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03-31-2024, 11:17 AM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
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Quote:
Originally Posted by Rajoo
Very much doubt any shipping company will carry that much insurance, reconstruction estimated at $400 Million and chances are it will double or more depending on design and speed of construction. One of the three things insurance companies are known for is deny, deny, deny to pay which is why President Biden has already said our government will pay and he should have that money in emergency funds. Anything the insurance companies kick in will be after the fact, if any.
Imagine having to work through the people who built the ship, ones who own it, leasing company, Maersk, Baltimore port. I am pretty sure Maersk will be held liable for the loss of six and that alone will take five or more years to settle.
https://abcnews.go.com/US/wireStory/...lion-108640954 |
Singapore flagged the ship so they should be responsible along with the company and pay up.
If not then again stop them from coming in to our ports.
We allow the flagging of vessels to save the owners, by the paying lower taxes.
There needs to be a penalties for accidents or wrong doing to protect this country.
Last edited by Oerets; 03-31-2024 at 11:20 AM.
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03-31-2024, 12:19 PM
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Senior Member
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Join Date: Mar 2020
Posts: 6,101
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Should we take a pause first and find the reason(s) for the crash?
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BIDEN/HARRIS IN 2024
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03-31-2024, 12:26 PM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
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Quote:
Originally Posted by RickeyM
Should we take a pause first and find the reason(s) for the crash?
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Reason for the power failure matter sure. Fault IMHO lies with the ship. The bridge did not hit the ship after all.
There will always be a reason for a crash, wreck accident. Still does not remove the responsible party at fault. This is hardly an act of god after all.
Last edited by Oerets; 03-31-2024 at 01:53 PM.
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03-31-2024, 01:03 PM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,907
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Quote:
Originally Posted by Rajoo
Very much doubt any shipping company will carry that much insurance, reconstruction estimated at $400 Million and chances are it will double or more depending on design and speed of construction. One of the three things insurance companies are known for is deny, deny, deny to pay which is why President Biden has already said our government will pay and he should have that money in emergency funds. Anything the insurance companies kick in will be after the fact, if any.
Imagine having to work through the people who built the ship, ones who own it, leasing company, Maersk, Baltimore port. I am pretty sure Maersk will be held liable for the loss of six and that alone will take five or more years to settle.
https://abcnews.go.com/US/wireStory/...lion-108640954 |
But the amount of the ultimate settlement is not affected by the limits of defendants' insurers.
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As long as the roots are not severed, all will be well in the garden.
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03-31-2024, 02:08 PM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,210
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What happens to a uninsured under-insured driver at fault in a auto accident? Are they absolved of any responsibility due to the inability of payment?
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03-31-2024, 04:32 PM
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Ready
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Join Date: Oct 2013
Posts: 19,161
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The responsible party's insurance pays up to the limits specified in the insurance contract. Beyond that the responsible party must pay, up to the limit of their assets. You can't go past that limit no matter how much you want to.My guess is that the assets held by the operating company responsible for how the ship was crewed, maintained, sailed, etc. were kept to the minimum. No cash would stay with that entity! It would be totally a pay-as-you-go outfit, with all the profit taken elsewhere.
By the way, I just figured out the biggest reason trucking companies really want their drivers to be owner-operators.
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If you Love Liberty, you must Hate Trump!
Last edited by donquixote99; 03-31-2024 at 04:41 PM.
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03-31-2024, 05:15 PM
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Reformed Know-Nothing
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Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,907
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Quote:
Originally Posted by donquixote99
The responsible party's insurance pays up to the limits specified in the insurance contract. Beyond that the responsible party must pay, up to the limit of their assets. You can't go past that limit no matter how much you want to.My guess is that the assets held by the operating company responsible for how the ship was crewed, maintained, sailed, etc. were kept to the minimum. No cash would stay with that entity! It would be totally a pay-as-you-go outfit, with all the profit taken elsewhere.
By the way, I just figured out the biggest reason trucking companies really want their drivers to be owner-operators.
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Maybe they could put a lien on ship and its contents. OTOH, I've read that maritime law is very complex and that any case associated with this disaster will take years to resolve.
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As long as the roots are not severed, all will be well in the garden.
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03-31-2024, 05:16 PM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,210
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Well there is always the boat.
It must be worth more then a few bucks.
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03-31-2024, 05:35 PM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,206
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Quote:
Originally Posted by donquixote99
The responsible party's insurance pays up to the limits specified in the insurance contract. Beyond that the responsible party must pay, up to the limit of their assets. You can't go past that limit no matter how much you want to.My guess is that the assets held by the operating company responsible for how the ship was crewed, maintained, sailed, etc. were kept to the minimum. No cash would stay with that entity! It would be totally a pay-as-you-go outfit, with all the profit taken elsewhere.
By the way, I just figured out the biggest reason trucking companies really want their drivers to be owner-operators.
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Uber, same difference.
Believe a lot of the pilots are independent operators and so are the doctors working at HMO.
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White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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04-01-2024, 04:12 AM
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Ready
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Join Date: Oct 2013
Posts: 19,161
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Quote:
Originally Posted by Oerets
Well there is always the boat.
It must be worth more then a few bucks.
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This I imagine may be one of the sticky parts of maritime law finn mentioned. 'You can't take the ship. It is owned by [us, the holding company], but we had nothing to do with the accident! The operating company pays us to use the ship, and they are responsible for safe operation.'
BTW, the ship may be worth $100Million, and the cargo more.
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If you Love Liberty, you must Hate Trump!
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