Marine insurance hit hard by Lürssen fire

Claims as a result of the fire that hit the Lürssen shipyard in September are likely to reach €600m ($690m), with up to 30 marine insurance syndicates on the hook for their share, reports Superyacht.

Earlier this week Lancashire reported a $30m marine portfolio liability. It was the lead syndicate for Lürssen, with a 9% share.

The fire took about 900 firefighters three days to extinguish the blaze at the Bremen-Nord shipyard, which started early on Friday 14th September.

The 146-metre super yacht Sassi – only two months away from completion – was severely damaged, as was the shipyard’s floating dock.

Sassi was reportedly covered by a €750 million building risk policy. Apart from Lancashire, QBE, RSA and Beazley were also on the slip, holding about 5% each.

The fire and the effective destruction of the Sassi looks likely to be the most expensive single incident for marine insurers since the Costa Concordia sinking in January 2012.