Counting the cost when things go wrong

Shipowners warned that a major ship casualty could plunge them into 'negative equity' trap

THE good news is that there has been a consistent decrease in the number of total losses of vessels at sea over the past 10 years, according to the International Union of Marine Insurance's ocean hull committee. Unfortunately, the bad news is that this has been more than offset by a dramatic increase in the number and size of large partial losses.

Partial losses, where the vessel has to either undergo very extensive repairs or is declared to be "constructive total loss" (CTL), can be fraught with...

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