The Wreck of the Costa Concordia -- Slideshow

At least six people have died, and 16 others are missing after the Costa Concordia ran aground with more than 4,200 passengers and crew on board on Jan. 13, 2012. 

The luxury ocean liner collided with a reef just mere hours after leaving the Italian port of Civitavecchia. Costa Cruises, a subsidiary of British-American Carnival Corp., owns and operates the partially capsized ship, which currently lies half-submerged off the coast of Isola del Giglio, Italy.

Click "next" to view slideshow.

(AP Photo/Guardia di Finanza, ho)

The Costa Concordia leans on its side after running aground.

Details about the vessel and its ill-fated journey will continue to unfold. Experts have reportedly retrieved and begun to analyze the ship's black box. Carnival Corp. estimates that losses resulting from having the Concordia out of commission for the remainder of the year may range between $85 million and $95 million.  Carnival self-insures for the loss of use of the ship, it says in a statement. 

The company says it anticipates other costs to the business that are "not possible to determine at this time."

(AP Photo/Gregorio Borgia)

An Italian firefighter helicopter lifts up a passenger from the luxury cruise ship.

According to a bulletin released by Guy Carpenter and several news sources, the Costa Concordia is insured for about $513 million, with XL Group leading the insurance coverage on the Aon-brokered program.

Hannover Re says it expects a claim of at least $12.7 million from the incident, reports Guy Carpenter. RSA Insurance and Italy-based Generali Group also provided coverage, say reports.

Submerged ship

 (AP Photo/Italian Coast Guard, ho)

The Italian Coast Guard captured this underwater photo while searching for survivors. 

The Standard Club confirms it is the lead protection and indemnity insurer for Costa Concordia. P&I is a specialist class of liability insurance protection for ship owners and charterers.

According to its website, Standard Club is a mutual insurance association, owned by its ship-owner members and controlled by a board of directors drawn from the membership.  

 

(AP Photo/Gregorio Borgia)

Oil removal ships near the cruise ship.

Rescue efforts have been temporarily halted due to choppy waters and mounting concerns about possible seepage of the 500,000 gallons of fuel on board. 

 

Captain Schettino

 (AP Photo/MediaSat, via APTN )

Costa Concordia Captain Francesco Schettino speaks during a TV interview in Porto Santo Stefano Italy on Jan. 14, 2012.

Schettino currently sits behind bars, accused of an egregious lapse in judgment that caused the tragedy. Costa Concordia execs charge that the jailed captain made an "unauthorized deviation from the programmed course." Moreover, Italian authorities allege that Schettino abandoned ship in the wake of the disaster, leaving thousands of passengers and fellow crew members to ostensibly fend for themselves. 

 

Page 1 of 6
Comments

Resource Center

View All »

Complimentary Case Study: Helping achieve your financial goals By:...

Find out how a Special Investigation Union used TLOxp to save the company money and...

Do Your Clients Hold The Right CDL License?

Learn about the various classes of CDL Licenses and the industries that are impacted by...

Integrated Content & Communications: A Key Business Issue For Insurers

Insurers are renewing their focus on top line growth, and many are learning that growth...

High Risk Insurance Coverage in the E&S Market

Experts discuss market conditions, trends and projected growth in a rapidly changing niche.

Top E-Signature Security Requirements

This white paper covers the most important security features to look for when evaluating e-signatures...

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.