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 is noticed on May 22, the date in 1819 that the American steamship Savannah set sail from Savannah, Ga., on the primary ever transoceanic voyage beneath steam energy.
“National Maritime Day was created by an Act of Congress in 1933 to have a good time our nation’s mariners – the Merchant 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. “Today, it has expanded to incorporate the whole maritime business and home water-borne commerce, of which marine insurance coverage is a vital half.”
Marine insurance coverage covers the loss or injury 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 conceivable type 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 serious port right here within the United States,” stated Miklus, a former marine insurance coverage underwriter with intensive marine insurance coverage and reinsurance expertise.
“Marine insurance coverage and marine commerce are sometimes considered an invisible business,” he stated. “People see an Amazon truck arrive however do not know how that package deal discovered its solution to their entrance doorstep.”
Insurance is designed to handle dangers within the occasion of unlucky incidents like cargo losses, injury to costly ships, environmental disasters resulting from oil air pollution, piracy and just lately provide chain points.
Miklus is passionate concerning the marine insurance coverage enterprise and is pleased with the work of AIMU and the business it serves.
“Today, in fashionable commerce, 90 % of the products present in our properties in all probability arrived on a container ship,” Miklus stated. “As very important components of commerce, these items all have to be insured, and our member corporations of AIMU insure these items.”