Menu

Reinsurance News

UK P&I Club announces Suez Canal blockage settlement has been reached

6th July 2021 - Author: Katie Baker

The UK P&I Club has announced that a formal solution has been agreed with the Suez Canal Authority (SCA) to settle their dispute over compensation.

The SCA had initially asked for $916m, including $300m for a salvage bonus and $300m for loss of reputation, which was rejected by the UK Club, who described it as extraordinarily large and unsupported.

It then lowed what it asked for down to $550m, however the owners and insurers reportedly offered to pay $150m.

The estimated value of the goods inside the Ever Given’s 18,000 containers had been totalled to $775m.

The containers included products for large multinational companies as well as those for smaller businesses.

RMS

The SCA stated that the ship would be able to leave on Wednesday, where an event will be held for participants to watch it leave the canal.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Ian Kershaw takes Head of Motor Claims role at Allianz Insurance

Allianz Insurance has announced the appointment of Ian Kershaw as Head of Motor Claims, effective July 5th. A qualified solicitor,...

Close