"Knock-for-knock" is not a joke

Ocean Heavylift has vessel seized.

When I first read this headline, I assumed it was for unpaid debts.

Well, it is in a way. But not so much unpaid, as a legal dispute.

The short version is, the ship lost cargo overboard. A liftboat. The owners of the liftboat believe the ship is responsible for their loss. The owners of the ship say no, because they have a "knock-for-knock" provision in the contract.

I had never heard of knock-for-knock provision before. Basically it says each party insures their goods, and does not claim against the other, even if the other is at fault.


Here is a proper definition of Knock-for-knock

But, back to the ship being arrested. With all the financial turmoil, it is possible that ships will start being arrested for unpaid debts. This is something to always consider when doing business with a carrier. Nothing worse than having your goods on a ship which gets arrested.