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STEPHENSON HARWOOD

13 Apr 2022

Superyacht insurance and the role of the crew

In the world of yacht insurance, policies come in many shapes and sizes. The spectrum includes the commonly used American R12 "all risks" cover; the more traditional "named perils" cover of the Institute Yacht Clauses; and the various bespoke clauses, some of which naturally build on the standard form wordings. A yacht owner/ its managers are likely, if well advised, to seek the guidance of a suitably qualified insurance specialist to effect the necessary insurance. That is to ensure that the insurance cover is properly tailored to meet the requirements of the given yacht and ensure that terms which are particularly important to an insurer (e.g. warranties, subjectivities, particular exclusions or limitations) are appropriately highlighted/ understood. This is key because, although insurers/ brokers do much to make policy documents clear and accessible, they remain complex and warrant appropriate investment in terms both of time and money.

The focus of this article is a brief exploration of some of the issues which arise, in an insurance claim situation, out of the yacht's crewing. This article does not go into any of the numerous crewing/ broader yachting/ insurance-related issues arising out of the developing and tragic events in Ukraine, the subject of huge significance and concern on multiple levels. 

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Yacht Insurance is an insurance product written to cover the owners of private pleasure vessels; from small runabouts to multimillion dollar sail or power yachts. The product is typically written as a package to include both Hull & Machinery and Liability ( Protection & Indemnity ). Examples of well known yacht standard wordings are the Institute Yacht Clauses, Clause 328 or the American Yacht Form R12. However, often now insurers have created their own bespoke wordings to include what is needed by today’s yacht owners. Wordings can be extended to include cover for machinery, extended cover for valuable fishing tackle, damage to the lower unit due to striking a submerged object, fine arts coverage, war/confiscation, even loss of wine due to wine storage facility breakdown. Coverage can be extended to cover toys, tenders, dinghies, personal watercraft and diving gear.

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HFW is an international law firm with over 700 lawyers working across our global network. We advise clients on legal issues in relation to all aspects of international commerce and we are regarded as one of the world’s leading shipping law firms. The expertise, experience and reputation earned in commercial shipping over our nearly 140 years in business is carried into our yacht practice.

Our yacht team has been an integral part of the yacht industry for over 30 years and has a physical presence in many of the major yachting jurisdictions. The enduring relationships developed with the owners, builders, designers, financiers, insurers, brokers and managers of yachts, our in-depth knowledge of the yacht industry and our international reach ensure we are pre-eminent in the field.

Holman Fenwick has a market-leading yacht practice which draws on the experience of its world-renowned shipping team. Holman Fenwick is regarded as “one of the most prominent firms around,” with a “very high profile in the yachting world.” The firm represents some of the world’s leading shipyards as well as a number of prominent HNW yacht owners.

“Every question, advice or legal paper concerning my business is individually tailored to the project or client; HFW has proven to be able to handle it all. They are very well connected within the industry and are viewed as an industry standard.”

“Between the Monaco and London offices, and a global presence, their network allows them to address every issue that may arise in yachting.”

“HFW are an excellent yacht and maritime law firm,” says an interviewee, who adds that “they have a very deep bench and an extremely well-qualified yacht law team.” The firm’s “extremely professional” yacht lawyers advise clients on sophisticated cross-border financings, transactions and contentious matters.

“HFW are well positioned in the super yacht industry to have in-depth market and commercial knowledge,” says a source.

Our yacht team is positioned to assist with any aspect of constructing, purchasing and operating a yacht. We, of course, cannot disclose details of our clients or any of the projects in which we have been involved. However, we are routinely involved in some of the largest and most complex projects in the yacht industry.

Design agreements and intellectual property issues

Construction agreements

• Pre and post-delivery financing, restructuring and work out arrangements

Yacht sale and purchase transactions

Ownership structures

Registration arrangements

Import and export formalities

VAT/Customs issues

Management agreements

Crewing and employment matters

Refit and repair contracts

• Charter agreements

Sale and purchase of berths

Physical and cyber security arrangements

Health, safety and regulatory compliance

Business jets and helicopters

• Tenders, submersibles and other ancillary equipment

Yacht arrest and dispute resolution

Admiralty and crisis management

• Insurance arrangements, including questions of coverage

Jay specialises in yacht and ship building, yacht and ship sale and purchase, yacht, ship and asset finance, corporate law and international trade.

