Could this be the ship that could finally sink the hull market? The Queen Mary 2 is the largest and most luxurious passenger ship ever built. But underwriters will be keeping their fingers crossed tha ...
Could this be the ship that could finally sink the hull market? The Queen Mary 2 is the largest and most luxurious passenger ship ever built. But underwriters will be keeping their fingers crossed that nothing untoward happens to it, as it is understood to have been insured at a "very competitive" rate.
Placed by broker Marsh, the 150,000 tonne hull has been insured for $780m, with Royal & SunAlliance taking the lead.
Brit marine underwriter Peter Christmas said: "The price was way below what it ought to be. We saw it, but declined it because it was too cheap."
R&SA declined to comment.
Christmas highlighted the need for rates to rise on the large vessels and fleets. "The recent large losses have been at the big, quality end, such as the Diamond Princess. Rates need to go up on these ships."
Recently Lloyd's franchise performance director Rolf Tolle used the QM2 as an example of where low marine hull rates were putting pressure on the market. But Tolle is understood to be "quite happy" as Lloyd's exposure to the QM2 is low.
