Baltic Ace tragedy to cost insurers up to $60m

By Accidents

The Baltic Ace cargo ship that sank in the North Sea 6 days ago has insurance for between US$50 million and $60 million, according to information.
Insurer for the vessel is Catlin (the company offers specialty insurance products and superior claim service across a range of industries).
The share of this company would be between 10%-15%, with the remainder split between a panel of other insurers.
Catlin declined to say something.
The cargo of the vessel Baltic Ace was 1, 400 cars the most of them were Mitsubishis, they are insured individually. The insurance for pollution or injury is made by the North of England Protection and Indemnity (P&I) club (leading marine liability insurer). This company do not gave information for the moment.
What happened with Corvus J – it is damaged but continues to its itinerary. The tragedy of this collision
could be compared with the tragedy with Costa Concordia. The marine insurance industry suffered this year a lot of heavy claims burden. But nothing can compare to the loss of human lives.
...more about Baltic Ace and Corvus J collision
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