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Cruise ship in Italy disaster insured through international markets


ISOLA DEL GIGLIO, Italy—The cruise liner that ran aground off the Tuscan coast of Italy on Friday has insurance retentions for hull and liability losses, and insurance placed in the international markets.

The Costa Concordia ran aground near the island of Giglio on Friday with about 3,200 passengers and 1,000 crew aboard.

Six people are known to have died, and 16 are missing.

In a statement, Miami-based Carnival Corp. & P.L.C., the parent company of Costa Cruises Group, which operated the vessel, said it had insurance coverage for damage to the ship above a retention of $30 million and third-party personal liability coverage above a retention of $10 million. The company said it was self-insured for loss of use of the vessel which is expected to be out of service until at least Nov. 30 if not longer.

The London-based Standard P&I Club confirmed Monday that it is the lead protection and indemnity insurer for the cruise ship. Trieste, Italy-based Assicurazioni Generali S.p.A., Hanover, Germany-based Hannover Reinsurance Co., London-based RSA Insurance Group P.L.C. and XL Group P.L.C. are among the ship's insurers, sources said, and some of the coverage is placed at Lloyd's of London.

RSA's exposure is likely to be in the single-digit millions, according to a source.

Aon Corp. is the broker for the ship's coverage, sources said. A spokeswoman for Aon declined to comment.

Carnival Corp. is listed in New York and London.

The 114,500-tonne Costa Concordia had recently departed for a seven-day Mediterranean cruise when it hit a rock at about 10 p.m. Central European Time and began to list severely.

In a statement, Carnival Corp. said it was “working to fully understand the cause of what occurred.”

The captain of the ship is being questioned by Italian prosecutors.