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Massachusetts Domestic Profit Corporation · Updated 8/19/2024
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is a Massachusetts Domestic Profit Corporation filed on August 31, 1984. The company's filing status is listed as Involuntary Dissolution and its File Number is . The company's principal address is 40 Clark Street, Boston, MA 02109.

The company has 3 contacts on record. The contacts are Birgit Hormann from Boston MA, Kenneth Petersen from Wellesley MA, and Steven King from Boston MA.

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Company Information
Company Name:  
Entity Type:  MASSACHUSETTS DOMESTIC PROFIT CORPORATION
File Number:  
Filing State:  Massachusetts (MA)
Filing Status:  Involuntary Dissolution
Filing Date:  August 31, 1984
Company Age:  40 Years
Principal Address:  
Boston, MA 02109
Company Contacts
HORMANN
Secretary
Boston, MA 02109
PETERSEN
President
21 Pine Ridge Rd.
Wellesley, MA 02181
KING
Treasurer
Boston, MA 02109
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Sunk superyacht likely to cost insurers at least $150-million, experts say

Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least US$150-million, according to the first estimates by industry experts.

The British-flagged, 56-metre-long yacht, which the experts estimated cost around US$40-million, capsized and went down on Aug. 19 within minutes of being hit by a predawn storm while anchored off northern Sicily.

The superyacht’s hull was insured against physical damage by yacht insurance provider OMAC and a consortium of insurers including Travelers Companies Inc, Navium Marine and Convex, Reuters reported last week.

Its protection and indemnity (P&I) insurance, which typically covers third-party liability claims including for environmental damage, injury and death, was provided by British Marine.

The hull was likely insured for around US$40-million, while the P&I cover would be larger, insurance sources said.

“Our understanding is that the cost of the boat was between US$40 and US$50-million, so the limit of the hull & machinery policy was probably around those values,” said Marcos Alvarez, managing director, global financial institution ratings at Morningstar DBRS.

The P&I policy would likely be “several multiples” of the hull policy, or US$200-300 million, Alvarez added, noting it would also likely cover liability payments even if the captain or crew are found to be negligent.

Prosecutors in the town of Termini Imerese, near Palermo, are investigating the captain and two other crew members. An investigation does not imply guilt or mean formal charges will follow. Prosecutors have said the probe would take time and require salvaging the wreck.

Oscar Seikaly, chief executive officer of broker NSI Insurance Group, that provides yacht insurance, estimated the hull value at US$40-70 million, but said P&I cover might not total more than US$100-million.

P&I insurance would also cover recovery of the Bayesian, said Francesco Dubbioso, country manager for Italy for insurer Alta Signa Europe, who estimated the superyacht’s value at US$30-million to US$40-million.

Reuters is the first to report the potential insurance costs. OMAC, Travelers and Navium Marine did not immediately respond to Reuters’ for comment. Convex declined to comment.

The Bayesian disaster, which has puzzled experts who said the boat would have been built to withstand a severe storm, adds to recent woes for yacht insurers, who have faced a raft of hurricane losses in the past few years.

Premium rates have risen by four to five times in the past couple of years in parts of the U.S. and the Caribbean, and yacht insurers have cut the amount of cover they provide because of the risks, Mr. Seikaly said.

As a result, insurers have increased rates and re-evaluated their guidelines and risk appetite, according to industry experts.

As well as hurricanes, insured losses have mostly stemmed from severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh.

Mr. Seikaly said four clients had last week been ready to buy boats but changed their minds because of the high cost of insurance.

Climate change was also likely to add to yacht insurers’ worries, Mr. Seikaly added, as it throws up more unexpected events.

“Whoever thought a storm in the Mediterranean in the month of August is going to sink a ship?”

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Atlantic Yacht and Ship Mission Statement

Atlantic Yacht and Ship, Inc. has 50 years of building relationships in the marine industry, creating a solid team of top professionals to provide our clients with the utmost service throughout the sales process and beyond. We turn our client’s dreams into a reality – connecting boating enthusiasts of all types, from the first time buyer to the experienced yachtsman. Atlantic Yacht and Ship, Inc. has aligned with specialists in the areas of surveying, documentation, financing, insurance, tax, legal, dockage and maintenance, providing a single contact source for clients.  Atlantic Yacht and Ship, Inc.  maximizes all available resources to meet our client’s goals and overcome any challenges that arise in the marketplace, with our unwavering goal of 100% customer satisfaction and developing loyal, repeat client/friends.

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    A history of success-A commitment to excellence Atlantic Yacht & Ship, Inc. is one of America's oldest and most respected suppliers of Power and Custom Motor Yachts. We specialize in the brokerage of quality Luxury Motor Yachts, Sport Fisherman, Express Cruisers, and Trawlers. Incorporated in 1959, Atlantic Yacht & Ship is committed to providing unparalleled … Continue reading "About Us"

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  13. ATLANTIC YACHT SERVICES, INC. in Boston, MA

    ATLANTIC YACHT SERVICES, INC. is a Massachusetts Domestic Profit Corporation filed on August 31, 1984. The company's filing status is listed as Involuntary Dissolution and its File Number is 000211547. The company's principal address is 40 Clark Street, Boston, MA 02109.

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  16. Atlantic Yacht & Ship, Inc. Broker

    Atlantic Yacht & Ship, Inc. is one of America's oldest and most respected suppliers of Power and Custom Motor Yachts. We specialize in the brokerage of quality Luxury Motor Yachts, Sport Fisherman, Express Cruisers, and Trawlers. Incorporated in 1959, Atlantic Yacht & Ship is committed to providing unparalleled product knowledge and ...

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  18. Sunk superyacht likely to cost insurers at least $150-million, experts

    The British-flagged, 56-metre-long yacht, which the experts estimated cost around US$40-million, capsized and went down on Aug. 19 within minutes of being hit by a predawn storm while anchored off ...

  19. Our History

    In June 1959, a young Andrew Jackson opened a yacht and aircraft sales office in Miami making what we today know as Atlantic Yacht & Ship, Inc., one of the earliest yacht brokerage firms in South Florida. Incorporated as Andy Jackson Yacht & Aircraft, Inc., the company had a private aircraft sales division and a commercial vessel division that specialized in tugs, barges and small ships.Andy ...

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  21. Mission Statement

    Atlantic Yacht and Ship, Inc. has 50 years of building relationships in the marine industry, creating a solid team of top professionals to provide our clients with the utmost service throughout the sales process and beyond. We turn our client's dreams into a reality - connecting boating enthusiasts of all types, from the first time … Continue reading "Mission Statement"