The summer months are fast approaching and it’s a good time to review any insurance needs that you or your clients may have for a yacht.
There has been a number of articles in the press with regards to high claims within this sector and the impact that these will have on the yacht insurance industry as a whole. This is backed by underwriters pulling out of the market due to high claim figures with not enough return.
Some say, however that the cost of a policy needs to be corrected, with figures dropping by 70% in 10 years, and costs of insurance increasing there is an inevitable need to adjust pricing to accommodate the market.
Even with price adjustments on the horizon, it’s imperative to have the correct insurance cover for the applicable vessel. Yes, we may see prices rise over the next few years in the industry, but the consequence of incorrect cover on a substandard policy is worse.
Markham Brokers offer a comprehensive yacht insurance policy, underwritten by AIG that incorporates a large number of benefits to the yacht owner.
Some of these include:
Property cover, temporary removal and storage, crew cover and environmental damage protection. Read up about more of the policy benefits here.
Contact us for a quote for a vessel. We’re happy to help.