Nah. The smaller new ones reinsure via folks like Lloyds. It’s quite complex.
The company in this article could have done that, but they forged documents to avoid it. They had no intention of covering accidents - it was just plain fake to get these ships into ports.
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
So existing legacy monopolies are real and all newcomers are fake. Got it.
Nah. The smaller new ones reinsure via folks like Lloyds. It’s quite complex.
The company in this article could have done that, but they forged documents to avoid it. They had no intention of covering accidents - it was just plain fake to get these ships into ports.