Insurers for the Bayesian superyacht, which tragically sank this month, are facing potential claims estimated to reach $150 million.
The incident claimed the lives of British tech giant Mike Lynch, his daughter, and five others.
The 56-meter (184-foot) British-flagged yacht, valued at around $40 million, capsized on August 19 after a storm hit while it was anchored off northern Sicily, as per Reuters.
The yacht’s hull was insured for physical damage by OMAC and a group of insurers including Travelers Companies Inc, Navium Marine, and Convex.
Its protection and indemnity (P&I) insurance, covering third-party liabilities like environmental damage, injury, and death, was provided by British Marine.
The hull was likely insured for about $40 million, with the P&I coverage estimated to be much higher, possibly between $200-300 million, according to experts.
What causes a yacht to sink?
It is believed that a waterspout—a type of tornado over water, often short-lived and difficult to detect on radar, hit the yacht, leading to its capsizing.
Some reports also suggest that the yacht's mast snapped during the storm and that water may have entered through open hatches and doors due to the warm weather.
