The compensation of $916 million set by the Suez Canal Authority for blocking the artery is completely wrong. This opinion was expressed by the insurer of the ship Ever Given UK P&I Club.

"Despite the size of the claim, which is completely unsubstantiated, the ship's owners and its insurers negotiated in good faith with the Suez Canal Authority. On April 12, the SCA made a thoughtful and rich offer to settle this dispute. We are disappointed with the SCA's subsequent decision to arrest the vessel," the company said in a statement.

The insurer explained that the lawsuit seeking compensation from the canal management stated that $300 million was to be paid as a "bonus for saving the vessel" and another $300 million for "loss of reputation." The company said that the issue is still open.

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