The fire at Lurssen can result in the largest insurance payout in the yachting industry

The recent fire at the shipyard Lürssen, which resulted in a floating dock in Bremen is fully burned almost completed yacht with a length of more than 100 meters, can lead to the largest in the history of the yachting industry insurance payment.

According to IBI Plus, the amount of insured losses MAY REACH €590 million TradeWinds, the major media dedicated to the shipbuilding industry, writes about the €700 million in insurance payments.

It is also likely that the damage caused by the fire will be classified or already classified as a constructive total loss.

Neither Lürssen, nor the insurers did not specify details of the insured event. Nothing is reported about the causes of the fire.

According to market sources, the contract risk insurance in the amount of 700 to 750 million euros was signed in October 2014 with the mediation of the Marsh. The burden of payment for insurance was divided between the members of the Corporation of Lloyd and third-party underwriters. Only about 35 companies involved in the coverage of risks. The share of members of Lloyd’s syndicate accounts for a large part of the amount.

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