Insurance market is braced for the ferry MS Norman Atlantic to be declared a constructive total loss as a result of extensive damage that may well render repair economically unviable.
Hull of the 26,900-gt MS Norman Atlantic (built 2009) is insured for EUR 40m with a EUR 15m increased value policy on top making the total loss payout facing insurers some $67m.
Genoa based marine insurer Societa Italiana Assicurazioni e Riassicurazioni (SIAT) leads the cover on the ferry, writing 43% of the hull policy and 77.5% of the increased value cover.Italian insurance giant Generali is in for 30.25% of the hull cover and Ariscom for 4.25%. Outside Italy London based Atrium underwriting and its Lloyd’s of London syndicate 609 is in for 7.5% of hull and IV covers with Swiss Re and the Mapfre insurance group of Spain also in for 7.5% on both policies.
The protection and indemnity cover is with the Norway based Gard club who are in for a substantial claim as they cover both passenger and crew liabilities.
Dry Bulk Shipping News - Shipbroker Notes