Friends of mine in the marine insurance industry will be watching the news of the Costa Concordia disaster very closely. Already reports from the insurance press deem it the most expensive loss in marine insurance history. Initial estimates indicate losses of between $500 Million and $1 Billion (thats about £330m to £650m). As the salvage effort gets underway the Captain remains under house arrest and the death toll stands at 11 with some more missing. The results of the investigation will no doubt have some bearing on the attitudes toward insuring such vessels. It will no doubt call into question numerous safety requirements and perhaps even endorsements detailing the requirements in terms of the suitability and experience of those in charge. It will be some time though before any conclusions are drawn and we continue to hope that there is no further rise in the total of fatalities.
Alistair
https://www.insurancetimes.co.uk/story.aspx?source=itNewsBreakingNow&storycode=1394392 https://www.bbc.co.uk/news/world-europe-16606405