Position : Partner Specialism : Transactional

London Tel: +44 (0)20 7264 8386 Email Jay

Andrew Charlier

Andrew Charlier is co-head of HFW’s yacht team and head of the firm’s Monaco office. He specialises in yacht purchase and sale, construction and finance, with 30 years’ experience of representing owners on all aspects of the yachting industry. He also assists clients with the sale, purchase and ownership of private jets.

Monaco Tel: +377 92 00 13 22 Email Andrew

William MacLachlan

William advises on a wide range of yacht related matters with a particular focus on VAT, design/intellectual property, construction, sale and purchase, charter, management, refit and repair, and also advises on physical and cyber security on board yachts. He spent 8 months seconded to a leading German yacht builder.

William is a trustee of the Mission to Seafarers, one of HFW’s global charity partners, and a member of the board of advisers of the ‘She of the Sea’ campaign to encourage diversity amongst those employed at sea in the yachting industry.

London Tel: +44 (0)20 7264 8007 Email William

Adam has over 20 years’ experience in the industry and acts regularly for banks and other financial institutions as well as for owners, advising them on finance transactions and sale and purchase of yachts, as well as registrations, management and operating issues.

London Tel: +44 (0)20 7264 8264 Email Adam

Alistair Feeney

Alistair has more than 15 years’ experience of handling disputes relating to yacht construction, sale and purchase, refit and repair, charters and broking.  He has acted for builders, owners, charterers and brokers in arbitration and court proceedings in many jurisdictions, including obtaining arrest orders and other protective measures.  Alistair works closely with other members of HFW’s yacht team in managing disputes from an early stage, with the aim of achieving early, successful outcomes.

Position : Partner Specialism : Disputes

London Tel: +44 (0)20 7264 8424 Email Alistair

Tom Walters

Before joining HFW in 2002, Tom worked for seven years for a naval architecture practice on the UK’s south coast designing superyachts. Tom regularly deals with yacht casualties, insurance claims and transportation disputes. His technical background means he has also been involved with a number of technical cases and construction disputes concerning yachts. Tom advises on the use of Maritime Autonomous Systems (MAS) technology in response to the increasing demand for autonomous underwater vehicles (AUVs) and Autonomous Surface Vessels (ASVs). Tom is a member of The Royal Institution of Naval Architects (RINA) and works with the Society of Underwater Technology (SUT) advising on various legal issues. He is also a member of various SUT Sub-Committees, including Salvage & Emergency Subsea Response and Technology and Innovation.

Position : Partner Specialism : Insurance & Admiralty & Crisis Management

London Tel: +44 (0)20 7264 8285 Email Tom

Alex specialises in marine insurance and crisis response. He has advised both yacht owners and insurers on a variety of matters affecting large yachts, including fires, groundings, missing vessels, damage sustained whilst being transported, structural defects, main engine damage and damage to gel coatings. He has also advised on yacht casualties including those requiring salvage assistance. Alex has undertaken a secondment at a leading London marine insurer.

London Tel: +44 (0)20 7264 8432 Email Alex

Alex Sayegh

Alex specialises in the transactional aspects of the commercial yachting industries; advising owners, shipyards and financiers on the construction, refit, repair, sale and purchase of various types of vessels. He has a particular focus on construction contracts for new builds and has extensive experience of negotiating with shipyards and yacht builders throughout the world. Alex also regularly lectures on the subjects of shipbuilding and sale and purchase contracts.

Position : Legal Director Specialism : Transactional

London Tel: +44 (0)20 7264 8394 Email Alex

Jessica Taylor

Jessica specialises in the transactional side of yachting and commercial shipping, advising owners, shipyards, financial institutions, brokerage houses, and designers on all aspects of the construction, refit, sale and purchase, design, management, crewing and chartering of large yachts.

