Carnival Cruise Lines has had a rough few weeks, but as difficult as Triumph’s drift, Dream’s electrical failure and Legend’s propulsion problems have likely been on the Carnival Corp. PR team, these seaborne debacles have been harder still on the boats’ passengers. By way of making amends, Carnival has offered its indignant clients small amounts of cash and credits for exactly the sort of future cruises they probably want to avoid. That said, Carnival didn’t really have to offer the victims of their hospitality anything at all — an argument, if there ever was one, for third party insurance.
The family of Sandor Feher, a Hungarian who died in the wreck of the Italian cruise liner Costa Concordia, is claiming $400 million compensation from the ship’s operators, Hungarian state news agency MTI reported, citing lawyers representing Feher’s parents.In the claim filed in a New York court, the family accuses Carnival (CCL) Plc, Carnival (CCL) Corp. and their Italian subsidiary, Costa Crociere, of “serious negligence” Read More Bloomberg Businessweek
Financial Times His comments came as Lancashire disclosed a 33 per cent year-on-year fall in its second-quarter profit to $60.6m, pushed lower by losses arising from the Costa Concordia cruise ship disaster. “We have watched with bemusement as company after company Read More Financial Times Read More Business Insurance
Reuters (Reuters) – British insurer Lancashire said it expected to return cash to shareholders this year as it reported a 33 percent drop in its quarterly profit, blaming bigger payouts related to the Costa Concordia shipwreck and dwindling investment returns. Lancashire, which insures heavy-duty assets such as oil rigs, ships and aircraft, made a pretax profit of $60.6 million in the three months to June
Los Angeles Times
I was looking at the wreck of the Costa Concordia, which ran aground Jan. 13 just outside Giglio’s harbor. As the ferry whipped past, my eyes were drawn to the great wreck, which lay on its side with a long, rusty gash in its hull. It name was inscribed on a white bow towering above the water. The ship was so close to the tiny harbor, massive and modern and incongruous. Read More latimes Read More Dieselduck
MarineLink After an inauspicious start, 2012 will be another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the Euro zone, pirate attacks and increased sanctions. The latest report reveals the Hull market is in a state of flux following the Costa Concordiadisaster in January. Some underwriters in the London insurance market, which will bear the majority of the estimated USD 500m hull claim, are adamantly refusing premium reductions or even flat renewals.
Live Insurance News
Carnival has announced that “substantially all” of the amount recovered through insurance are connected to the Costa Concordia disaster, which occurred on January 13, when the cruise ship ran aground and then capsized off of the Italian island of Giglio.
Peter Greenberg.com Travel News
The Costa Concordia remains in the headline, but most reports focus on the legal implications. The Travel Detective looks at what’s to come for the actual ship and breaks down the history of marine salvage in the cruise industry. There’s a dark science called marine salvage. If you’re driving your car and it gets totaled, the tow truck comes and you get paid some depreciated amount from your insurance company, the car gets taken to a salvage yard and gets crushed and that’s it–we’re done– the car never gets driven again. That is not necessarily the case in the cruise ship business after a major accident.
The January grounding of the Costa Concordia provides a wake-up call for one of its key demographic groups — seniors — to re-examine how much insurance to buy, the fine print of legal contracts signed at booking and personal contingency plans in case