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Risk-i Bulletin: Cruise Ship Grounding, Italy

January 22, 2012 Comments off

Risk-i Bulletin: Cruise Ship Grounding, Italy (PDF)
Source: Guy Carpenter
Carnival has confirmed it has insurance coverage for damage to the vessel, with a deductible of approximately USD30 million. It added its third-party personal injury liability was subject to an additional USD10 million deductible. Carnival said it self-insures for loss of use of the vessel, prompting the company to estimate the impact on its 2012 earnings to be between USD85 million and USD95 million.

According to industry sources, the Costa Concordia is insured for EUR405 million (USD513 million). Reports said XL Group leads the insurance cover while RSA Insurance and Generali also provide coverage. Hanover Re announced this morning it expects a damage claim of at least EUR10 million euros (USD12.7 million) from the incident. For potential injury claims, Standard Club said it was one of several P&I clubs providing cover for the Costa Concordia.

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