In the early hours of Saturday 13th October, 42m M/Y Lalibela caught fire while docked near Cannes, France. According to local reports, several fire engines tackled the blaze, which lasted throughout the night.

Photos show the top decks of the 1972 Benetti, which was extensively remodelled in 2013, heavily damaged. The vessel was advertised as available to charter, with ‘accommodation for up to 12 guests on board’. Local news sources report that no other vessels in the area were damaged, but were moved from neighbouring berths for safety.

In light of the recent movements within the insurance market, which have seen Lloyd’s market premiums double or even triple over the last couple of months, it is likely that the fire aboard Lalibela will lend credence to this upward market adjustment, with near-universal agreement that historical rates have become unsustainable.

The investigation as to the cause of the fire is ongoing and SuperyachtNews will continue to report any developments.

Images courtesy of Maritime Bulletin.

The current and future state of the superyacht insurance market will be discussed in depth at The Superyacht Forum 2018, held in Amsterdam from 12-14 November. Click here to find out more.

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