London Tel: +44 (0)20 7264 8020 Email Jessica

Thomas Willan

Thomas specialises in asset finance, with a particular emphasis on ship, superyacht and aviation finance. He advises commercial and private wealth banks and other financial institutions, investors, owners, charterers and manufacturers in connection with pre- and post-delivery bilateral and syndicated financings and general banking arrangements. His work also covers sale and purchase, leasing arrangements, restructurings and workouts. Thomas has spent time on client secondment at a specialist transport finance bank.

London Tel: +44 (0)20 7264 8544 Email Thomas

Ian is a banking and finance lawyer with specialist experience in the shipping, superyacht, offshore and aviation sectors. Ian advises banks and other financial institutions, funds, Islamic investors, insurance companies and owners on a variety of matters including new financings, sale and purchase, leasing, restructurings, work outs and enforcements.

Ian is a member of the executive committee of Superyacht UK (part of the British Marine Federation), the membership association of the UK superyacht industry, representing the interests of the industry in the UK and internationally.

London Tel: +44 (0)20 7264 8274 Email Ian

Michelle Chance

Michelle Chance has over 20 years’ experience advising on complex and sensitive employment matters, which often involve discrimination and where the stakes in terms of monetary value and reputational risk are high. Michelle’s specific yacht experience includes advising on the impact of sanctions on potential employment claims of unionised crew members, as well as drafting seafarers employment agreements and advising on and updating employment policies and procedures for crew members in the light of an International Human Rights At Sea investigation into claims of bullying and harassment.

Position : Partner Specialism : Employment

London Tel: +44 (0)20 7264 8384 Email Michelle

Mark Thompson

Mark is a Senior Manager & Senior Master Mariner and forms part of our shipping emergency response team. Mark deals with yacht casualties, including fires, collisions, groundings, helicopter incidents, tender/PWC related accidents, pollution, total loss and salvage. Mark attends the scene of yacht casualties in order to manage the casualty response, liaise with other interested parties and protect or Clients’ interests.

Before joining HFW, Mark had 17 years seagoing experience, and has sailed as Master on high speed passenger vessels and freight RoRo vessels. Mark has a background as a marine casualty investigator, holds a Post Graduate Diploma in Applied Navigation, HND in Nautical Science and is qualified as a Specialist Navigating Officer with the Royal Navy.

Position : Senior Manager & Senior Master Mariner Specialism : Admiralty & Crisis Management

London Tel: +44 (0) 20 7264 8528 Email Mark

Zoe Triantafyllou

Zoe advises yacht finance providers and yacht owners on a wide range of transactional matters including debt finance, export credit finance, leasing structures, restructuring, refinancing and sale and purchase.

She has also spent time working at HFW’s Piraeus office and speaks fluent Greek.

Position : Senior Associate Specialism : Transactional

London Tel: +44 (0)20 7264 8243 Email Zoe

Amalia Tzima

Amalia specialises in the transactional aspects of yachting. She advises owners, shipyards, brokerage houses and designers on matters involving the construction, refit/repair, design, sale and purchase, management and registration of yachts.

Position : Associate Specialism : Transactional

London Tel: +44 (0)20 7264 8220 Email Amalia

Zain specialises in transactional, finance and corporate work and advises yacht owners on yacht sale and purchase, crewing and management arrangements.

London Tel: +44 (0)20 7264 8369

Pauline Arroyo

Pauline Arroyo is a partner based in HFW’s Paris office. With a broad experience in yacht-related VAT and customs matters, she advises on EU and French VAT and customs issues in all types of yacht transactions and assists owners and yacht managers in relation to the context of customs controls and litigation in France.

Position : Partner Specialism : Insurance & VAT

Paris Tel: +33 1 44 94 40 50 Email Pauline

Stéphanie Schweitzer

Stéphanie has extensive experience in yacht-related employment and personal injury matters. She regularly advises yacht owners and insurers in relation to passenger claims, crew contracts and claims and social security issues. Stéphanie also often assists clients of the yachting industry in relation to contract of carriage, charter parties and yacht arrests.

Position : Partner Specialism : Disputes & Personal Injury

Paris Tel: +33 1 44 94 31 64 Email Stephanie

Rosina Dyke

Rosina specialises in the transactional aspects of yachting. She primarily advises owners and financial institutions on the sale, purchase, construction, refit, financing, and registration of yachts and the corporate entity that holds them.

