Insurers note rise in yacht claims fraud

Lloyd’s of London insurers have noted a spike in suspicious claims for expensive yachts, according to the Telegraph.

Many of the claims come from the Mediterranean, with the Greek port of Piraeus being a particular hotspot.

Part of the problem is that many yacht policies offer to repay the boat’s value at the point the policy is taken out. This often offers yacht owners more money than simply selling the yacht.

Charles Taylor director Nick Smith said that his firm alone had dealt with 14 suspicious claims for expensive yachts over the last six months.