By Loretta Worters, Vice President, Media Relations, Triple-I
Maritime Day is a long-standing tradition that recognizes one of America’s most important industries. It is observed on May 22, the date 1819 that the American steamer Savannah sailed from Savannah, Ga., on the first transoceanic voyage ever under steam power.
“National Maritime Day was created by a congressional law in 1933 to celebrate our nation’s sailors – the merchant navy,” said John A. Miklus, president of the American Institute of Marine Underwriters (AIMU), the trade association representing the United States Marine Insurance. industry. “Today, it has expanded to include the entire shipping industry and domestic waterborne trade, of which marine insurance is a very important part.”
The marine insurance covers loss or damage to ships, cargo, terminals and all transport through which the property is transferred, acquired or held between the point of departure and the destination. Cargo insurance is the sub-branch of marine insurance, although marine insurance also includes exposed property on land and at sea (container terminals, ports, oil platforms, pipelines), hull, maritime accident and maritime liability.
“The US marine insurance industry covers every conceivable type of ship and cargo, whether it is a small pleasure boat or yacht, up to the largest cruise ship or container ship calling at a major port here in the United States,” said Miklus, a former marine insurance guarantor with extensive experience. of marine insurance and reinsurance.
“Marine insurance and marine trade are often considered an invisible industry,” he said. “People see an Amazon truck arrive but have no idea how that package found its way to their front door.”
Insurance is designed to manage risks in the event of unfortunate incidents such as cargo losses, damage to expensive vessels, environmental disasters due to oil pollution, piracy and recent supply chain problems.
Miklus is passionate about marine insurance operations and is proud of AIMU’s work and the industry it serves.
“Today, in modern commerce, probably 90 percent of the goods found in our homes arrived on a container ship,” Miklus said. “As important parts of the trade, all of these goods must be insured, and our AIMU member companies insure these goods.”
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