By Loretta Worters, Vice President, Media Relations, Triple-I
Maritime Day is a time-honored custom that acknowledges one of many United States’ most vital industries. It’s noticed on Could 22, the date in 1819 that the American steamship Savannah set sail from Savannah, Ga., on the primary ever transoceanic voyage underneath steam energy.
“Nationwide Maritime Day was created by an Act of Congress in 1933 to rejoice our nation’s mariners – the Service provider Marine,” John A. Miklus, president of the American Institute of Marine Underwriters (AIMU), the commerce affiliation representing the U.S. ocean marine insurance coverage business. “As we speak, it has expanded to incorporate the whole maritime business and home water-borne commerce, of which marine insurance coverage is an important half.”
Marine insurance coverage covers the loss or harm of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the factors of origin and the vacation spot. Cargo insurance coverage is the sub-branch of marine insurance coverage, although marine insurance coverage additionally consists of onshore and offshore uncovered property, (container terminals, ports, oil platforms, pipelines), hull, marine casualty, and marine legal responsibility.
“The U.S. ocean marine insurance coverage business covers each possible form of vessel and cargo, whether or not it’s a small pleasure craft or yacht, on as much as the biggest cruise ship or container ship calling on a significant port right here in the US,” mentioned Miklus, a former marine insurance coverage underwriter with in depth marine insurance coverage and reinsurance expertise.
“Marine insurance coverage and marine commerce are sometimes regarded as an invisible business,” he mentioned. “Folks see an Amazon truck arrive however don’t know how that package deal discovered its strategy to their entrance doorstep.”
Insurance coverage is designed to handle dangers within the occasion of unlucky incidents like cargo losses, harm to costly ships, environmental disasters because of oil air pollution, piracy and just lately provide chain points.
Miklus is passionate in regards to the marine insurance coverage enterprise and is pleased with the work of AIMU and the business it serves.
“As we speak, in trendy commerce, 90 p.c of the products present in our houses in all probability arrived on a container ship,” Miklus mentioned. “As very important components of commerce, these items all must be insured, and our member corporations of AIMU insure these items.”