What's the deal with insurance?
A
normal salvage operation to recover a ship is paid for by the ship's
insurers
But
if a ship becomes a write-off and has very residual value under
scrap, then the wreck removal operation is paid for by those
underwriting the liabilities of the ship owner
Source:
International Salvage Union
"There's
every possibility that it could be salvaged but it's going to be a
very tricky salvage operation," says Richard Meade of Lloyd's
List, a leading daily newspaper for the maritime industry.
"I
think the likelihood is that this is going to be declared a total
loss."
The
car carrier Tricolor was cut up into nine sections after it sank in
2002 in the English Channel following a collision with a container
ship.
