Insurance: estimates of over 530 million disbursements for the sunken Lynch maxi-yacht

Thirty million euro: this is, according to experts heard by Il Sole 24 Ore, the market value of the Bayesian, the 56-metre-long, 473-ton sailing maxiyacht flying the British flag built by the Perini shipyard, which sank off the coast of Palermo in the night between Sunday and Monday while at anchor, hit by a whirlwind.

The EUR 30 million is the first item on the list of compensation to be paid by the insurance companies of the ship owner - the Englishman Mike Lynch, one of the victims - for the accident. The value of the ship (including equipment, furnishings, fittings) is covered by the 'body and machine' policy taken out with a group of international companies (Omac with Tci, Navium marine and Convex) and could be mitigated if these insurance companies or, more likely, the judiciary or maritime authorities, decide to remove the wreck, which lies at the bottom of the sea at a depth of 49 metres. In this case, the residual value of the boat (to be monetised) would decrease the indemnifiable amount.

But the largest sum to be paid out is the Protection & Indemnity (P&I) policy, taken out by the Lynch family with the British Marine company of the Australian Qbe group, which specialises in third party liability in the maritime field. For this type of policy, the maximum insured sum is usually USD 500 million per event, covering loss of life, the consequences of accidents, the risk of pollution, the costs of repatriating crew and passengers, and the eventual removal of the wreck, if imposed by the courts or maritime authorities. All in all, therefore, all insurance companies involved in the disaster could be called upon to pay more than EUR 530 million.

The removal of the wreck, according to experts in the field, is difficult but not impossible, and would be preceded by the emptying of the tank, which is expected to contain around 18,000 litres of diesel and oils.