I assure you the vessel's insurance company is not, repeat not, footing the bill. BMW gets $500 a car.
Isn't that the kind of thing insurance is for? I mean, there's possibly some kind of responsibility for the policy holder, but why isn't the policy covering them fully (or @ least with deductible)?
Damn. I had 3 cars on that boat. I was going to name the red one Rose, the black one, Shadow, and the White one Frosty. I was going to drive Shadow only at night, because that's what I bought it for, and I figured the black paint makes it ideal for night driving. Frosty was for snow driving only so I could save wear and tear on the other two during the harsh Austin winters. I think it is safe to say that I have driven more in snowy conditions than the rest of you, so I can appreciate the value in having a car dedicated to this purpose. Rose is my ride specifically for picking up the ladies. I was going to carry around dozens of flowers in the backseat so I could hand them out to all the beautiful women I see. I would have left the doors unlocked so people could help themselves to my flowers. People like flowers. I was going to get a bike rack for each of the cars, but that's another story.
jeez, that happened before as i was awaiting delivery for my 2002 m3. except that boat completely sunk.
On the plus side if its not totalled and merely damaged, they will fix it and not tell you. Oh wait, that completely sucks.
BMW (the shipper) may have insurance that makes them whole. I hope they do. But the vessel (the carrier) is not legally liable under US law above $500 per car (package). And the vessel's insurer is not paying more than that legal liability.
I know absolutely zero about the insurance and laws etc, but I am interested in how this all works. Does BMW not have the cars insured?
That's nothing compared to the container ship that collided with another freighter and sank in the North Sea in 2002. Onboard was 2,900 cars consisting of BMWs and Volvos. If my memory serves me correctly, I believe the ship is still in the channel (partly emerged.)
BMW does have the cars insured. THeir insurance will be paying for it. Neither the carrier nor their insurance company will have to pay more than $500 per container. The Carriage of Goods by Sea Act limits the carrier's liability. Carrierers are not supposed to be insurers of the cargo they carry, the cargo owners can get their own. Making carriers fully liable would hamper international commerce and make shipping rates go through the roof.
