That would surpass the record insured losses of the Costa Concordia luxury cruise liner disaster in 2012, he said.
Mathilde Jakobsen, senior director, analytics at insurance ratings agency AM Best, also said the claims would likely run into “billions of dollars”.
Ship liability insurance, which covers marine environmental damage and injury, is provided through protection and indemnity insurers known as P&I Clubs.
The International Group of P&I Clubs collectively insures approximately 90% of the world’s ocean-going tonnage and member P&I clubs mutually reinsure each other by sharing claims above $10 million. The IG Group declined to comment.
According to AM Best, the group holds general excess of loss reinsurance cover up to the value of $3.1 billion.