Insuring the marine cargo of an incoherent pirate sailing gold across the world on a ghost ship is probably the last thing we’d be able to achieve, but we find the concept quite amusing.
Using ChatGPT, we explore how a conversation might have happened with the legendary drunk, Jack Sparrow, and a financier of one of his cross-ocean voyages looking to arrange marine cargo insurance for the Black Pearl.
Anyway…
The Prompt: In conversational format, explain goods in transit insurance to a very drunk Jack Sparrow as if you were a very angry financier of his latest voyage.
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Listen up, Captain Sparrow, and for Neptune’s sake, try to stay focused. We need to talk about this little thing called ‘Goods in Transit’ insurance.
“Insurance, eh?” Jack mumbles, swaying slightly, “That’s like a shanty, or a bottle of rum, right?”
No, it’s not a shanty or a bottle of rum. It’s an actual thing that protects our precious cargo from becoming one with the sea floor. Got it? Good.
Jack squints his eyes, “But why would the cargo want to become one with the sea floor?”
Now, here’s the gist. When we send goods from one place to another – like gold, rum, or those shiny baubles you’re so fond of – there’s always the chance they’ll never reach their destination. Pirate attack, storm, giant squid – you name it. Goods in Transit insurance covers the loss, damage, or theft of those goods during transit.
“Bloody hell! It’s like a magic shield for the treasure?” Jack slurs, the spark of understanding in his eyes.
Exactly, Jack! Imagine you’ve got a bottle of the finest rum, alright? You’re trying to get it from Tortuga to Port Royal, but along the way, a nasty storm or a sea monster takes a liking to your rum. Poof! There goes your precious bottle. But if you’ve got Goods in Transit insurance, you won’t have to mourn
for long because you’ll get compensated for the lost rum. The insurance company will pay you enough to replace it.
“Wait, so can I claim for the rum I drank last night? I seemed to have lost it all in me belly,” Jack grins.
No, Jack, you can’t claim for the rum you drank last night… that’s not how it works!
We’ll arrange the insurance before the goods set sail. So if the Black Pearl decides to go belly up, our cargo is covered.
“So, let me get this straight, mate,” Jack slurs, “If the Pearl takes a little dip, we still get to keep our treasure?”
Yes, Jack, but only if the treasure was on the ship that sank!
“Can I use the insurance money to buy more rum then?” Jack asks hopefully.
No, Jack, you can’t use the insurance money to buy more rum!
Fine, Jack, think of it like this: it’s a safety net for your treasure. So, if you lose the goods on the way, you don’t lose all your gold.
“Now that’s a plan I can get behind!” Jack exclaims, “More treasure, less loss! I like it!”
Good. Now remember, Captain, this is serious business. I’m not pouring my gold into this venture just to see it sink to the bottom of the sea! So, no more shipwrecks, okay? And maybe try to avoid the Kraken this time.
“But where’s the fun in that, mate?” Jack chuckles, raising his rum bottle in a toast before passing out on the table.
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By way of disclaimer, it’s unlikely that an insurer would pay a marine cargo claim in the event that the captain was super drunk on rum. I’m also unsure on the availability of pirate ships in 2023, but I expected a few holes in this exercise.
Interestingly though, a claim would be covered if a voyage was disrupted by a massive sea creature!
Until next time.
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