Paris Tel: +33 (0)1 44 94 31 62 Email Rosina

Ian Cranston

Ian is particularly lauded for his shipping and yacht expertise. He has close to 30 years’ experience in successfully handling yachting disputes in arbitration and court proceedings and generally advising owners, charterers, brokers and yards on matters related to yacht sale & purchase, charter, refit and construction.

Monaco Tel: +377 92 00 13 21 Email Ian

Richard Mabane

Richard has been a litigation partner at HFW since 2001, with particular expertise in relation to shipbuilding and repair, charterparties and ship sale disputes. In early 2023 he relocated to our Monaco office with a view to doing more yacht-related work. A highly successful trial lawyer (he has won all 23 of the cases he has taken to trial), Richard is also a strong advocate of mediation, where also has a high success rate, having settled over 90% of his 35 mediations on the day.

Fluent in Italian and French, Richard has very close connections with Italy and a number of longstanding Italian clients. In the field of yachting, he has handled yacht construction, refit and repair, sale and purchase and charter disputes.

Monaco Tel: D +377 92 00 13 23 Email Richard

George Kaye

George specialises in dispute resolution and regularly advises owners, charterers and brokers on matters involving yacht construction, sale and purchase and charter.

Position : Senior Associate Specialism : Disputes

Monaco Tel: +377 92 00 13 26 Email George

Middle East, Asia Pacific and the Americas

Tien has extensive experience in our non-contentious practice, with special focus on yacht building, sale and purchase, registration, crewing and finance in all the major yacht registries including the UAE. His recent experience includes negotiation of yacht refit contracts with GCC yards. Tien has spent time on client secondment at the ship finance team of an international bank.

Dubai Tel: +971 4423 0555 Email Tien

Patrick Cheung

Patrick has extensive transactional experience, with a special focus on ship and yacht building, sale and purchase, registration and finance as well as private jet finance, registration, management and operation agreements.

Hong Kong Tel: +852 3983 7778 Email Patrick

Angie is a corporate and finance lawyer with a broad non-contentious practice. Her yacht expertise includes yacht sale and purchase, construction and yacht registration, as well as yacht finance and other commercial yacht-related matters. Fully tri-lingual in English, Cantonese and Mandarin, Angie often advises clients within Hong Kong and mainland China.

Hong Kong/Shanghai Tel: +852 3983 7779 Tel: +86 21 2080 1133 Email Angie

Henry has an established transactional and contentious practice. His transactional experience includes yacht and construction, sale and purchase and finance matters. On the contentious side, Henry acts for yacht owners, buyers and sellers and shipyards on matters including shipbuilding and MoA disputes, charterparty disputes, personal injury claims and insurance claims. He also acts in crew claims and enforcement.

Position : Partner Specialism : Disputes & Transactional

Hong Kong/Shanghai Tel: +852 3983 7777 Tel: +86 21 2080 1111 Email Henry

John Forrester

John heads the firm’s Asia Pacific Ship Finance practice. He specialises in asset finance and other transactional work across the maritime sector. He represents clients on a wide range of transactional matters, including financing, construction contracts, vessel sale and purchase, vessel registration, charters, joint ventures and debt restructuring/work-outs.

Singapore Tel: +65 6411 5350 Email John

Stephen Thomson

Stephen has over 20 years in the industry, advising on yacht sale and purchase, the importation and exportation process under Australian law, as well as management and refit/repair contracts. He also represents clients in relation to ligation arising out of yacht construction disputes and personal injury claims.

Sydney Tel:: +61 (0)2 9320 4646 Email Stephen

Ranjani Sundar

Ranjani has broad experience in yacht-related matters, including yacht sale and purchase, Australian Customs considerations for the import and/or export of yachts and personal injury matters. Ranjani acts for yacht owners and insurers in both contentious and non-contentious matters.

