Vanuatu Yacht Owner Sues Insurer For $13.8M After Fire

Law360, London (October 29, 2019, 5:44 PM GMT) -- The owner of a yacht that sank after it burst into flames off the coast of Malaysia has filed a $13.78 million suit against its insurer Allied World Assurance Company, seeking to claim back the loss.

Mega Yacht Club of Vanuatu Ltd. said in its High Court claim that the insurer needs to cover the loss of its motor yacht called “UN1K,” which capsized 15 miles from Muka Head in Penang, Malaysia, after a fire broke out while it was en route to Singapore in September 2016.

The yacht company said that Allied World Assurance owes it the money under a...

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