Group Eurotunnel and its insurers reach a final agreement on the compensation of the 2008 insurance claim
Groupe Eurotunnel and its insurers have reached a final agreement on indemnities in an amount of €253 million1 for the claim resulting from the fire on 11th September 2008.
As of 31 December 2011, Groupe Eurotunnel had accounted for insurance indemnities for an amount of €223 million, and has received in November 2012 an additional amount of €30 million with respect to this settlement.
Eurotunnel insurance policies placed with a pool of insurers consisted of a first layer of €200 million, and an excess layer. Due to the amount of the claim, the excess layer was called, which has delayed the final agreement.
Since 2008, Groupe Eurotunnel has invested over €20 million in four “SAFE” zones of 800 metres each, with the aim of controlling a fire and facilitating the fire brigade intervention. This has enabled the group to reduce its annual insurance premia (material damage and business interruption) to €10 million.
1.Amount of just under €253 million split between:
- Repairs = €57 million
- Rolling stock = €36 million
- Supplementary costs = €8 million
- Operating losses = €152 million