'Floating condo' insures funds

London -- ResidenSea Ltd. reached an agreement with insurance provider the Centre Group to guarantee financing for the construction of the World of ResidenSea, the 80,000-ton "luxury residence" scheduled to debut in 2001, officials of the Centre Group said.

The guarantee, in the form of a surety bond, will provide construction financing if the sale of the ship's 110 residential units is not achieved during the construction period, Centre officials said. If the financing is used, Centre will also assume other ResidenSea loan obligations.

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