15 January 2012
The Standard Club confirms that it is the lead P&I insurer for the cruise ship Costa Concordia, which ran aground off the west coast of Italy on Friday. As well as supporting our member, we are giving the authorities full assistance in their response to the incident.
The Standard Club insures the ship jointly with another P&I club in the International Group of P&I Clubs (IG). The Standard Club and the other insuring club will jointly share the first insured $8m of this loss, above which the claim is reinsured through the IG’s pooling system and reinsurance programme with the London and international reinsurance markets.
Media enquiries should be addressed to Amanda Pierce of Burson Marsteller (on behalf of Costa), firstname.lastname@example.org
Alistair Groom, Chief Executive, Charles Taylor & Co. Limited