High Value Yacht and Boat Insurance

We can cater for smaller vessels however when you get beyond 30 feet in length you need to consider bespoke cover which we can tailor to meet your requirements. Many define large yachts as being a pleasure vessel with a load line length equal to or over 24m.

Our superyacht insurance includes ‘all-risks’ cover against physical loss or damage to the hull and this will have no hidden warranties, we can look to cover on an aged fixed value basis.

Cover can extend to:

• • Loss or damage arising from wear and tear
  • Additional property such as fine arts, ship’s cash, machinery and equipment
  • War, strike and political acts
  • Protection and indemnity cover including marine liabilities incurred by you as an owner, your guests and your crew
  • Oil pollution
  • Wreck removal for those who operate yachts greater than 300 gross tons
  • Pre-delivery liability
  • Crew welfare
  • Personal accident
  • Legal expenses

As you can imagine, these can mount quickly when emergency evacuation is required. We also make sure that the medical insurance covers the crew for both accidents at work and whilst they are off duty and it doesn’t matter if they are on board or ashore. We would always recommend you take both of these options. There is even the opportunity to take out additional cover for loss of income. We would also look at higher limits of cover for Captains.

Super yacht and boat policies often have a stated navigational territory, which you must stay within to remain covered. To travel outside of the navigation territory you must obtain an endorsement allowing permission from the insurance provider.

This is another very important consideration when it comes to superyachts. Almost all flag administrations have adopted safety codes and this provides a universal meaning in the international framework of yachts. The main flag authorities are The UK-MCA, Cayman Islands, Isle of Man, Malta, The Marshall Islands, Italy and Luxembourg. When insuring your vessel, we will need to disclose the flag your yacht is entitled to fly.

The class of the vessel is also important. Class societies carry out statutory duties on behalf of the flag administrator. For private yachts, the mandatory requirements are relatively light, usually a restoration survey and a tonnage measurement that are carried out by an authorised surveyor will be sufficient. Classification isn’t mandatory, but building and maintaining a vessel in class is the only way to evidence it has been designed, constructed and operated within the technical standards. It is highly desirable and will have big impact on the insurance policy.

There is a booming charter industry, particularly in the Mediterranean and the Caribbean. We can cater for vessels that are either fully chartered or are chartered for part of the season. The additional covers include cover for cancellation or abandonment up to £1,000,000 and reimbursement for curtailment. This cover can be purchased by the charter guests themselves (up to 12 guests). This is a real added value offering when people book your vessel.

Yes, our superyacht and boat insurance can cover yacht renovations or major refits. We understand these are costly projects and as the project continues, we are very aware that the responsibility and percentage of ownership increases. Many shipyards limit their contractual liability and this can mean you are left out of pocket in the event of a substantial loss. We would build a policy that protects your financial interest throughout the project and until completion.