People look at the work being done to the Costa Concordia cruise ship in Isola del Giglio. (AP Photo/Michele Barbero)

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.

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