The growing delay in refloating the stranded Ever Given vessel, already costing billions a day, increases the likelihood of legal claims that could take years to resolve.

Mahmoud Abuwasel, managing partner, Wasel & Wasel, Abu Dhabi, told Law.com International affected charterers, traders and other parties needed to address their maritime insurance policies. 

“[I]t is quite difficult for parties to navigate vis-a-vis their insurers,” he said. “[News reports have] already mentioned that the ship’s [Japanese] owner, …  and its insurers could face claims. But other owners, charterers, and traders who have been blocked or delayed have to consider their own insurance rights, and take action on those rights and policies.”

Mahmoud has represented parties in a substantial number of insurance and maritime claims and was counsel on one of the only maritime insurance disputes arising out of the Yemen War in a USD 25,000,000 claim heard before the Federal Courts of the UAE.

Read article here: Suez-Drama-Legal-Ramifications-Will-be-Exponential-Law.com-26.03.21.pdf (waselandwasel.com)