July 18, 2016

Marine Insurance

Lloyds of London Image Portfolio Feb2011

The days have long gone that one policy fits all yacht requirements. Today Hull Insurance for Giga – Mega – Super and Yachts under 30 metres are insured under different sets of conditions (Marine Insurance Clauses).

YIS can tailor-make your insurance to suit the requirements to the size of the yacht’s value, gross tonnage and the owner’s cruising requirements.

Some smaller yachts are still insured under the traditional Institute Yacht Clauses, but for the larger vessels the IYC is not sufficient and there lies the technical expertise of an experienced Specialist Broker who can give advice and insure the vessel with a different set of marine conditions to cover the vessel and owner’s needs.

In many cases Super and Mega yachts are insured under commercial Hull Clauses American R12 Form with amendments or a mixture of different wordings to suit the needs of the particular yacht we are insuring. Carefully constructed policies using the different wordings and clauses can give a much broader coverage, to protect a yacht of high value and size.
If you are owners or buying a big yacht, you have to think big when insurance cover is required. That does not mean you have to pay high for the privilege.

A specialist insurance broker is of paramount importance and very necessary as he can save you money for the best cover. Not all brokers have the expertise to insure such yachts, even though some agents say they can, human nature prevails, nobody likes to turn business away.

Insuring a Super / Mega Yacht is a specialist job requiring a particular set of skills.