14/08/2024
Who pays for the losses if a cargo vessel has an accident at sea?
When a cargo vessel has an accident at sea, the financial responsibility for losses can be shared among several parties, depending on the circumstances of the incident. Typically, the shipowner has insurance coverage through Protection and Indemnity (P&I) Clubs, which provide liability insurance for shipowners against claims for damage or loss to cargo while in transit. If the cargo is damaged or lost due to the ship's fault, the shipowner's insurance will cover these claims.
In cases where the damage or loss is due to external factors like severe weather, general maritime insurance policies might come into effect. These policies cover losses due to "acts of God" and other uncontrollable events. Additionally, cargo owners often insure their goods independently, which allows them to claim compensation directly from their own insurers regardless of the cause of the accident.
If an accident is caused by negligence or error on the part of the port authorities or other handling companies, those entities may be held liable. In such situations, their insurance would cover the compensation for the damages.
Complex incidents, such as large-scale salvage operations, might involve multiple insurers and prolonged negotiations to determine liability and coverage. High-profile cases like the Ever Given or the Golden Ray have highlighted the intricacies and significant costs involved in resolving these claims.
