Page 13: of Maritime Reporter Magazine (December 2021)

into sections in situ, has been plagued by delays from CO-

Unique Risks for Insurers

Very large vessels present some unique risks. In particular, VID-19, winter weather, ? res and chain link failures.

responding to incidents is more complex and expensive. Port Very large container ships and other large vessels are a facilities and salvage equipment to handle large ships is spe- volatile risk for insurers to underwrite and will increasingly cialized and limited, while salvage and wreck removal is more require more and more input from risk consulting and claims. expensive and often still uncharted territory. As exposures grow, insurers will have to ask if they are able

Port infrastructure has not kept pace with the increasing to insure some types of large vessels, or if they can only be size of vessels. While approach channels to existing ports underwritten as part of a mixed ? eet.

have been dredged deeper and berths and wharfs extended to accommodate ultra large vessels, the overall size of existing ports has remained the same. As a result, ‘a miss’ can turn into ‘a hit’ more often for the ultra large container vessels.

In the case of the Ever Given, had the vessel not been freed,

The Author salvage would have required the lengthy process of unload- ing some 18,000 containers, requiring specialist cranes. The

Khanna

Captain Rahul Khanna is the Global Head of Marine Risk Consult- wreck removal of the large car carrier, Golden Ray, which ing at Allianz Global Corporate & Specialty. He is a marine profes- sional with 25+ years of experience within the shipping and mari- capsized outside the US port of Brunswick with more than time industry with 14 years on board merchant ships in all ranks including Master of large oil tankers, trading worldwide. His present 4,000 vehicles on it in 2019, has taken well over a year and role includes heading the global team of marine risk consultants cost insurers several hundreds of millions of dollars. The com- at AGCS and supporting the marine underwriting function globally with expertise in operational risk quality selection and loss control.

plex salvage operation, which has required the vessel to be cut

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