UK insurance company to cover damage to historical mansion

UK insurance company to cover damage to historical mansion

UK insurance company to cover damage to historical mansion

An insurance company from the United Kingdom will cover the damages to the historical Hekimbaşı Salih Efendi Yalısı, after a ship crashed into the waterfront mansion on the Bosphorus, Noyan Doğan said in his column on April 16.

A warrant of seizure has been ruled for the ship related to the $50 million cost and the Maltese tanker Vitaspirit is currently not allowed to be moved.

In his column, Doğan looked into the details of covering the damages, as it had been unclear who would cover the cost and how.

“All ships above 300 gross tons are obliged to have insurance called P&I, meaning protecting and indemnity, which covers any potential damage to the environment, property of others or third parties,” Doğan said.

Therefore, in the case of an incident like the one that took place in Istanbul, the P&I intervenes in and covers the damage.

The P&I company for Vitaspirit is UK P&I Club, considered the second largest maritime insurance company in the world. Its shareholders are the world’s leading shipowners.

The assurance of P&I insurance of Vitaspirit is worth $1 billion, which means all damages will be covered by the UK P&I club.

Doğan also said UK P&I has already been in contact with a Turkish company for the assessment of damanges, as well as with a law company regarding the seizure warrant.

In the first phase, the company is expected to pay $50 million to ensure the ship will continue to travel. Later, they will assess the damages and try to negotiate with the owners, Doğan added.

The Bosphorus is one of the busiest shipping lanes in the world. In 2017, 42,000 military, naval and commercial vessels passed through the strait.