Sydney Tel: +61 (0)2 9320 4609 Email Ranjani

Gavin Vallely

Gavin has more than 25 years’ experience advising on contentious and non-contentious matters concerning commercial shipping and international trade. His work in relation to yachts has included advising on Australian flag and survey requirements, sale and purchase, construction and repair, importation and related duty and taxation considerations. He is consistently recognised as one of Australia’s leading maritime lawyers and is ranked as a Band 1 practitioner in Chambers Asia-Pacific Guide and Legal 500. He is described in the Legal 500 as having “ unsurpassed maritime sector knowledge “. Gavin is admitted to practice as a solicitor in Australia and England & Wales.

Position : Partner Specialism : Transactional & Disputes

Melbourne Tel: +61 (0)3 8601 4523 Email Gavin

Owen specialises in yacht-related disputes. He regularly handles matters concerning the sale and purchase, charter, mortgaging and arrest of superyachts for owners, charterers, brokers and financial institutions.

Melbourne Tel: +61 (0)3 8601 4526 Email Owen

24/7 Crisis Management

Universally regarded as one of the world’s leading crisis management law firms, we advise on all legal issues arising from yacht related emergencies, including collisions, grounding, damage in transit, pollution, fire and explosion, salvage, wreck removal and towage, as well as security, political violence, piracy, kidnap and ransom and cyber breaches. Our yacht team includes several leading crisis management and marine insurance experts and is supported by our global admiralty and crisis management team. Members of our admiralty and crisis management team are available year round 24/7 to attend emergencies. With our global network, a bespoke team can be assembled and, if needed, on location within 24 hours practically anywhere in the world.

Our expertise in managing crisis of all types, combined with our understanding of the specialised and sophisticated operations involved in yachting and the yachting industry’s specific concerns regarding confidentiality and privacy, enable us to protect our clients’ interests in the most appropriate and timely manner.

We operate a dedicated crisis management suite in our London office, which can be immediately utilised by our clients and become an extension of their own in-house team. Our admiralty and crisis management team are media trained and on hand to offer:

Immediate incident response support

Advice on regulatory and compliance issues arising out of an incident

Reputation management / media response

Advice on post incident claims handling

In addition, we recognise the importance of preparation in mitigating liability and we regularly advise clients on their crisis management procedures and emergency response policies, including ensuring that their appetite for risk and potential contractual liabilities dovetail with their insurance coverage and internal crisis management procedures.

Our marine insurance and crisis management team

In addition to the support available from our firm’s world renowned admiralty and crisis management team, our yacht team includes experienced casualty response lawyers, a former naval architect experienced in the design of large yachts and master mariners with experience of navigating and operating large yachts, warships and passenger vessels. Our key contacts for yacht related crisis response and marine insurance issues are:

London Tel: +44 (0)20 7264 8528 Email Mark

24 hour emergency telephone number +44 (0)20 7709 7702

We have a strong international brand and a rapidly growing network of offices. With over 700 lawyers working in offices across Asia, Australia, the Middle East, Europe and the Americas, we have a presence in many of the major centres of yacht ownership and operation in the world. Frequently we resource our matters with team members drawn from different offices and time zones to provide our clients, wherever they are, with the resources of a truly global yacht team.

Our yacht team includes lawyers fluent in English, French, German, Italian, Russian and Chinese and is able to draw on the support of colleagues across our wider firm who between them speak over 40 different languages.

Industry update

HFW’s yacht team has once again been ranked Band 1 in the Chambers & Partners High Net Worth Yachts & Superyachts Guide . Four members of our industry leading team have also been recognised.  Chambers noted: “HFW’s yacht lawyers advise clients on sophisticated cross-border financings, transactions and contentious matters.”

As the northern hemisphere’s summer season begins and the rush of pre-season work slows down, we have found time to put pen to paper to bring you the latest edition of Comprehensively Yachts, which we hope you find full of thought-provoking topics and analysis.

In light of the growing adoption of sustainable technology in yachting, including Feadship’s recently launched 60m Project 713, which will harness solar energy and has the capacity to also run on non-fossil hydrogenated vegetable oil, and Project 821, the world’s first hydrogen fuel-cell superyacht, we take a look at what may be the next frontier in yacht propulsion: nuclear power .

