The insurance market is braced for the vessel to be declared a constructive total loss as a result of extensive damage that may well render repair economically unviable.
The hull of the 26,900-gt Norman Atlantic(built 2009) is insured for EUR 40m with a EUR 15m increased value policy on top making the total loss payout facing insurers some $67m.
Genoa based marine insurer Societa Italiana Assicurazioni e Riassicurazioni (SIAT) leads the cover on the ferry, writing 43% of the hull policy and 77.5%
