Carnival insurance coverage $510 million for ship

Mon Jan 30, 2012 3:42pm GMT

Passengers stand near life boats after boarding the cruise ship Carnival Imagination at the Port Of Miami, Florida, January 16, 2012. REUTERS/Robert Sullivan

Passengers stand near life boats after boarding the cruise ship Carnival Imagination at the Port Of Miami, Florida, January 16, 2012.

Credit: Reuters/Robert Sullivan

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(Reuters) - Carnival Corp (CCL.L) (CCL.N) said the Costa Concordia, the cruise ship that wrecked off the coast of Italy, has a net value of $490 million (312 million pound), and the company's insurance coverage is about $510 million.

In a filing with the U.S. Securities and Exchange Commission on Monday, Carnival said the cruise ship had a net value of $490 million, or 379 million euros, at the end of 2011.

The company's euro-denominated insurance coverage is valued at $510 million, or 395 million euros, according to the filing.

For damage to the ship, Carnival's potential deductible is about $30 million. Insurance for third-party personal injury liability is subject to an additional deductible of about $10 million for the incident.

Carnival self-insures for loss of use of the ship, according to the SEC filing.

Over the weekend, divers found a 17th victim who perished as a result of the January 13 wreck off the coast of Isola del Giglio, Italy.

Carnival said a board committee is hiring outside experts in the fields of emergency response, organization, training and implementation to conduct an audit of the company's emergency response and safety procedures and to conduct a thorough review of the accident.

(Reporting By Tim McLaughlin; Editing by Derek Caney and John Wallace)

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