NU Online News Service, Jan. 16, 10:37 a.m.EST

Cruise operator Carnival Corp. says it has insurance coveragefor damage and could face losses of up to $95 million after luxurycruise ship Costa Concordia ran aground off the coast of Italy onJan. 13.

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According to Carnival, it faces a $30 million deductible fordamage to the vessel plus a $10 million deductible on itsthird-party personal injury liability policy.

At least six people died among the more than 4,200 passengersand crew who were ordered to abandon ship as the vessel begantaking on water after its hull was ripped open by rocks near theisland of Giglio.

More than a dozen people remain missing and among the 60passengers reported injured, two are seriously injured.

Carnival self-insures for the loss of use of the ship, it saysin a statement.

“A damage assessment review of the vessel is currently beingundertaken to determine how long it will be out of service,”Carnival says. “The vessel is expected to be out of service for theremainder of our current fiscal year if not longer. In addition,the company anticipates other costs to the business that is notpossible to determine at this time.”

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 theAon-brokered program.

XL could not immediately be reached for comment.

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

The Standard Club confirms it is the lead protection andindemnity insurer for Costa Concordia. P&I is a specialistclass of liability insurance protection for ship owners andcharterers.

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

The captain of the ship has been detained on suspicion ofmanslaughter since there is some question about judgments he madein the ship's route, and whether he properly followed emergencyprocedures. He denies any wrongdoing.