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[Síguenos ahora también en WhatsApp. Da clic aquí] Insurers Bayesian Superyachtthe shipwreck that cost the life of a tech entrepreneur Mike Lynch and six more people may have to
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Insurers Bayesian Superyachtthe shipwreck that cost the life of a tech entrepreneur Mike Lynch and six more people may have to pay at least 150 million dollars according to the first estimates of industry experts.
The 56-metre British-flagged yacht, estimated to be worth around $40 million, capsized and sank on August 19 minutes after being hit by a pre-dawn storm while anchored in the north of the island. Sicily.
The superyacht’s hull was insured against physical damage by OMAC and a consortium of insurers including Travelers Companies Inc., Navium Marine and Convex, the statement said. Reuters last week.
His Certainly A protection and indemnity (P&I) policy, which typically covers third party liability claims including environmental damage, personal injury and death, was provided by British Marine.
The hull was likely insured for around $40 million, while P&I coverage would be higher, insurance sources said.
“We understand that cost of boat “It was between $40 million and $50 million, so the policy limit on hull and machinery was probably around that range,” said Marcos Alvarez, managing director of global financial institutions ratings at Morningstar DBRS.
P&I policy will likely be “multiple” policy value of the hull, or $200 million to $300 million, Alvarez added, noting that that would likely also cover the debt payments even if it were determined that captain or the crew was negligent.
The Prosecutor’s Office of Termini Imerese, nearby PalermoThey are investigating the actions of the captain and two other crew members. The investigation does not imply guilt and does not mean formal charges will be filed. Prosecutors said investigation This will take time and require rescue. crash.
Oscar Seikaly, chief executive of NSI Insurance Group, a brokerage that offers yacht insurance, estimated the hull’s value at $40 million to $70 million, but said P&I coverage could not exceed $100 million.
P&I insurance will also cover the Bayesian yacht’s restoration, said Francesco Dubbioso, Italy regional manager for insurer Alta Signa Europe, who estimated the superyacht’s value at $30 million to $40 million.
Reuters is the first to report potential insurance costs. OMAC, Travelers and Navium Marine did not immediately respond to requests for comment. ReutersConvex declined to comment.
Bayesian disaster that confounded experts who said the ship was built to withstand a severe storm adds to recent woes yacht insurerswhich have suffered a number of losses from hurricanes in recent years.
Premium rates have increased four to five times in the past two years in parts of the United States and the Caribbean, and yacht insurers have cut the amount of coverage they offer because of the risks, Seikaly said.
As a result, insurers have raised rates and revised their guidelines and risk tolerance, industry experts say.
In addition to hurricanesInsured losses were primarily due to severe storms, floods and other weather events in North America, the Caribbean and Europe, according to a report from brokerage firm Marsh.
Seikaly said four customers were ready to buy boats last week but decided against it because of the high cost of insurance.
Seikaly added that climate change It could also heighten concerns among yacht insurers as it leads to more unexpected events. “Who would have thought that a storm in the Mediterranean in August would sink a ship?” he said.
Reuters
Source: Aristegui Noticias
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