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Published: November 2006      

Insurers ponder worst case loss scenarios

There was a time when a maritime accident was a fairly uncomplicated affair. An overloaded ship would typically strand on uncharted rocks in relatively untrafficked waters, at least by modern standards, leading to cargo loss and, frequently, loss of life as well.

It was against this historical background that the major classification societies were established, essentially nonstatutory organisations created to set common rules and promote higher safety standards. They were there mainly to address “mechanical” issues, such as ensuring that ships were built and maintained properly. There was relatively little emphasis on human factors in those days....


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