Comment by newyankee
1 day ago
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
1 day ago
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?
Quite. The real insurers are large, old, and have long made a name for themselves in this regard. https://en.wikipedia.org/wiki/Lloyd%27s_of_London
2 replies →
They were not truly insured.