Next, we consider the Cayman Islands’ new Merchant Shipping Act 2024 and the revised Red Ensign Group Code, before our London employment team revisit a UK employment tribunal case of significant relevance for the employment of yacht crew.

Given the importance of Swiss manufacturing to the yachting industry, it is not uncommon to encounter Swiss law contracts, and we have therefore asked our colleagues in Geneva provide a summary of why arbitration in Switzerland maintains such popularity.

Our usual sanctions update follows, before we finish off with a focus on fraud, the changes with the new UK legislation and what you can do to stay one step ahead.

January 24 |

With 2023 drawing to a close, we are delighted to present the latest edition of Comprehensively Yachts . In this edition, we discuss the impact of Russian sanctions on the yachting industry. Next, our marine insurance specialists consider whether the widely used American Yacht Form R12 is still fit for purpose or whether the time is right for the marine insurance industry to move on to a bespoke wording. Our admiralty team explore the law behind a yacht’s AIS transmission and how you might achieve ex- directory status, as the temptation to turn this feature off to ensure the privacy of your charter is ever growing given the risked poses by the development of smart phone technology. Our Paris office reports on a recent land-mark conviction of the captain of a 26 meter yacht by the Maritime Court of Marseille following his repeated anchoring in protected posidonia meadows and the threat such conviction has for the wider yachting industry. Finally, we round out this edition with a long read on Cyber Security , the increasing regulation around it and the growing need to take it seriously.

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Yacht Insurance

ANY SIZE, ANY TYPE

Although we like some boats better than others, there are no any restrictions for us covering any type of pleasure craft, whether you like sailing boats or huge motor vessels, unless these are designed for private pleasure.

HULL AND LIABILITIES

We do not have our own wording, but rather using Institute Yacht Clauses or American R12 wording as a basis for our product. At the same time both above mentioned conditions are always amended to fit design and particularities of each individual yacht.

UNINSURED BOATER

Yes, this is part of the cover.

MEDICAL EXPENSES, PERSONAL ACCIDENT, WATER SPORT

On demand we may offer cover for medical expenses and personal accident for the owners, their guests or crew. Water sports liability cover is also available for those who into jet ski or other extreme water sports.

CLAIMS HANDLING WITH CARE

We know that your yacht is designed for your pleasure. We know that this is very important for you. Therefore we only use yacht specialist surveyors, repair facilities and experts in case of a claim, so your favourite boat is treated as she must be.

Each boat is unique and is demanding very special insurance protection. We know that and keen to assist.

Most Owners believe that the job of a (Re)Insurance broker is to place the (Re)Insurances of their yacht at the most competitive terms obtained from reputable (Re)Insurers. That, however, is only a very small part of the service that we at International Broking Solutions, Corp (IBSCorp) provide, as our real job starts from the moment the yacht’s insurance is in place.

Intl. Broking Solutions, Corp (IBSCorp) as knowledgeable (Re)insurance broker can tailor the terms and conditions of a yacht (Re)Insurance policy to the specific requirements of both the Owner and the use of his yacht.

Our standard placement contract includes cover for:

• Hull and Machinery
• Protection & Indemnity (P&I)
• Crew Personal Accident and Medical expenses.

Hull and Machinery .

Provides cover to the yacht against the physical loss or damage. The most widely used wordings for this type of cover is the Institute Yacht Clauses (1/11/85) and/or the American Yacht Form R12.

Protection & Indemnity (P&I) .

It protects the Owner, Captain and Managers from third party liabilities that could arise from the ownership or operation of the yacht.

Crew Personal Accident and Medical expenses .

This section provides cover to crew in respect of bodily injuries caused either by accident or illness. This policy can be used as a supplementary cover to your Protection and Indemnity Insurance Policy (P&I), as by having this kind of insurances in place, you will be able to cover smaller claims.

Surely, we can assist you to choose reasonable cover at fair price.

Please contact us for discussions regarding the parameters of cover needed.

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Body of British tech entrepreneur Mike Lynch recovered from yacht, Italian official says, as divers search for his daughter

The body of British tech entrepreneur Mike Lynch has been recovered from the sunken Bayesian superyacht, Italian interior ministry official Massimo Mariani told Reuters Thursday.

