A giant container ship, Ever Forward, owned by Taiwan-based shipping company Evergreen Marine Corp, ran aground in Chesapeake Bay near Washington DC on 13 March 2022.
Evergreen Marine made news headlines a year ago when another one of their ships, Ever Given, became stuck in the Suez Canal– one of the world’s busiest trade routes.
The massive ship had remained stuck in place for 6 days leading to a large-scale disruption of global supply chains and holding up an estimated $9.6 billion worth of trade each day!
The disaster had led to a $600 million compensation claim by the Egyptian Government, which impounded the vessel until July 2021.
Clearly Evergreen needs to get its act straight. But in the meantime, can any of the damage caused to these ships be covered?
If the ship being stranded leads to any loss or damage to its cargo, a Marine Cargo Insurance policy can help cover financial losses. However, any delay or non-delivery of cargo will not be covered.
Furthermore, if such an event leads to damage to the ship’s hull (outer portion) or its machinery, the losses here can be completely covered by a Marine Hull and Machinery Insurance policy.
Luckily, the 1096-ft Ever Forward ship, unlike its ill-fated cousin, is not blocking other ships from traversing the bay in any way.
More than a week has passed since the ship initially ran aground and efforts are still underway to get it afloat.
Get to know how businesses protect their cargo while in transit: Marine Cargo Insurance