Cruise operator Carnival Corp. says it has insurance coverage for damage and could face losses of up to $95 million after the luxury cruise ship Costa Concordia ran aground off the coast of Italy on Jan. 13.
According to Carnival, it faces a $30 million deductible for damage to the vessel plus a $10 million deductible on its Third-Party Personal Injury Liability policy.
At least 11 people died among the more than 4,200 passengers and crew who were ordered to abandon ship as the vessel began taking on water after its hull was ripped open by rocks near the island of Giglio.
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