Chapter
Salvage Crews Compete for Control
20:11 - 25:20 (05:09)
When a vessel is in trouble and multiple salvage crews arrive at the same time, conflicts can arise over who has the right to salvage it, as under maritime rules, the salvager can receive up to 10% of the value of the vessel's cargo. Lloyd's of London manages protection strategies for this situation, as multiple parties may have a claim to the cargo or potential losses involved.
Clips
Lloyd's of London plays a key role in providing protection strategies for different ship owners who seek compensation for potential risks associated with loss or wastage of the ship's cargo.
20:11 - 21:52 (01:41)
Summary
Lloyd's of London plays a key role in providing protection strategies for different ship owners who seek compensation for potential risks associated with loss or wastage of the ship's cargo. A chief engineer's story of hiding from pirates in the engine room of a hijacked ship highlights the dangers encountered by ships in high-risk areas.
ChapterSalvage Crews Compete for Control
Episode#478 - Kit Chellel - The Wild Hijacking Of A $100 Million Supertanker
PodcastModern Wisdom
Lloyd's is the biggest insurance market in the world for big projects and maritime shipping is a major part of their business.
21:52 - 22:59 (01:06)
Summary
Lloyd's is the biggest insurance market in the world for big projects and maritime shipping is a major part of their business. In case of accidents or disasters at sea, Lloyd's deploys specialized salvage experts as part of an apparatus that kicks into action to rescue the vessel and offer compensation.
ChapterSalvage Crews Compete for Control
Episode#478 - Kit Chellel - The Wild Hijacking Of A $100 Million Supertanker
PodcastModern Wisdom
Salvage crews often compete for shipwrecks in distress, as they can earn up to 10% of the value of the cargo.
23:00 - 25:20 (02:20)
Summary
Salvage crews often compete for shipwrecks in distress, as they can earn up to 10% of the value of the cargo. This has led to clashes and attempts to forcibly remove other salvage crews to gain control of the wreck.