Investigating the wrecks

In response to the escalating cost associated with the removal of the Costa Concordia and Rena wrecks, insurance specialist Lloyd’s has been investigating the underlying factors behind those price rises and published its findings late last month in “The challenges and implications of removing shipwrecks in the 21st century ”, as outlined below

The cost of removing wrecks has risen in the past 10 years with a number of small cases costing considerable sums. A new report from Lloyd’s, “The challenges and implications of removing shipwrecks in the 21st century” has found analysis of the most costly wreck removals from the past decade by the Large Casualty Working Group of the International Group of P&I Clubs suggests that the following factors are central to the cost of wreck removal: