You know what you need, son?? Marine Insurance. You need to set sail fancy-free, without worry, and generally oblivious to anything remotely concerning on dry land. Go ahead and “adjust course” and “down bubble” and “come about”! You’ve got marine insurance, pal! You’re happy as a lark!
What’s that? Oh. You don’t have a boat. I see. That’s not your boat? Right there, that’s not-
MARINE INSURANCE. You’ve got a yacht? You’ve got marine insurance. You’ve got a port? You’ve got marine insurance. You’ve got a massive, international sea port container storage yard in China?? You’ve got marine insurance! Why? Because you’ve 800 tons of unknown hazardous material stored all over your gigantic property, and a couple years ago, it all exploded…
Maritime publication “Maritime Executive” reported on the colossal explosion in Tianjin, China in the summer of 2015 as industry experts. The blasts occurred over several nights, taking the lives of 173 people, sending 800 to the hospital with non-fatal injuries, and leaving eight missing. In the largest maritime insurance claim in history, all eyes were on a Chinese logistics company who specialized in handling hazardous materials.
Maritime-Executive stated that “claims related to the massive explosion at the port of Tianjin, China (grew) to as much as $6 billion (with) more than half of the claims reportedly fall(ing) within marine insurance.” This $3 billion maritime insurance claim is singularly the largest in history, higher than claims related to Hurricane Sandy.
The truth finds it’s way… even in China. When the blast occurred, the Chinese government apparently censored news coverage, and blocked broadcasts. But the largest maritime explosion in human history is a large pile to sweep under the rug.
The “final loss figure” could only be staggeringly estimated, but it was surely gigantic. Additional containers originally thought to have been unaffected by the chemical blast were arriving at their destination tainted.
And that’s the largest maritime insurance claim in the history of mankind.