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Sounds like a horrible idea since the insurance pool is limited to the size of the ship. Hopefully at least it’s averaged by value rather than number of contain
by ponker 6y ago
Sounds like a horrible idea since the insurance pool is limited to the size of the ship. Hopefully at least it’s averaged by value rather than number of containers so that if someone is shipping corn and a container of iPhones gets jettisoned they don’t get a bill for their life savings.
- wolfgang42 6y agoYes, the idea is that everyone loses the same percentage of what they had (including the ship owner—the value of the ship before and after the incident is also included in the calculation). General Average long predates modern containerized shipping, so doing it by container count wouldn’t have been a thing anyway.
- 1123581321 6y agoA larger pool would require more frequent payouts to other vessels, or collecting regular premiums.