Maltese Yacht Owners Seek €30M From Lloyd's Insurers

Law360, London (February 11, 2021, 6:56 PM GMT) -- A Maltese yachting company says it's owed close to €30 million ($36.4 million) to repair a boat that ran aground off the coast of Greenland, arguing that a group of insurers have understated the damage in their lawsuit trying to cap the payout.

IAT (Malta) Ltd. lodged a counterclaim Tuesday saying it should be able to claim under a clause of its insurance policy — known as constructive total loss — because the cost of repairing the 60-meter, twin-screw motor yacht exceeds the value of its insurance cover.

The Maltese company is fighting back against a High Court claim filed by...

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