David G. Brown
RIP
Sam B -- you are correct that some companies did/do insure their vessels. The law is blind to such arrangements. It only recognizes that the investment is 100% at risk by the nature of a seagoing endeavor. How the investor handles the risk (insurance, "running bare," etc.) is up to the investor and not Admiralty law.
A side topic could be how insurance at one point came to be a danger to the lives of sailors. A good part of the development of load lines (Plimsol marks) came about because shipping companies overloaded ships knowing insurance would cover the loss of the hulls and cargo if they sank. Sailors?
-- David G. Brown
A side topic could be how insurance at one point came to be a danger to the lives of sailors. A good part of the development of load lines (Plimsol marks) came about because shipping companies overloaded ships knowing insurance would cover the loss of the hulls and cargo if they sank. Sailors?
-- David G. Brown