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Tuesday, March 28, 2006

Accidents may make ship insurance rates rise


Reported here:
The cost of insuring ships may rise following a series of accidents in the past week, according to Marsh & McLennan Cos. and Aon Corp., the world's largest insurance brokerages.
A fire on the Hyundai Fortune may have damaged one-third of the 5,000 containers, costing insurers up to $100 million, shipping newspaper Lloyd's List reported. An accident involving a Canadian ferry, the Queen of the North, off British Columbia, may lead to claims of $60 million. A fire on the cruise ship Star Princess, which affected 100 cabins, will also cost insurers, the newspaper reported.
Info on Queen of North here. Info on Hyundai Fortune here. Info on Star Princess here and here. Unmentioned in the article but a recent sinking of the MV California due to collision here. Also noteworthy, though probably not affecting the insurance market is the collision involving a US Navy guided missile destroyer and a merchant here, which also refers to two collisions involving Chinese ships.

A rise in insurance rates may increase the cost of goods shipped...

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