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OldMork t1_j1gzm9w wrote

this is what all western companies should do


infirmaryblues t1_j1hxe3q wrote

They did back in June apparently. The article also say India has been insuring many of their ships in stead of EU and UK firms which apparently handle 95% of maritime shipping insurance. We may be finding out how solvent Indian insurance firms are


EmperorArthur t1_j1i23p4 wrote

Yep, everything is good until one big disaster happens.


[deleted] t1_j1ierfm wrote



beipphine t1_j1jrj00 wrote

What is stopping these ships from insuring each leg of the trip under a different insurance company. An Indian pop up insurance company from India to just outside of the port, and a european company for while at the european port.


yantraman t1_j1jkd1v wrote

Yes but they won’t reject Indian insured ships.


Rocco89 t1_j1jlajp wrote

The Hamburg Port Authority actually already did that a few times this year


yantraman t1_j1joq5y wrote

Yet Netherlands is India’s largest oil product market.


Rocco89 t1_j1kz3z5 wrote

And? Hamburg is the 2nd biggest city in Germany and not part of the Netherlands.


Brigadier_Beavers t1_j1id3xh wrote

If its anything like their spam calls, theyll disolve the company at the first sign of consequences and make a new one the next day.


TheGreatOneSea t1_j1ixa0t wrote

Lloyds of Mumbai, where you think you're buying insurance, but it's actually just a sandwich from House of Lloyds.


hieronymusanonymous OP t1_j1gw5ql wrote

>Tokio Marine & Nichido Fire Insurance Co [RIC:RIC:MILEAA.UL], Sompo Japan Insurance Inc [RIC:RIC:SJII.UL] and Mitsui Sumitomo Insurance Co [RIC:RIC:MITSID.UL] started notifying shipowners about their decision on Friday, the business daily reported.


>The insurers' decision was prompted by reinsurance companies refusing to take on risks related to the war that Moscow launched 10 months ago, the newspaper said.

>The halt, applying even to waters in Russia's Far East, far from the fighting, could make shipping there too risky for some companies, it said.


meickoff t1_j1i0hbv wrote

ELI5 what this means?


mars_needs_socks t1_j1i3bjh wrote

If you buy things transported by ship you need insurance or you will be offered the possibility of paying through the nose in case anything happens to the ship on its way.

Nobody is going to insure cargo on a ship that itself does not have insurance.


StationOost t1_j1i5b2u wrote

Many ports don't allow uninsured ships to dock either.


Possiblyreef t1_j1ivm9p wrote

And straits often won't transit ships without recognised insurance


meickoff t1_j1lt3qh wrote

Interesting fact from a field I never thought I'd explore, thanks!


Jerm8888 t1_j1hw5pc wrote

What’s going on in the world?

Heard of border fighting between Pakistan/Afghanistan, India/China…

Azerbaijan and Armenia also killing each other… seriously


Atheios569 t1_j1hzrcb wrote

Serbia/Kosovo, Israel/All ME, Greece/Turkey, Saudi/Iran, NK/SK, Russia/West, China/West. This is how world wars start. The lines are being drawn economically, and soon militarily.


OnThe_Spectrum t1_j1jbt81 wrote

Israel is not fighting against all the Middle East. When was there a shot fired between them and Jordan or Egypt or anyone other than Iran’s terrorist Islamist group targeting civilian cities and not Israel’s military?

China illegally invading Hong Kong After illegally invading Mongolia and Tibet and threatening to invade Taiwan is not China vs the West.


Toloran t1_j1jfm57 wrote

> When was there a shot fired between them and Jordan or Egypt or anyone other than Iran’s terrorist Islamist group targeting civilian cities and not Israel’s military?

I don't know, I can't think of any such times.


Atheios569 t1_j1jbynu wrote

I wasn’t referring to shots fired, but alluding to the fact that tensions are high.


killiomankili t1_j1iwvbt wrote

Azerbaijan and Armenia have been at each others throats for decades now


-wnr- t1_j1jf331 wrote

All those border disputes stretch back decades.