Sunken South Korea Ferry Insured by Meritz for $7.8B, Search Moves to Cargo

Divers retrieved more bodies from a South Korean ferry that sank last week, as investigators focused on whether the vessel was carrying more cargo than it was designed to hold.

By Cynthia Kim, Seonjin Cha and Sam Kim, Bloomberg | Updated on April 24, 2014

(Bloomberg) — Divers retrieved more bodies from a South Korean ferry that sank last week, as investigators focused on whether the vessel was carrying more cargo than it was designed to hold.

The official death toll reached 171 today. It’s likely to reach 302, with no survivors found since 174 of the 476 passengers and crew were rescued on April 16, the day the ‘Sewol’ sank off the Korean peninsula’s southwest coast. South Korea’s Unification Ministry said North Korea expressed its “deepest condolences” over the incident, which may be the South’s worst maritime disaster since 1970.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
Educational webcasts, resources from industry leaders, and informative newsletters.
Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Who's using what in P&C insurance: April 15, 2024

PC360 Staff Writer | April 15, 2024

Insurance technology news from Send Technology Solutions, Trean Insurance Group, Bond-Pro, and more.

Cargo owners may bear portion of damages from Baltimore bridge accident

Chris Strohm | April 16, 2024

The owner of the cargo ship that involved in Baltimore’s bridge disaster declared general average.

Jury awards $55M to woman who lost both legs in interstate accident

Charles Toutant | April 16, 2024

The plaintiffs intend to file a bad-faith suit in the case after their insurance company repeatedly refused to tender its policy until shortly before trial.

Resource Center

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Guide

Sponsored by gryphon.ai

The Ultimate Guide to SMS/Text Messaging Compliance

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Browse More Resources ›

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

White Paper

Sponsored by Origami Risk

Build or Buy? Considering the Critical Decisions in P&C Core Insurance Cloud Digitization Projects

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

Browse More Resources ›

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

White Paper

Sponsored by Melissa

Clean Your Data to Win the Customer Retention War

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.