How One Recalled SUV Destroyed $45M In Cars, Burned A Massive Ship, And Sparked A Legal Battle Between Ford And BMW
Mary didn’t know anything was wrong with her old Ford SUV when it was loaded onto a container ship in Europe in mid-2015. But she found out the hard way when it caught fire below deck, taking $45 million worth of other cars with it, causing another $55 million in damage to the vessel and its cargo, and sparking a legal fight between two car companies and the U.S. Department of Justice that remains ongoing.
May 25, 2018
Excess & Surplus Lines
Liability
Litigation
Marine
Subrogation
U.S. Watercraft Thefts Resume Downward Trend
The National Insurance Crime Bureau’s (NICB) 2017 watercraft theft report shows a 5 percent decrease and resumes the downward trend in thefts that was broken by 2016’s slight increase.
May 17, 2018
Marine
California
Florida
Guilty Plea In Plan To Burn Boat For Insurance Fraud
A man who damaged a Tuckerton marina and other boats has entered a guilty plea. The Ocean County Prosecutor’s Office announced that Bruce Roslin entered a guilty plea April 12 for the charge of second-degree conspiracy to commit theft by deception.
April 18, 2018
Fraud
Marine
New Jersey
Coast Guard Unable To Locate Sunken Tugboat, Missing Crew Members
Following 43 hours of scouring the Mississippi River, the U.S. Coast Guard has suspended the search for two men missing from a tugboat that capsized near Chalmette, Coast Guard officials said Tuesday night (March 13).
March 14, 2018
Marine
Workers' Compensation
Louisiana
The Rising Tide Of Maritime Shipping Risks
Responsible for carrying 90% of the world’s trade, the shipping industry is the backbone of the global economy. Allianz reports that the international marine cargo industry transports goods with an estimated value of $4.5 trillion annually.
March 9, 2018
Excess & Surplus Lines
Marine
Technology
70 Cargo Containers Fall Off Ship In North Carolina
The Coast Guard is warning mariners about navigation hazards after 70 cargo containers fell off a ship near the coast of North Carolina Saturday night.
March 5, 2018
Excess & Surplus Lines
Marine
North Carolina
Fire Engulfs Casino Shuttle Boat Off Florida Coast
At least 15 people were injured when a fire engulfed a boat off the coast of Florida on Sunday, causing the 50 people aboard to jump into the Gulf of Mexico and swim to shore, local officials said.
January 16, 2018
Liability
Marine
Florida
Boat Explosion On Miami River Chars Four Others Nearby
A boat explosion was reported Tuesday on the Miami River, authorities said. People watched the incident unfold from nearby boats.
January 4, 2018
Marine
Florida
Maine Continues To Add Up Wind Damage, Which Is Likely To Exceed Ice Storm’s Cost
Debris from Monday’s “devastating” storm littered the state Tuesday as Mainers cleaned up and attempted to get back to their daily routines in the face of widespread power outages and property damage.
November 3, 2017
Auto
Marine
Property
Salvage
Maine
One Dead In Oil Barge Fire Off Port Aransas, Texas
The U.S. Coast Guard reported Friday that the oil barge B255 caught fire early on Friday at a position about three miles off the harbor entrance at Port Aransas, Texas. The barge was under tow by the ATB tug Buster Bouchard at the time of the incident.
October 23, 2017
Marine
Workers' Compensation
Texas
Entangled Dock Line Blamed For Rhode Island Tall Ship Crash
The owner of a tall ship that crashed into four other boats in Rhode Island after a seafood festival is blaming the incident on a dock line that became entangled on its two propellers. The SSV Oliver Hazard Perry crashed Sunday in Newport Harbor.
October 17, 2017
Marine
Rhode Island
AIG Forecasts $3B In Q3 Catastrophe Losses
American International Group expects to record insurance losses of roughly $3 billion during the third quarter from the recent hurricanes and earthquakes.
October 10, 2017
Auto
Catastrophe
Excess & Surplus Lines
Marine
Property
Florida
Georgia
South Carolina
Texas
Tropical Storm Nate Forms, Threatens To Hit U.S. Gulf Coast
Tropical Storm Nate formed off the coast of Nicaragua on Thursday and it was expected to drench parts of Central America and Mexico before potentially hitting the U.S. Gulf Coast as a hurricane over the weekend.
October 5, 2017
Excess & Surplus Lines
Marine
Property
Alabama
Florida
Louisiana
Mississippi
Harvey, Irma Damage Reaches Nearly $300 Billion
Preliminary data on the total cost of damage caused by Hurricanes Harvey and Irma is finally coming in, and analysts are projecting hundreds of billions in losses thanks to the damage caused by both weather events.
September 15, 2017
Auto
Catastrophe
Excess & Surplus Lines
Marine
Property
Florida
Georgia
South Carolina
Texas
Hurricane Irma Insurance Losses May Be Far Lower Than First Predicted
Following predictions of apocalyptic Hurricane Irma insurance losses, it appears as though the storm may be costly, but nowhere near the worst case scenario.
September 14, 2017
Auto
Marine
Property
Florida
