As the Italian courts consider a proposed plea deal from Costa Concordia Captain Francesco Schettino, and salvage crews engineer the removal of the ill-fated cruise ship, U.S. Ocean Marine insurers say the operation could cost as much as $2 billion.
The removal of the Costa Concordia, which ran aground in January 2012, falls under the removal of wrecks areas of the Protection & Indemnity Liability coverage markets, says Tom Guarnera, a Division Sr. Vice President of Marine & Energy for Tower Group, New York.
"Attempting to remove the wreck will employ salvers to go to site, work up an engineering plan and commence the actual removal," Guarnera says. "So the meter is running.
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