Insurers brace themselves for hefty payout for X-Press Pearl fire
Cargo, protection and indemnity, and hull insurers all face major claims as fire aboard the X-Press Pearl still blazes
Insurers face another major containership claim from the ongoing blaze aboard the X-Press Feeders vessel, X-Press Pearl.
The virtually new 2,743-teu, 2020-built boxship caught fire last week and was moved out of the Port of Colombo’s anchorage over environmental concerns.
Although the blaze seemed to be under control over the weekend, the boxship suffered an explosion yesterday and eventual claims will depend on the success of salvors to save the vessel.
Experts believe the total claim could exceed $100m and the ship’s registered owners have declared a general average, a legal measure which splits claims among cargo, protection and indemnity, and hull underwriters.
