On August 21, Reuters reported that yacht insurance provider OMAC was the carrier on the hull for the Bayesian, a 56-meter-long sailboat that sank off the northern coast of Sicily after being hit by a ferocious storm. The syndicates providing insurance for the yacht included Travelers Companies Inc, Navium Marine, and Convex, with British Marine serving as the protection and indemnity (P&I) insurance provider.
The British-flagged superyacht was carrying 22 people and was anchored off the port of Porticello when it was struck by a fierce pre-dawn storm. Fifteen individuals managed to escape the yacht before it capsized, but unfortunately, four bodies were found aboard the sunken wreck. The yacht belonged to the wife of British tech magnate Mike Lynch, adding a personal touch to the tragic incident.
The value of the yacht and potential claims resulting from the sinking were not disclosed by Reuters‘ sources. However, it is common for ships to have P&I insurance, which covers third-party liability claims such as environmental damage and injury. Separate hull and machinery policies are also typically in place to cover vessels against physical damage.
The global yacht insurance market has faced challenges in recent years, particularly due to natural disasters like hurricanes and severe storms. Insurers have responded by increasing rates and reevaluating their guidelines and risk appetite. Insured losses in the market have primarily been attributed to weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh.
Despite the tragic sinking of the Bayesian, the insurance industry continues to adapt and evolve to meet the changing needs of yacht owners and operators. As the investigation into the incident continues, it serves as a reminder of the importance of comprehensive insurance coverage for maritime assets.
In conclusion, the sinking of the Bayesian highlights the risks that yacht owners face and the critical role that insurance plays in mitigating those risks. The incident serves as a sobering reminder of the unpredictable nature of the sea and the importance of being prepared for any eventuality.