Cosco Busan insurer to pay $2M to San Francisco

(SAN FRANCISCO) — The insurance company covering the Cosco Busan has agreed to pay $2 million to the city of San Francisco to help pay oil cleanup costs, the San Francisco Chronicle reported. The tanker, owned by Regal Stone Ltd., struck a bridge tower in November 2007 and spilled 54,000 gallons into San Francisco Bay. City officials say the $2 million is just an initial payment; the total cost of the environmental response was over $100 million.
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By Professional Mariner Staff