Suez Ship Disaster of 2021 & Insurance

I wrote a piece about this event and its early aftermath and published it on April 6, 2021. I have been adding new material to it. “Updates” as the computer calls them as the case has developed. Thus, there are several of these included in the April 6, entry.

An early at least tentative settlement agreement has been reached by one of the parties and at least one insurance company, UK Club. An update from the AP  is to be found tacked onto the April 6 post.

One odd thing. The ship has usually called the “Ever Given. Today, however, in a picture on the story-site of AP-NEWS, there is a huge sign on the side of the ship that says “EVERGREEN.”

Something of the same problem arises in the June 24 issue of CLAIMS JOURNAL. In an article entitled “Agreement in Principle Reached” the ship is called “Ever Given.” (As in “The Ever Given containership has been anchored in a lake[the Great Bitter Lake–]….”

Interestingly–or oddly, perhaps–immediately above that sentence is a good-sized photograph of the ship, with a tug boat nearby. On the side of the ship is a huge, easily visible copy of a name, “Evergreen.”

“Ismailia, Egypt–Suez Canal authorities announced Wednesday the release of the hulking shipping vessel that blocked the crucial east-west waterway for nearly a week earlier this year. The Ever Given [aka “EVERGREEN”] after its Japanese owner, Shoei Kisen Kaisha Ltd., reached a settlement with the canal authorities over a compensation amount after more than three months of negotiations and a court standoff. The settlement deal was signed in a ceremony Wednesday in the Suez Canal city of Ismailia, after which the vessel was seen sailing to the Mediterranean” (Publish 7:30 a.m. ET July 7, 2021)

Excellent article and good photos published in NYT Sunday, July 18, 2021. Much more thorough than anything else. Nothing about insurance, however.

Nevertheless, this article states that “Evergreen” is the name of the ship’s operating company and that the ship’s actual name is “Ever Given.”

Michael Sean Quinn, PhD, JD, CPCU, Etc

Michael Sean Quinn, PhD, JD, CPCU, Etc. (530)

One of Texas's leading insurance scholars, Michael Sean Quinn is a past chair of the Insurance Section of the State Bar of Texas and has a broad legal practice.

Hits: 0