Largest Maritime Insurance Payouts

The oceans and seas, though vital for maritime trade and commerce, can often be very dangerous and unpredictable, with storms and powerful waves causing terrible ship accidents. Navigational errors or miscommunication among the crew also lead to ship collisions, fires, oil spills and other catastrophic events.

This shows that the risks in maritime transportation are immense, and this is where marine insurance steps in, providing a financial safety net against massive losses. In this article, we will discuss the largest maritime insurance payouts.

These payouts encompass not just the value of the ship and its cargo, but also the extensive salvage operations, environmental clean-up costs, business interruption losses and third-party liabilities as well.

1. Deepwater Horizon Oil Spill (2010)

First in the list is the most renowned incident, which was also the most tragic in terms of its effects. The Deepwater Horizon Oil Spill began on April 20, 2010, in the Gulf of Mexico or Gulf of America, after an explosion and sinking of the Deepwater Horizon Oil Rig, releasing about 200 million gallons of oil into the ocean for more than