Yacht Owner Says Insurer OK'd Repairs, Costs Not Inflated

Law360, London (August 28, 2019, 8:53 PM BST) -- The owner of a luxury yacht has hit back at insurers fighting to avoid paying for damage to the vessel, claiming that one insurer had approved the repair work without pressing for alternative estimates because the costs were reasonable.

ABS Co. Ltd., the owner of Italian-designed Queen B Speed Yacht, said on Friday that specialist insurer Pantaenius UK Ltd. consented on Jan. 19 to repair work being carried out to the vessel, which was damaged when it ran aground off the coast of Istanbul.

An agent of the insurer, which covers yachts in Europe, agreed to the owner fixing the fins,...

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