Wednesday, June 29, 2011

Something Different: Maritime Insurance and Terrorism

Insuring a commercial ship requires a special type of coverage, generally available from carriers that specialize in this area of the biz (Lloyds' syndicates come to mind). Unlike, say, your average home or car policy, there are very few carriers willing (and/or able) to take on this kind of risk. They assess various factors, including potential liability, which can come in many different forms.

Such as this:

"[C]ompanies that have insured the ships that have been assembled to sail to Gaza to break the blockade of the Hamas-run strip [may be] leaving themselves open to prosecution for aiding terrorists"

This is in response to the terrorist-enablers behind the various Gaza-bound flotillas, but represents an apparently novel way to make a point: go for the insurer as the first domino.

There's no guarantee that this ploy will have any effect, but insurers are generally not keen to pile on additional, and perhaps costly, risks for which they haven't accounted.
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