On 4 January the superyachts M/Y The One and M/Y Barbie were involved in a fire at the Marmaris Marina, Turkey, which rendered both total losses. The fire, which broke out on Lürssen’s 74m The One, quickly spread to the 52m Romeo Marine-built Barbie and subsequently gutted both vessels.
Hiscox MGA, the London-based insurance firm, has announced that 14 Lloyd’s insurers have paid a sum of $20 million to Barbie’s owner for the irreparable damage caused by the blaze.
“M/Y Barbie is the largest claim that the superyacht insurance market has had to deal with in quite some time,” explains Paul Miller, Hiscox MGA’s director of underwriting. “That it was paid in full within 60 days of the event will hopefully help the owner to reach closure from this traumatic incident. It is pleasing that we could resolve this claim so speedily.”
The claim was, fortunately for Barbie’s owner, a rather black and white one. “The boat caught fire, it rolled over, it was a total loss,” says Miller. He goes on to explain that minor incidents can be far more complicated to resolve based on the lack of a total loss and the necessity of thorough investigation.
“The local investigation is still ongoing and there are things about the claim that we still cannot say - we don’t want to prejudice that,” continues Miller.
While the owner’s claim was a clear-cut one, the process of claiming recoveries has also begun.
The insurers of The One may be able to limit their liability, but nothing will be clear until the official investigation is complete.
If you've found this story to be 'a report worth reading', and you would like to enjoy access to even more articles, insight and information from The Superyacht Group, then you may well be interested in our VIP print subscription offer. We are inviting industry VIPs to register for a complimentary subscription to our print portfolio, which includes the most insightful information on the state of the superyacht market. To see if you qualify for our VIP subscription package, please click here to fill in an application form