MOL COMFORT Cost Insurers $400M

Published Sep 19, 2013 4:07 PM by The Maritime Executive

The dramatic sinking of the MOL COMFORT is estimated to be costing insurers around US$300- $400 million in claims. The ship lost almost all of its cargo after breaking in two, battling a fire, and subsequently sinking over the summer.

The MOL COMFORT was reportedly transporting containers of consumer electronics and clothing for Western Europe. A single container is estimated to be insured for between $50,000 and $1 million, based on its contents.

Mitsui OSK Lines has insured the MOL COMFORT’s hull and machinery for $66 million, with Mitsui Sumitomo having a 77% share, Tokio Marine 20% and the last 3% for Sompo – according to an Insurance Day report. Insurers from United Kingdom and Japan have received many claims, as well.

The flames that erupted on the ship prevented the offloading of all 4,328 containers. As previously mentioned, the final destination of the MOL COMFORT was the port of Rotterdam, and ports in Germany and France, so the value of the lost cargo could make the loss much higher – the report concluded.