The U.S. Coast Guard declined to provide a cost estimate for its efforts to locate the Titan.
Video obtained by FOX 5 New York shows how the Titan submersible could have imploded as it was carrying tourists to the wreckage of the Titanic. Ashlie Rodriguez with FOX 5 New York joined LiveNOW from FOX's Josh Breslow to discuss the new video.
"Five people have just lost their lives and to start talking about insurance, all the rescue efforts and the cost can seem pretty heartless — but the thing is, at the end of the day, there are costs," said Arun Upneja, dean of Boston University’s School of Hospitality Administration and a researcher on tourism.
While the Coast Guard's cost for the mission is likely to run into the millions of dollars, it is generally prohibited by federal law from collecting reimbursement related to any search or rescue service, said Stephen Koerting, a U.S. attorney in Maine who specializes in maritime law. When the yacht of Tony Bullimore, a British millionaire on a round-the-world journey, capsized 1,400 miles off the Australia Coast in 1997 it seemed he might be done for. Clinging to the inside of the hull, he ran out of fresh water and was almost out of air.’I was starting to look back over my life and was thinking, ‘Well, I’ve had a good life, I’ve done most of the things I had wanted to," Bullimore said afterward.
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