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Originally Posted by donquixote99
The responsible party's insurance pays up to the limits specified in the insurance contract. Beyond that the responsible party must pay, up to the limit of their assets. You can't go past that limit no matter how much you want to.My guess is that the assets held by the operating company responsible for how the ship was crewed, maintained, sailed, etc. were kept to the minimum. No cash would stay with that entity! It would be totally a pay-as-you-go outfit, with all the profit taken elsewhere.
By the way, I just figured out the biggest reason trucking companies really want their drivers to be owner-operators.
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Maybe they could put a lien on ship and its contents. OTOH, I've read that maritime law is very complex and that any case associated with this disaster will take years to resolve.