As a nautical family that has owned and managed seagoing vessels for over 50 years, we know from experience that the best policy isn’t necessarily the cheapest policy. Having said that it always pays to shop around – different insurers like to balance their risk book and quotes will vary.
explore WHY INSURING A SUPERYACHT IS ALWAYS A CONUNDRUM
Insurance is a weird thing – basically you’re pay a lot of money in the hope that something never happens. If you’re insuring a superyacht, you’re almost certainly paying a lot of money because so many things might happen not only to the vessel itself, but its contents, its accessories, its passengers and its crew. Insurance is not something to be undertaken lightly and every potential risk needs to be taken into consideration. Because it is a complex business, policy costs can vary enormously.
THE CHEAPEST POLICY ISN’T ALWAYS THE BEST POLICY
WHY YOU SHOULD CONSIDER WORKING WITH US
If you mostly sail in Greece and the Eastern Mediterranean, we have unrivalled experience of all the risks island-hopping in these waters involves. We work with a range of brokers and insurers who also know the waters well. Finally, should you ever need to make a claim, and get any damage or other incident remediated, our people are on hand with local knowledge.
INSURING FROM THE KEEL UP
Our philosophy has long been to insure ‘from the keel up’. So we start with the hull and machinery, then add any ‘toys’ such as jet skis, etc. All yachts require liability coverage, generally written on a broad protection and indemnity basis, covering all aspects of ownership, use and operation of the vessel, including liability coverage for crew. Then we normally add the personal effects of owners, guests, charterers and crew, normally on an ‘all-risks’ basis.
But the fact is that every contract is different and, if you are chartering to a third party, can always be extended if special circumstances or risks occur. In these cases we can add specific medical or personal accident cover, damage to or loss of fine art and unusual valuables, loss of hire and consequential loss, kidnap and ransom insurance and, increasingly in these digital times, cybercrime cover.