Huge state-of-the-art container and cruise ships have displaced elderly rustbuckets as the vessels that most trouble insurers.
As the threat posed by substandard ships has retreated, the enormous growth in the size and value of ships and their cargoes has become a central concern.
Size matters when it comes to insuring ships, as giant vessels not only tend to be more valuable hunks of steel, but more significantly the value of the freight they are carrying also soars, including that most expensive of cargo, people.
