Lloyd's Underwriter Sues To Cap Yacht Payout At €6.5M

Law360, London (December 22, 2020, 3:16 PM GMT) -- A Lloyd's of London underwriter is suing a Maltese yachting company to cap its payout at €6.5 million ($7.9 million) after the firm tried to recover the total cost of a damaged vessel under two policies worth a combined €37 million.

Arch Managing Agency, which insured a boat owned by a Maltese company called IAT, said in a Dec. 4 complaint newly made public at the High Court that IAT is entitled to just €6.5 million under the policy after the crash.

The boat, called the Ice Angel, ran into trouble off the coast of Greenland in 2018 and had to be...

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