Correct. But - and this gets REALLY complicated - what most people don’t understand is that under international maritime law, when a pilot is aboard and in control of the ship, generally the only party that is (conditionally) indemnified is the master of the ship. The owner and insurer of the vessel retains assumed liability even if the pilot acts grossly negligent and his service was required by statute. I know, it doesn’t seem right, but that’s the way it works.
There are some local exceptions to this where governing bodies - be it national, provincial, state, municipal - may extend insurance options to the vessel operators. IOW, the regulating authority might say: Hey, you can purchase insurance from us that indemnifies you (partially or fully) while the pilot, that we require, is aboard. I think some California ports have this option. I haven’t seen in in South Florida or on the St Lawrence Seaway system; pilots are required on all foreign-flagged ships throughout the Seaway and all the Great Lakes.
I’m not sure what the options are available to vessel operators through the Suez.
My questions are:
How much is this ship worth?
How much is the value of the containers?
How much is the value of the materials in above mentioned containers?
Is Lloyds of London going to take a major hit?
The law is so complex and so irrational at times being in business feels like an option of last resort. One of my primary goals during the time I owned a company was to make enough money to never have to do it again to face liability or work again. I made it.