Just how big is a ship capable of transporting 18,000 containers filled with everything from kitchen appliances to toys?
Well, try imagining a below-deck area large enough to comfortably house a basketball court, a football field and an ice hockey arena—each with thousands of cheering spectators. That’s big.
Think of the amount of policies floating with one shipment from China to Spain (the Triple-E class will ply the Asia-Europe route): The ship, its crew, the value of the goods, business interruption, contractual liability—all covered by dozens, if not more, insurers and backed up by reinsurers.
“Insuring the vessel is the easy part,” explains Fitzgerald. “However, it is conceivable to have any number of clients on one ship—it’s difficult to quantify that aggregate exposure when you have the accumulated value of 18,000 containers.”