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Shipwrecks fascinate me.

One of the advantages to not being an insurance company.

 

 

I used to work for a software house servicing the Lloyds of London reinsurance market, and big scale shipping insurance is one of the most labyrinthine things imaginable. Nested recursion to the nth degree. That ship will probably also sink a few insurers who have gambled beyond their means. 

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I used to work for a software house servicing the Lloyds of London reinsurance market, and big scale shipping insurance is one of the most labyrinthine things imaginable. Nested recursion to the nth degree. That ship will probably also sink a few insurers who have gambled beyond their means.

Yeah I can't imagine how anyone could be the insurer of something like that ship and its contents and actually financially survive a claim. It's mental.
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I used to work for a software house servicing the Lloyds of London reinsurance market, and big scale shipping insurance is one of the most labyrinthine things imaginable. Nested recursion to the nth degree. That ship will probably also sink a few insurers who have gambled beyond their means.

Yeah I can't imagine how anyone could be the insurer of something like that ship and its contents and actually financially survive a claim. It's mental.

 

 

Exactly, it's all about laying off bets. So when the thing goes under, it triggers not just one claim, but a massive chain of them, domino style. And some companies (no names) will stretch themselves beyond what they can actually pay out on, and hope to **** that the worst won't happen. But if it does, you get a pretty major shit/fan interface! 

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But if it does, you get a pretty major shit/fan interface!

Which presumably splatters onto any dominoes further down the line.

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But if it does, you get a pretty major shit/fan interface!

Which presumably splatters onto any dominoes further down the line.

 

 

Most definitely. 

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But if it does, you get a pretty major shit/fan interface!

Which presumably splatters onto any dominoes further down the line.

 

 

Most definitely. 

 

would it be the ships insurers who pay or the ports ? or the company who loaded the ship or the guy who signed off on it as it looks to me to be overloaded 

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http://uk.eurosport.yahoo.com/video/football-201846307.html

Highlights of our win vs Russia last night in the semi final. In front of 10,000 fans and a a certain Capello and his assistant! Russia had 8 under 21's and 1 player with a full cap with a team total cost of around 12 million euros and despite 10 men for 55 minutes and 1-0 down we fought our way through! France in the final now tomorrow.

Live on eurosport 2 from half 5. I'll be firmly on the bench unless we need a goal!

Cracking stuff. Aren't any of our lads good enough to make it pro?

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I used to work for a software house servicing the Lloyds of London reinsurance market, and big scale shipping insurance is one of the most labyrinthine things imaginable. Nested recursion to the nth degree. That ship will probably also sink a few insurers who have gambled beyond their means.

Yeah I can't imagine how anyone could be the insurer of something like that ship and its contents and actually financially survive a claim. It's mental.

 

 

Exactly, it's all about laying off bets. So when the thing goes under, it triggers not just one claim, but a massive chain of them, domino style. And some companies (no names) will stretch themselves beyond what they can actually pay out on, and hope to **** that the worst won't happen. But if it does, you get a pretty major shit/fan interface! 

 

Most of the Lloyds market is like that, is my understanding. One consortium after another picking up the risk down the line, for pretty much anything.

 

I actually encounter the 'bet beyond their means' thing day in day out in a different area of insurance - it's not just the Lloyds market. In fact some of this stuff makes the Lloyd's stuff look positively safe.

 

And of course you also see the laying off thing in other areas too - one insurer picking up so much of the risk, another picking up more of the risk over and above, etc etc.

Edited by Chindie
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