Insurers, Yacht Owner Settle €30M Grounding Lawsuit

By Christopher Crosby (November 15, 2021, 1:41 PM GMT) -- Insurers with Lloyd's of London have settled their attempt to cap the payout over a damaged super yacht that ran aground off the coast of Greenland, ending claims by the owners that they're owed up to €30 million ($34 million). 

Arch Managing Agency Ltd. and a dozen other underwriters signed a confidential settlement with IAT on Nov. 4, which closed High Court litigation over damages caused to the vessel three years before. 

The vessel, the Ice Angel, hit a submerged rock off Greenland's coast in September 2018, causing flooding and forcing the crew and passengers to be evacuated. 

The incident sparked a...

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