According to the World Shipping Council a number of containers are lost at sea each year for reasons that include poor stowage & lashing, human error, severe weather and other factors. Underwriters are impacted not just by containers being lost overboard but also by cargo damaged as a result of container stack collapses, damage to the vessels and environmental impact. The resulting Cargo, Hull & Machinery, Protection & Indemnity and Marine Liability losses as well as uninsured losses have a significant economic impact.
IUMI is involved in the Top Tier Joint Industry Project and has also co-sponsored a paper to IMO’s MSC. We will support the implementation of the findings and conclusions of the Top Tier project.
Read our full update:
Related topics
