Over the past year, a string of fires have broken out among superyachts, or yachts that extend over 78 feet and are typically owned only by the wealthiest of the wealthy. Bloomberg noticed the peculiar trend and consulted a few experts on whether there might be some larger reason for why-oh-why these superyachts keep catching fire. Is it the way they are constructed? The way they move?
Apparently, it’s that their owners — despite their considerable wealth — probably aren’t taking good enough care of them. The U.S. Superyacht Association told Bloomberg that the annual cost of properly maintaining a giant yacht is an astounding $4.75 million. If you don’t pay the necessary costs, including a significant restoration every ten years, your huge and extremely complex boat could be more susceptible to damage.
Of course, if these superyachts do go up in flames, they are almost always insured — with a few exceptions. For instance, say you decided to take it to Antarctica (which is not covered by most insurance plans) and forgot to warn the insurance company about your adventure beforehand. If your superyacht goes up in flames, you could end up being responsible for all or part of the cost. Talk about sunken dreams!
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