Anything not validated by NATO/ USA is fake, rest of the world should adhere to their terms and definitions as the high seas are owned by them

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polotics 3 days ago | parent | next [-]

Definitely no. The "fake" here is about certainty that no insurance payout would occur in case of issue, meaning for example an oil tanker accidently dumping tons of black goo onto some english seaside resort, no compensation would come out of anywhere.

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vintermann 3 days ago | parent [-]

How reliable is liability insurance for that sort of thing, generally speaking?

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ceejayoz 3 days ago | parent [-]

Quite. The real insurers are large, old, and have long made a name for themselves in this regard. https://en.wikipedia.org/wiki/Lloyd%27s_of_London

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SanjayMehta 3 days ago | parent [-]

So existing legacy monopolies are real and all newcomers are fake. Got it.

	▲	ceejayoz 2 days ago \| parent [-]
		Nah. The smaller new ones reinsure via folks like Lloyds. It’s quite complex. The company in this article could have done that, but they forged documents to avoid it. They had no intention of covering accidents - it was just plain fake to get these ships into ports.

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throwawaysleep 3 days ago | parent | prev [-]

They were not truly insured.