Admiralty courts – Courts of law that deal with matters pertaining to the sea.

Affreightment – A contract to carry merchandise.

Barratry – Fraudulent, dishonest, or illegal acts of the captain or crew without the knowledge of the ship owners.

Bill of lading – A document issued by a carrier that is a receipt for the merchandise or other property to be transported, and that outlines just what the carrier agrees to do and his responsibilities for the property.

Bottomry – When the master of a ship borrows money on the bottom of the ship, with the agreement that the ship will be forfeited to the creditor if the interest is not paid upon the ship's return.

Free on board (F.O.B.) – When goods are shipped F.O.B., the shipper is responsible only until the goods have been placed on board the vessel or freight car or truck or other means of transport. After that the risk belongs to the consignee.

Freight – The income of the ship owner from carrying cargo or earned by the employment of his ship.

Freight Forwarder – A specialist in handling overseas shipping details of exports and imports.

General average – A principle of maritime law according to which the owners of ship and cargo share in a loss incurred voluntarily. See also Average and Particular average.

General average contribution – The proportionate shares of the vessel owner and each of the cargo owners in order to make up the expenditure or sacrifice incurred for the common good.

General average sacrifice – The voluntary destruction of part of the vessel or the cargo, or the deliberate expenditure of funds in time of grave peril, which is successful in avoiding total disaster.

Hull insurance – Ocean marine insurance covering physical damage to the ship or vessel insured. Usually written on an all-risks basis.

Inchmaree clause – Covers losses resulting from latent defect in hull and machinery of vessel and losses resulting from errors in navigation or management of the vessel by master or crew.

Jettison – Act of throwing overboard part of a vessel's cargo or hull in hopes of saving a ship from sinking.

Jones Act – The federal act through which maritime workers are provided workers compensation coverage (which ordinarily responds to the mandates of particular states).

Longshore and Harbor Worker's Act – A federal law that specifies compensation amounts for injured longshore and harbor workers. Formerly referred to as the Longshoremen's and Harbor Workers Act.

Marine insurance – Insurance primarily concerned with transportation exposures and property that is commonly moved around from place to place. In the United States, the field is divided between inland marine and ocean marine.

Marine syndicates – Groups of companies acting in common to insure certain ocean marine classes. Also, a term used to describe groups that make inspections and surveys and institute standards for the construction of vessels.

Maritime coverage – Crew members of vessels are subject to admiralty law and may sue their employers for work-related injuries because state workers compensation laws do not apply to them. Therefore, special coverage must be purchased for this exposure.

Nationwide Definition of Marine Insurance – A document published by the National Association of Insurance Commissioners that was rooted in an older (1933) definition of Insuring Powers of Marine and Transportation Underwriters. In general, the definition specifies property that may be insured under marine contracts such as property in inland transport and property regularly or routinely in transit, for example, contractors equipment.

Normal course of transit – The orderly transit of merchandise from the point of origin to the final destination without interruptions or delays resulting from the action or inaction of any party at interest.

Ocean marine – Insurance coverage for vessels and property in ocean shipping. River marine is the term referring to coverage for inland shipments on water. Motor truck cargo refers to coverage for property transported over highways.

Outer Continental Shelf Lands Act – This act makes the Longshore and Harbor Workers Compensation Act apply to work involving the development of the natural resources of the outer continental shelf. A special endorsement, the Outer Continental Shelf Lands Act Coverage Endorsement, amends workers compensation policies to provide coverage for this exposure.

Particular average – A loss that falls on the particular property insured, as opposed to a general average, which is a loss for the account of all interests. See also Average and General average.

Perils of the sea – Somewhat akin to open perils on land, the term refers to any potential cause of loss derived from shipment on a seagoing vessel.

Piracy – The International Maritime Bureau defines piracy as; "An act of boarding or attempting to board any ship with the apparent intent to commit theft or any other crime and with the apparent intent or capability to use force in the furtherance of that act."

Protection and indemnity, called P&I, is liability coverage for ship-owners, charterers, and individuals liable to third parties arising out of the operation of the vessel. There are five separate categories of coverages under P&I coverage.

They are:

· Compensation and medical expenses for the crew

· Damage caused by the vessel to any fixed or movable property

· Wreck removal

· Fines levied by any state, federal, or foreign government

· Investigating and defending claims

Salvage – When an insurer makes a payment for lost or damaged property, the insurer is entitled to the salvage of that property.

Sue-and-labor clause – a clause in marine insurance contracts by which the insured agrees to take steps necessary to safeguard the covered property from loss or to minimize losses that occur and the insurer agrees to pay for the reasonable costs of such steps.

United States Longshore and Harbor Workers Compensation Act (USL&H) – A compulsory law administered by the Department of Labor that covers injuries to employees on vessels or dry docks.

June 16, 2021 update:

The ship has been in impound since it was freed from the canal; Egyptian authorities are demanding roughly $916 million dollars for expenses related to the salvage operations, lost transit fees, and stalled canal traffic. The authorities have impounded the ship and its cargo until an agreement can be reached on payment to the authorities.

With the boat impounded, millions of dollars of goods stuck on the ship while legal proceedings are ongoing. Those cargo owners may also have to share in the cost of the settlement under general average. As discussed earlier, general average is when owners of a ship and its cargo share in a loss incurred voluntarily to save the whole in an emergency.

June 21 - Currently negotiations are ongoing, and a court ruling has been postponed in hopes of a settlement between the parties.

July 7 - A settlement has been reached by authorities and the ship has been released.