Lloyd's List reports that the ship COSTA CONCORDIA is part entered in the Steamship Mutual, on a 50/50 quota share with the Standard Club. Steamship Mutual has defended Carnival , Costa Cruises ’ parent company, in a letter sent to members stating that over the years, the company has more than paid its way in premium to cover the cost of this casualty. I have been asked how liability claims will be paid. Lloyd's List reports that the first $10 million is covered by Carnival’s $10 million deductible. From there, both Clubs will reportedly pay $4 million each before claims are then taken to the International Group pool of $60 million and on to reinsurers. It is reported that there has been much market speculation over how high the eventual P&I claim will be, with some arguing it could reach $1 billion. More on this article can be viewed at http://www.lloydslist.com/ll/sector/Insurance/article389772.ece . Lloyd's List also reports that Costa Crociere h...
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