The operation of yachts; super, mega and now giga, differs in many respects from the conventional trading of ships, nonetheless they are still exposed to a great deal of the traditional marine perils.
With a variety of yachts already insured, our book/portfolio continues to grow. We have dedicated ourselves to creating a facility which not only provides the most comprehensive cover but can most importantly be tailor-made to suit the individual needs of the Owners and their yacht.
The main covers for motor/ sailing yachts include:
- Hull and Machinery (H&M)
- Increased Value (I.V.)
- Protection and Indemnity (P&I)
- War Risks Cover (Including Terrorism & Piracy)
- Crew & Passengers Medical & Personal Accident
- Uninsured Boaters
- Loss of Charter Hire
- Private Pleasure, Skipper Charter & Bareboat Charter
- Yacht Contents (Fine Arts, Jewelry & Personal Effects)
We always recommend that larger yachts should have a separate P&I arrangement, as it provides extended cover and higher Limits of Liability with respect to all aspects of Third Party Liability exposures such as:
- Collision with other vessels (yachts/ships etc.) or any Fixed and Floating Objects causing loss or damage
- Non-contact damage to other ships (listing/fire etc.)
- Loss of or damage to property
- Third party persons engaged in an incident caused by insured yacht or tenders or jet skis causing loss of life, injury and relevant expenses
- Seamen loss of life, injury, illness etc.
- Wreck removal, raising, lighting or marking
- Fines (caused by seamen)
- Legal & other expenses
- Water sports liability to any person
- Contractual Liability (Shipyards, Marinas, Suppliers)