ShippingWatch

Shipowners hit by Costa Concordia claim of USD 750 million

The total claims related to the Costa Concordia shipwreck last year are finally ready to be reviewed. The total price for the wreck is currently USD 750 million. As a result, insurance premiums have been increased for both freight- and passenger ships, and the trend will continue, says Danish Skuld.

Photo: Gregorio Borgia

Cruise ship Costa Condordia's sensational shipwreck off the coast of Italy last summer will most likely end up costing more than USD 750 million, according to well-informed sources ShippingWatch has spoken to. The price relates to the cost of towing the wreck and cleaning up after the accident.

The figure is interesting to shipping companies across the world because the so-called pool system of the 13 P&I clubs (P&I, Protection and Indemnity) is liable for a majority of the accidents that happen in shipping. All damages valued at more than USD nine million are covered by the 13 clubs together, including their reassurance programmes, but this also means that the premiums increase for everyone in the case of major damages or massive accidents, such as the Costa Concordia shipwreck.

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