January 25, 2010
When Hurricane Wilma blew the 158-foot Perini Navi sailing yacht into a federally protected nature preserve in the fall of 2005, she was held for 28 months by the clutches of the environment.
Now, at anchor in Key West Harbor, she is held in the clutches of an insurance dispute. And while the dispute plays out in court, Legacy will remain where she has been for more than four years; off the coast of Key West, Fla.
Owner Peter Halmos has an insurance policy on his yacht for $16 million. Costs to date have exceeded that amount, Halmos said. Once an insurance company pays out its claim, it typically declares the vessel a total loss, giving it the right to lay claim on her. Halmos disagrees.
Halmos, too, has been paying millions of dollars for Legacy’s recovery and restoration, he said.
In addition, Legacy underwent a refit prior to Wilma, and Halmos said he has proof that he instructed his insurance company to raise the coverage to $30 million. The coverage was not raised before the storm. So Halmos is suing his insurance company, first to remove the clause specifying that it can take the yacht. It has been reported that the insurer stated it does not want the vessel, but Halmos said he wants to be sure, legally. Second, he wants the insurance policy to reflect the increased replacement value he had asked for.
Initially, the case was to have been heard in January, but it has been postponed to May.
Until then, S/Y Legacy will likely remain at anchor off Key West, still waiting for her day to sail again.
Read more about the S/Y Legacy:
- Fitting S/Y Legacy out for the long term
- Issues' with insurance, law keep Legacy in Key West
- Her keel lifted, S/Y Legacy gets ready to make a move;
- Halmos: Legacy doesn't want to leave'
- The S/Y Legacy Topic Page
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