markets. The latest estimates suggest the
cost of the disaster to insurers will exceed $1 billion, making it to the most expensive marine loss of all time. The most expensive insured marine loss before the Costa Con- cordia sank was the Exxon Valdez in 1989, which cost insurers about $500 million. According to a recent Lloyd’s of London report, the Costa Concordia salvage operation is “likely to be the most complex and expensive wreck removal operation of its kind.” While there have been accidents
involving ships of a similar size be- fore, this is the first time that such a large ship is to be refloated rather
than broken up, and this is pushing up the cost to insurers, said Capt. Rahul Khanna, a marine risk con- sultant at Allianz Global Corporate & Specialty in London, a unit of Al- lianz S.E. “The engineering of the removal of this wreck is unique,” Capt. Khanna said. “It’s unprec- edented.” According to Lloyd’s report “The Challenges and Implica- tions of Removing Shipwrecks in the 21st Century,” the Costa Concordia demonstrates several key factors that can influence the cost of wreck removal, namely “a massive vessel wrecked at a difficult location, rocky ground above deeper water, com- bined with environmental concerns leading the authorities to require
a complex, heavily engineered solution.” At least 10 insurers under- wrote the ship.
Doomed if you Don’t? Marine Insurance does not
come cheap. Just like paying your household and car insurance it is one of those necessary expenses that impact cash flow every year… Until such time a claim is made, and this is hopefully never, but if it does happen, one can be very happy that someone is willing to underwrite such risk, as the final cost could be quite substantial.
n Over 8,000 animals (birds, turtles, mammals) were reported dead just 6 months after the spill.
Photo: internet 30
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33