Insured loss of Concordia depends on salvage, pollution, loss of life
THE ultimate insured loss as a result of the grounding of Italian cruise liner Costa Concordia, and where in the industry that liability will fall, will depend mainly on three factors – the number of deaths, whether the ship is declared a constructive total loss (CTL), and whether the 2,300 tonnes of oil (500,000 gallons) on board the ship cause pollution in an area internationally recognized as a marine sanctuary.