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Louis Hellenic Cashes in Sea Diamond Insurance Policy

November 9, 2007
New Twist in Sea Diamond Sinking?

Just one week after Louis Hellenic Cruises said a map error was to blame for the April sinking of Sea Diamond near Santorini, the company officially cashed in on the ship's $55 million insurance policy.

Last week, Louis issued a press release stating that a hydrographic survey that it commissioned from Greece's AKTI Engineering, backed up its statement. The claims, however, have already been rejected by Hellenic Navy's Hydrographic Services. And as previously reported by Cruise Critic, finding that the hydrographic service was at fault will prove difficult.

Parent company Louis Plc. said that the money would be used to repay the loan that the ship's owner took out in order to purchase and refurbish the vessel.

--by Dan Askin, Assistant Editor

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