Owner of ‘Ever Given’ declares General Average – Marine insurance matters!

As the investigation into the grounding of the Ever Given in the Suez Canal began last week, the vessel’s Japanese owner, Shoei Kisen, has declared General Average.

The grounding of the Ever Given is shaping up as potentially the most complex ‘general average’ (GA) claim of all time, with litigation potentially involving 20,000 teu and up to 20 cargo interests per container.

Lloyd’s List has reported that Egypt is looking to claim around $1bn in compensation for the casualty that closed the Suez Canal for six days last ...

Continue Reading →

Marine insurance – Why is it important? How can we help?

What was once thought of as a rare occurrence has turned into a almost fortnightly issue facing shippers. Over 3,000 containers have been lost at sea since the ONE Apus incident late last year which saw over 1800 containers lost overboard and thousands of others damaged.

This particular unprecedented container collapse could end up costing $200 million in cargo damage, according to an estimate from a general average surveyor. Although General average has not been declared as of yet, it cannot be ...

Continue Reading →