Yacht Club Denies Misleading Insurer Over Sunken Ship

Law360, London (January 13, 2020, 2:56 PM GMT) -- A yacht club suing its insurer for $14 million over a sunken ship has hit back at a suggestion that it misled underwriters about the make and value of the vessel, telling a London court that the insurer was well aware that it had been refurbished.

Mega Yacht Club of Vanuatu Ltd. told the High Court in a filing on Jan. 10 that the ship's owner had told employees of Allied World Assurance Company Ltd. that his vessel had been completely overhauled before it was insured for $12.85 million in 2014. 

The yacht was built in 1997 but was essentially rebuilt in...

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