Eagle Insurance Broker Candice Klau explains how these losses will potentially add up.

Experts suggests that a final settlement for this tragedy could end up being $1 billion.

The ship is insured for $513 million and it’s unsure whether it can be salvaged.  The owner of the liner plans to refloat the vessel and tow her away “in one piece” in an unprecedented salvage operation that will cost an estimated $220 million.

Seventeen people lost their lives and 15 are still missing. As one good lawyer put it “There is not one uninjured person on that ship, whether or not they have a physical scratch. The anxiety, the stress for many of these people will never leave them.”

That lawyer is suing on behalf of six passengers and is seeking $10 million in compensatory damages and $450 in punitive damages.

There is of course pollution and environmental costs which can’t be measured in monetary terms.

There is also a massive loss of profits issue as this occurred at the beginning of the peak season, the salvage mission will take around a year and it’s almost certain that the ship will never carry passengers again.”

If you have a private use boat, are a charter company or boat hire, Eagle is able to arrange insurance for you. Contact Candice on 02 6639 6466 or 0418 781 428 or by email candice@eagleinsurance.com.au

WHAT WE DO FOR YOU

We advise you on all aspects of insurance to find the correct type of policy for the best price available at the time.

An Eagle Insurance broker acts on your behalf. We act for our clients in the same way an accountant or solicitor acts on behalf of their clients.

A broker gives advice about issues which could have an enormous effect on you. We help identify and plan your insurance needs; we take into account all the issues surrounding your business and we know which products will meet you needs and which ones might fall short.

At Eagle our operating practices are constantly reviewed to make sure our clients receive the most up to date advice and information from us.

THE EAGLE EXPERIENCE

1. On contacting Eagle, you will be referred to one of our brokers specialising in the type of insurance you are seeking.

2. Over phone or by email, your broker will identify what particular policy requirements you have and will explain options to you.

3. The broker will then submit your insurance request ‘to the market’. The ‘market’ is the insurance companies, or underwriters, who Eagle deal with. Eagle has access to more than 120 companies in Australia and internationally including Lloyds of London. The choice of underwriter varies and is determined by what type of risks you wish to insure against.

4. Your broker will then review the premiums, terms and conditions from the different insurers we have approached. Your broker will get back to you providing advice, explaining the choices to you in a clear way and answering any of your questions.

5. If you have to make a claim, we’re here for you. We have a dedicated claims manager to gather details from you and submit your claim to the insurer on your behalf. They will make all the phone calls and follow up, providing instructions on what to do next.

IF YOU NEED TO MAKE A CLAIM…all you need to do is call

One of the greatest advantages that comes when choosing to arrange your insurance through Eagle Insurance Brokers is, in the unfortunate circumstance of having to make a claim, we do all the work.

Ross Evans is our dedicated claims manager and has previously worked in a similar role with AMP, DLA Phillips Fox and VERO. He brings extensive experience to the role of claims management, particularly in the specialist area of Professional Indemnity.

Ross is on hand to be your advocate to the underwriters and will take care of all the paper work, phone calls and hassle. We guarantee (if you have all the relevant information ready) that we will lodge your claim on the same day you contact us.

Call 1300 733 633