The Ship Report, April 15, 2024
An episode of the The Ship Report podcast, hosted by The Ship Report, titled "The Ship Report, April 15, 2024" was published on April 15, 2024 and runs 8 minutes.
April 15, 2024 ·8m · The Ship Report
Summary
The pricey maritime law of "general average" There's an ancient tenet of maritime law that is cropping up in reports about the catastrophe in Baltimore harbor with the containership Dali. It's called "general average," and it has to do with who pays when a ship runs into expensive trouble during a voyage. This law can force those customers whose cargo is on the ship to help pay for the cost of the disaster. Mostly it ends up being a complex negotiation between many insurance companies, but it could be an expensive caveat for small businesses who may not have insured their cargo sufficiently.
Episode Description
The pricey maritime law of "general average"
There's an ancient tenet of maritime law that is cropping up in reports about the catastrophe in Baltimore harbor with the containership Dali. It's called "general average," and it has to do with who pays when a ship runs into expensive trouble during a voyage.
This law can force those customers whose cargo is on the ship to help pay for the cost of the disaster. Mostly it ends up being a complex negotiation between many insurance companies, but it could be an expensive caveat for small businesses who may not have insured their cargo sufficiently.
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