Lynch’s 18-year-old daughter Hannah is still missing, Mariani said, and divers are still searching the area where the vessel sank.

Earlier Thursday, a fifth body was brought to shore from the wreck of the boat, which sank earlier in the week. A CNN team on the ground saw Italian authorities move the body from a rescue boat to ambulances at the Sicilian port of Porticello.

The British-flagged vessel, with 22 passengers and crew members on board, rapidly sank after its mast, one of the world’s tallest, broke in half during a violent storm. Fifteen people were rescued on Monday and one body was recovered – thought to be that of the onboard chef Recaldo Thomas. Six others were initially reported missing.

As investigators probe the cause of the wreck, the CEO of the firm that owns the vessel’s manufacturer has detailed how a litany of avoidable “mistakes” may have contributed to the ship sinking.

Once they became aware of the bad weather, the ship’s crew should have locked down the hull, closed all doors and hatches and made all guests congregate in the ship’s assembly point, Giovanni Costantino, CEO of The Italian Sea Group, told the Italian newspaper Corriere della Sera.

“Instead it took on water with the guests still in the cabin. All it took was a 40-degree tilt and those in the cabin found themselves with the door above. Can you imagine a 60-70 year old man climbing out?” he said.

In a separate interview with Sky News, Costantino said vessels like the Bayesian are “safest in the most absolute sense” ought to have been “unsinkable.”

“First of all, because they have very little surface compared to a yacht facing into the wind. Second, with the structure of the drift keel, they become unsinkable bodies,” he said.

Constantino said he was in a state of “sadness and disbelief” since learning that the Bayesian – built in 2008 by the Italian company Perini Navi, which was acquired by The Italian Sea Group in 2021 – sank early Monday.

The six individuals reported missing were Lynch and his daughter; Morgan Stanley International director Jonathan Bloomer and his wife, Judy Bloomer; prominent American lawyer Chris Morvillo and his wife, Neda Morvillo.

Italian authorities are not yet disclosing the names of all those whose bodies have been brought ashore. This is likely because in Italy, a person close to the deceased must formally identify the body, before a coroner or the prosecutor’s office confirms this.

Given that the sinking of the Bayesian is under criminal investigation, formal identifications will likely come from the prosecutor’s office. Italy’s civil protection agencies do not have the authority to confirm victims’ identities.

Since the boat sank, emergency crews have battled difficult conditions to enter the wreck, which is around 50 meters underwater (approximately 150 feet.) Divers have had around only 12 minutes to reach and explore the site before having to resurface.

Initial reports suggest a small  waterspout , which developed over the area the boat was in Siciliy on Monday morning, could have been behind the yacht’s sinking.

Four days in, Italian authorities are still trying to understand how the 56-meter (184-foot) yacht sank so quickly. Separately, the United Kingdom’s Marine Accident Investigation Branch (MAIB) has also opened an investigation, saying on Wednesday that it would deploy a team of four inspectors to Palermo to conduct a preliminary assessment of the scene.

CCTV shows footage of sinking

Waterspouts, a type of tornado, are spinning columns of air that form over water, or move from land out to water. They are often accompanied by  high winds, high seas, hail and dangerous lightning . While they are most common over tropical oceans, they can form almost anywhere. Waterspouts in Sicily, however are rare.

Costantino, CEO of The Italian Sea Group, stressed that there was no indication that the design or construction of the boat was at fault in the ship’s sinking. “This episode sounds like an unbelievable story, both technically and as a fact,” he said.

Unverified security camera footage released on Wednesday appears to have shown the moments that the tornado sank the yacht. As rain pelted down on the port, a grainy video shows the boat being battered by the storm, rocking violently from side to side before capsizing.

One witness, the owner of a villa looking out to where the Bayesian was anchored, said that after news of the sinking yacht emerged, he watched back his CCTV footage, where the boat could be seen sinking.

“In just 60 seconds, you can see the ship disappear,” he told Italian outlet ANSA. “You can see clearly what’s happening. There was nothing that could be done for the vessel. It disappeared in a very short time.”

This story has been updated with additional information.

CNN’s Christian Edwards contributed reporting.

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