No matter how much money an individual has, it is always important to secure the right insurance and protection for assets, as accidents will happen.
On the afternoon of 7 March 2007, a brand-new 55-foot yacht, valued at approximately $2 million was being prepared to be off-loaded for delivery to its new owner in Dubai.
Representatives of the yacht maker’s company planned that the new yacht would be lowered into the water at the Port of Jbel Ali, 35 Kilometers (22mi) Southwest of the city of Dubai and then ferried by the representatives to its new owner.
At the port, the two company representatives climbed on board the yacht and began preparing it for its owner as it was lowered down to the water using a Forward and Rear Sling.
Disaster struck! The Forward Sling failed! The bow of the yacht plunged forward and the Rear Sling tore off the propellers, shafts, struts and drive train. The yacht fell nose first into the sea with the two representatives on board. The new yacht quickly sank to the bottom of the Port.
Luckily, the two company representatives managed to swim to safety with only minor injuries. However, their luck ended there as they were now left with the task of having to explain to the waiting owner that his $2 million yacht was now at the bottom of the sea.