Salvage experts are quoting 2 months and €15m to raise the wreck. I pose the question……why bother?
Remove the distillate, cut off the mast and remove to landfill, record and mark the hull’s resting position and get on with life.
Others may have a different viewpoint and perhaps I am missing an important and salient reason.
Nevertheless, that is my question.
Apparently there are inside the hull safes with very (politically) “sensitive” content…
I had heard this previously.
It raises (no pun intended) the challenge as to why divers are unable to locate these safes and retrieve them with out the necessity of retrieving the entire wreck at great expense and effort.
€15m equals 2 or 3 cups of expresso per Italian each year.
The training benefits and potential to improve the design and safety of an industry that earns Italy around €29 billion a year seems like a reasonable investment.
Are public funds being used? I only skimmed the article but seemed like insurance is paying.
The yacht is insured for around $2.1 billion, according to records filed in Italy, which lists several different insurance companies that covered the ship for liability as well as its engine and hull.
Bottom line is that the “public” pays for every cent paid out by insurance companies. They might write the big check but every single citizen pays them back, one policy increase at a time.
Apparently the cost of raising is being paid for by Revtom which is controlled by Angela Bacares, Lynch’s widow.
Separately the Bayesian hull insurance is reported to be about $40 million and the P&I insurance is estimated to be about $200 - $300 million.
So for the most part, evidently the raising of the yacht Bayesian is not being paid directly for by public funds (in general, money from taxpayers etc)
From Reuters!
Doubtful… the insurers do not calculate their premiums overall for all their different businesses. They do the calculations independently for their small or large sectors.
An example is the ‘Costa Concordia’ disaster in January, 2012:
The ship’s P&I insurer was the ‘Steamship Mutual’, which had an excess of loss reinsurance with the ‘International Group Reinsurances’
A consortium of large general insurers paid out the loss of the ship (H&M), three months after the sinking. No problems there.
For passenger ships, the reinsurer raised the premium for 2013/2014 by 125%, due to the ‘Costa Concordia’.
The second steep rise of 39% was for the Dry Cargo sector. There, the removal of the container ship ‘MV Rena’ was the reason, which crashed into the rocks in New Zealand; October, 2011 (during the same premium period of 2011/2012).
See here…
The insurance industry, besides finance and the NSA, with academia trailing far behind, is the largest employer of top notch mathematicians, because they tend to calculate their risks rather well, rather specifically and rather elaborately.
Pleasure boats here in asia need wreck removal insurance now as the countrys have woken up to the issue where insurers paid out to owners and left the wreck.
I think it will be very interesting to see the wreck on the surface after several months on the bottom. If it’s in any decent condition an entrepreneur with a lot of resources could conceivably refit it. (Likely with a shorter mast).
still got to work out where the water came in to sink it so fast.
Especially when the divers say they cant see anything wrong with it
