The luxury cruise ship Costa Concordia lies on its side after it ran aground near the island of Giglio, Italy on Jan. 13. (AP Photo/Andrea Sinibaldi, Lapresse)

NU Online News Service,  Jan. 16, 10:37 a.m. EST

Cruise operator Carnival Corp. says it has insurance coverage for damage and could face losses of up to $95 million after luxury cruise ship Costa Concordia ran aground off the coast of Italy on Jan. 13.

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