Wednesday, September 28, 2022
HomeInsuranceTriple-I Weblog | Maritime Day: Honoring An “Invisible” Trade

Triple-I Weblog | Maritime Day: Honoring An “Invisible” Trade

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 beneath 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. “In the present day, it has expanded to incorporate the complete maritime business and home water-borne commerce, of which marine insurance coverage is a vital half.”

John Miklus, president, American Institute of Marine Underwriters

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 conceivable form of vessel and cargo, whether or not it’s a small pleasure craft or yacht, on as much as the most important cruise ship or container ship calling on a significant port right here in america,” 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.  “Individuals see an Amazon truck arrive however don’t know how that package deal discovered its solution 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 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. 

“In the present day, in trendy commerce, 90 p.c of the products present in our houses most likely arrived on a container ship,” Miklus stated. “As important elements of commerce, these items all have to be insured, and our member corporations of AIMU insure these items.”



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