The January fire started on Lürssen’s 74m The One and quickly spread to the adjacent 52m Barbie, built by Romeo Marine. The claim is the largest one dealt with by the superyacht insurance market in quite some time, according to officials from Hiscox MGA, the London-based insurance firm. Paul Miller, Hiscox director of underwriting, indicated that the quick payout, occurring within 60 days of the vent, will hopefully help the owner reach closure from the traumatic event.
Miller added that the claim was a black and white process as the boat caught fire, rolled over and was a total loss. Minor incidents can be far more complicated to resolve due to lack of total loss and the necessity of thorough investigation.
Although the owner’s claim was a clear one, local investigations are still ongoing, so not much can be said about the incident in order not to prejudice the process. The insurers of The One may be able to limit their liability, but nothing will be fully determined until the official investigation is complete.
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