Liability Risk and Insurance
What price Prestige?
The 26-year-old single-hull oil tanker
Prestige
has split in two and sunk in deep waters 145 miles off the coast of Spain with the loss of most of 77,000 tonnes of high-sulphur
fuel oil and widespread pollution of coastal and fishing areas off the Galician region in northwest Spain. Early estimates
suggest a higher cost than that of the 1989
Exxon Valdez
Alaskan spill, and claim and blame abounds.