Insurer Says Yacht Club Can't Collect $14M For Sunk Ship

Law360, London (November 22, 2019, 1:44 PM GMT) -- Allied World has hit back at a $13.78 million claim from a yacht club seeking coverage for a ship that caught fire and sank, alleging that the insurer did not actually own the vessel.

Allied World Assurance Co. has rejected Mega Yacht Club of Vanuatu Ltd.’s claim that the insurer must cover the loss of a motor vessel under an insurance policy for pleasure craft. The yacht, named UN1K, capsized near Penang, Malaysia, after a fire broke out while it was on its way to Singapore in 2016.

The insurance company said in a High Court defense filed Nov. 19 that the...

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