Insured loss from luxury yacht Bayesian at least $150m: reports
Insurers of luxury yacht Bayesian, which sank in Sicily almost two weeks ago with the loss of six passengers and one crew member, are facing a bill of at least $150m, according to a report from Reuters.
While sources told the newswire that the hull of the 56 meter-long superyacht is likely to be insured for about $40m, the P&I claim is expected to be higher.
Reuters named yacht insurer OMAC as the lead hull carrier of the Bayesian, in a consortium that also includes Travelers, Navium Marine and Convex, although they have yet to confirm their position.
British Marine provided P&I cover for the yacht, Reuters said.
Experts at analyst Morningstar DBRS pegged the loss of the ship at between$40m to $50m, but said the P&I claim would be several times the hull loss at between $200m to $300m. A source at broker NSI Insurance told Reuters that P&I cover might not be more than $100m, agreeing with the hull loss of at least $40m and up to $70m.
British UK tech entrepreneur Mike Lynch, whose family owned the Bayesian, died on board during a storm along with his daughter Hannah, Hiscox chairman Jonathan Bloomer and his wife Judy, Chris Morvillo, a partner at law firm Clifford Chance, his wife jewellery designer Neda Morvillo and the yacht’s chef Recaldo Thomas.
An investigation is underway to assess the factors that contributed to the sinking during a storm in the early hours while it was anchored outside the harbour of Porticello. Fifteen people on board the yacht survived the incident. Prosecutors have said the investigation will include looking at whether there was any negligence on the part of the captain or crew, including whether there is a case for manslaughter or culpable shipwreck charges.
Three members of the crew are under formal investigation, although that does not imply guilt or that any charges will follow, as the probe ascertains what went wrong.
