The 6,586-gt Sewol (built 1994) has liability cover from the Haewoon hull-P&I scheme that provides up to $300m of cover for an incident, with passengers insurance limited to about $350,000 per person.
The cover available from the Haewoon scheme, run by the Korea Shipping Association, is much lower than insurance running into billions of dollars provided by the mainstream International Group P&I clubs, although here there is a $2bn passenger liability sub-limit.
