Consider it a boat insurance claim anything a typical recreational boater can fathom.
A group of 14 Lloyd’s insurers paid $20 million to the owner of Barbie, a 170-foot superyacht that was destroyed by fire in Turkey in January.
“Barbie is the largest claim that the superyacht insurance market has had to deal with in quite some time. That it was paid in full within 60 days of the event will hopefully help the owner to reach closure from this traumatic incident,” Hiscox MGA director of underwriting Paul Miller said in a statement.
Barbie was owned by Turkish businessman Unal Aysal, former president of the Galatasaray football club, according to the (U.K.) Daily Mail.