Well the current way involves paying for a bunch of non-value producing busy work by insurers, lawyers and a ton of expert parties relevant to the litigation process.
There's probably some combination of "everyone just posts up a bond into a fund to cover this stuff" plus a really high deductible on payout that basically deletes all those expensive man hours without causing any increased incentive for carnage.
Events like these are a VERY rare exception compared to all the shipping activities that go on in an uneventful manner. Doesn't take a genius to do the napkin math here. Whatever the solution is probably ought to try to avoid expending resources in the base case where everything is fine.
There's probably some combination of "everyone just posts up a bond into a fund to cover this stuff" plus a really high deductible on payout that basically deletes all those expensive man hours without causing any increased incentive for carnage.
Events like these are a VERY rare exception compared to all the shipping activities that go on in an uneventful manner. Doesn't take a genius to do the napkin math here. Whatever the solution is probably ought to try to avoid expending resources in the base case where everything is fine.