The second sentence of the article answers the fake insurance bit; "did not have permission to sell insurance but did it anyway".
If you click the (helpfully underlined) first use of "shadow fleet" in the article it defines it for you. (Or ask Wikipedia; https://en.wikipedia.org/wiki/Shadow_fleet)
I feel like TFA answers the fake insurance question pretty well. The company sold "insurance" which was not actually insurance. They were providing a cover for ships selling from a sanctioned country. Those ships were required to have insurance, and no legitimate business would insure them.
Definitely no. The "fake" here is about certainty that no insurance payout would occur in case of issue, meaning for example an oil tanker accidently dumping tons of black goo onto some english seaside resort, no compensation would come out of anywhere.
The second sentence of the article answers the fake insurance bit; "did not have permission to sell insurance but did it anyway".
If you click the (helpfully underlined) first use of "shadow fleet" in the article it defines it for you. (Or ask Wikipedia; https://en.wikipedia.org/wiki/Shadow_fleet)
I feel like TFA answers the fake insurance question pretty well. The company sold "insurance" which was not actually insurance. They were providing a cover for ships selling from a sanctioned country. Those ships were required to have insurance, and no legitimate business would insure them.
Sanctioned by what international legal body?
> What is “fake insurance?”
Do you believe Ro Marine would have paid out claims related to their "insured" vessels?
You can literally press on it in the article and a definition pops up.
I didn’t see any article. I saw a propaganda piece.
Anything not validated by NATO/ USA is fake, rest of the world should adhere to their terms and definitions as the high seas are owned by them
Definitely no. The "fake" here is about certainty that no insurance payout would occur in case of issue, meaning for example an oil tanker accidently dumping tons of black goo onto some english seaside resort, no compensation would come out of anywhere.
How reliable is liability insurance for that sort of thing, generally speaking?
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They were not truly insured.