Insurers could face joint bill of nearly €600 million after major fire at Lürssen’s Bremen facility

The devastating fire which took hold of Lürssen’s Bremen facility last week could end up costing a number of marine insurers up to €590 million collectively, according to reports.

Yacht Harbour note that the 140-metre (459-foot) Project Sassi is believed to have been severely damaged, with at least three of her decks ablaze during the incident – although Lürssen are yet to confirm this. The superyacht was due to be launched in the coming months.

Reports from the industry supposedly claim that Project Sassi’s insurance policy, started in October 2014, could affect firms including QBE, Lancashire, RSA, Atrium and Beazly – who could stand to pay out between €27 and €70 million each.

If these reports are accurate, then the bill from the fire could end up being the most costly maritime insurance payout since the sinking of the Costa Concordia cruise ship in 2012. This is partly because the policy is believed to cover not just the superyacht itself, but the related properties and construction materials throughout the entire construction process.

This potential payout arrives at a tough time in the maritime insurance market; fewer than 20% of yachting premiums written by syndicates were deemed profitable between 2011 and 2017 according to Re-Insurance.

The most recent word from Lürssen came just after the fire in the form of a statement. The firm said, "We would like to express our sincere gratitude for the tireless efforts and professional response of all those involved, including the fire service, police, the technical support unit, and our own employees. Currently no statement can be made at this stage as to the cause of the fire or the extent of the damage."

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