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Cosco Busan insurer coughs up $2m initial clean up bill

Cosco Busan insurer coughs up $2m initial clean up bill

San Francisco: The insurer of a ship that spilled fuel oil into San Francisco Bay following a November accident has made an initial payment of $2 million in compensation, according to San Francisco City Attorney Dennis Herrera.

Mr. Herrera said in a statement Monday that Pennsauken, N.J.-based Hudson Marine Management Services, the agent of the ship's insurer, Steamship Mutual Underwriters Assn. (Bermuda) Ltd., has wired the funds to the city to begin payment for the cleanup effort.

The M/V Cosco Busan on November 7 collided with the Bay Bridge, causing the vessel to spill 54,000 gallons of bunker fuel into the bay.

The city in December sued the ship's owner, Regal Stone Ltd. of Hong Kong, as well as several other parties.  [04/03/08]