Insurers likely to pay nearly $700 million for shipyard fire

Marine insurers are likely to pay up to €590 million ($689 million) for fire-related damage at a shipyard in Germany, Yacht Harbor reported. U.K.-based insurer Lancashire Holdings Ltd. is expected to pay €70 million, while RSA Insurance Group P.L.C., Beazley P.L.C. and Atrium Underwriting Group Ltd. are likely to pay up to €45 million each. The fire broke out at Lurssen Maritime Beteiligungen GmbH and Co. K.G.'s Bremen shipyard on Sept. 14 and damaged infrastructure and an under-construction 140-meter yacht.

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