The 3,032-teu Rena (built 1990) was a mere minnow of a ship compared to a new-generation, 20,000-teu containership but its grounding resulted in a P&I claim totalling $425m, considered the second-largest P&I claim in history. This could rise by another $250m if the New Zealand government requires the total removal of the wreck, on which a decision is expected to be made later this year.
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Can insurers cover the cost of a mammoth box disaster?
The insurance industry is living in fear that a disaster involving the total write-off of one of today’s super-size containerships would result in the largest-ever protection-and-indemnity (P&I) claim, along with record high hull and cargo claims.
30 April 2015 0:00 GMT
Updated
30 April 2015 0:00 GMT
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