— February 2005
By Diane M. Byrne
Have Yachts, Will Travel
|Hot Topics, Down the Ways|
A few forum members wondered whether the owner, Duane Hagadone of Idaho, was commissioning a new yacht, as Lady Lola and Shadow had been advertised for sale and they hadn’t completed a planned circumnavigation. TvergaardOne, a member from Denmark, was particularly concerned that something might be wrong with the yachts because they had been put up for sale. Funshyn, who’s from Idaho (and who I confirmed via e-mail is a member of the owner’s management team), logged in to set the record straight:
“After cruising Spain, France, Italy, Croatia, and Greece through the end of September, the yachts were prepared to transit the Suez Canal in October with guests scheduled to embark in Thailand mid-November.…Unfortunately, the captain was notified in mid-September that the insurer (Chubb) would not cover the yachts’ planned passages under the war-acts clause for transit through the Red Sea or Straits of Malacca. Even when pressed with an offer to pay increased premiums, Chubb refused coverage. The owner, being of sound mind and judgment, decided to return to the Caribbean and accelerate the planned sale of the yachts. Since insurance companies seem to own the largest buildings in the world, their risk assessments cannot be taken too lightly.” As to why Hagadone decided to sell, funshyn posted, “The owner is moving into his retirement mode and slowing down the travel pace. After eight years in yachting with a 150-footer followed by the Lady Lola fleet, there will be no Lady Lola III.”
To see the latest postings on this and other topics, visit the Megayachts forum at powerandmotoryacht.zeroforum.com.
Down the Ways
Two years from now Burger will deliver two yachts to one owner.
This article originally appeared in the January 2005 issue of Power & Motoryacht magazine.