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04 03 2013 04480 963X150px
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Adjusting a superyacht insurance claim

37-meter luxury superyacht, Masteka 2, hit the headlines when it lost steering and started sinking off Australia’s New South Wales coast in late 2016. Charles Taylor Adjusting’s Yacht Practice, which is widely regarded as one of the world’s leading superyacht adjusters, was brought in by insurers to manage the complex claim.

The vessel had been on passage from Fiji to Sydney when the watertight door of the yacht’s garage burst open, starting a flood which crippled the ship’s electrics. It quickly lost power and steering and was soon adrift nearly 300 kilometres east of Port Macquarie in New South Wales.

A cruise ship answered the Masteka 2’s distress call, taking off two crew members. The skipper and three other crew opted to stay on board to try to save the sinking vessel. The Australian coast guard dropped emergency pumps by helicopter and the crew managed to plug the leak. Two tugs helped the stricken vessel limp into Sydney Harbour a few days later.

CTA’s Nick Smith, director of the Yacht Practice, has been handling the claim for insurers. “There are only a small pool of adjusters worldwide with the experience to handle major claims of this nature and to a large extent, most of those are based in the US and Mediterranean. We have appointed specialist local shipbuilders and craftsmen to undertake the repairs,” he said. hese included completely replacing the ship’s electrics and navigation system, refurbishing water damaged areas and repairing damage to the decks where the pumps had been dropped.

Nick Smith has reguarly travelled to Australia during the complex refitting to approve repairs, manage suppliers and assess costs on behalf of insurers. “We only release stage payments when the work has been completed to the highest standard,” he concluded.