The owner of 52m motoryacht Barbie has received a $20million payout, following a fire which broke out in Marmaris marina in Turkey earlier this year.
The fire, which initially broke out on 74m Lurssen yacht The One, then quickly spread to Barbie, and after four hours of firefighters battling the blaze, devastating damage was left on both vessels. London insurance firm Hiscox MGA has announced that a total sum of $20 million has been paid out to Barbie’s owner by 14 Lloyd’s insurers, due to the irreparable damage from the fire.
Paul Miller, director of underwriting at Hiscox MGA commented, “M/Y Barbie is the largest claim that the superyacht insurance market has had to deal with in quite some time. 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 boat caught fire, it rolled over; it was a total loss. 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.”
The official investigation into the fire is still ongoing.