Tunnel blaze losses covered up to $1.24B

PARIS--Groupe Eurotunnel S.A., which operates the infrastructure of the channel tunnel link between France and the United Kingdom, said lost revenue and rebuilding costs from a fire last month would be covered by insurance.

In announcing its third-quarter results, Groupe Eurotunnel said it had insurance for property damage and business interruption of up to a limit of €900 million ($1.24 billion), above a deductible of €10 million ($13.75 million).

The fire on Sept. 11 closed the tunnel for 30 hours before it was partially reopened.

Jacques Gounon, executive chairman of Groupe Eurotunnel, said that repairs to the tunnel might cost about €120 million ($165.2 million).

The company said €22 million ($30.3 million) of revenue was lost as a result of the fire and resulting disruption of services.