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Superyacht insurance: How to choose the best policy for your yacht

Related articles.

Picking insurance coverage for your superyacht can be fraught with difficulty. BOAT reveals what owners really need to know when it comes to yacht insurance and how to keep the process as pain-free as possible if the worst happens.

When it comes to superyacht insurance, shopping around for the best deal may not be the smartest tactic. “Many of the insurance policies and contracts out there are quite similar, but, as with everything, the devil’s in the detail. Sometimes what may appear to be a really good option might contain some restrictions or exclusions in cover that might catch the unwary person out,” says Mike Wimbridge, managing director of Pantaenius UK.

Indeed, insuring superyachts worth tens to hundreds of millions of pounds, plying waters subject to windstorms and even perhaps political upheaval, is complicated. There are a lot of considerations at play and in the end what you see on your policy is what you get. “Marine insurance is not specifically regulated, meaning policy forms don’t have to be approved by any regulators in any country or state like other types of consumer insurance do. So whatever you get on your policy contract is what you get today for insurance, and it could be different for everyone,” says Nancy Poppe, North American Yacht Practice Leader at Willis Marine Superyachts.

In general, there are two types of insurance a yacht needs: Hull and Protection & Indemnity (P&I). Hull covers physical damage to the vessel and its appurtenances, while P&I is marine liability insurance for third-party liability, explains Poppe. The larger the yacht and/or the more complex its cruising programme, the more likely this coverage will be split with P&I provided by a P&I Club. “They offer a single shot $500 million P&I limit, and they can very easily offer all of the certificates,” says Spencer Lloyd, president of AssuredPartners’ yacht speciality team. “For instance, there’s something now called the Nairobi Wreck Removal endorsement and some of the companies that do both Hull and P&I do not have the ability to issue these certificates for a yacht travelling in foreign waters.”

The marine insurance market currently is a bit turbulent, which means not every yacht is insurable. A few years ago a large number of underwriters – overwhelmed by hurricanes and fires – pulled out of the marine market, creating a hard market where demand exceeded supply. It’s since stabilised to some extent, helped by the fact that 2021 churned up no serious windstorms, but underwriters today can still afford to be picky.

Wimbridge likens the last few years to “panning for gold”, as the market was shaken up to see where things lie. “The London market, the traditional home of the superyacht market, is not comfortable below USD10 million. So the more domestic markets are picking those risks up, whether that be US or Europe or Australia. I think above 10 million, it’d be fair to say the London market has been choosy over recent years,” says Wimbridge. But he is seeing more competition creeping in for what insurers would class the more desirable risks in the megayacht area, so that’s leading to a steadying of the market. The under-$5 million market, though, is more volatile, subject to holes when a single underwriter pulls out.

Factors that affect a yacht’s insurability include its age (even if it’s refit), whether it will be based in a windstorm-prone area, and the owner’s experience, explains Poppe. “For boats that, say, want to summer in Florida and winter in the Caribbean, there are very limited choices particularly in the smaller end of things. And first-time owners jumping into large-sized vessels with no prior ownership experience and not hiring a full time professional manager – there's limited, if any, options for coverage there,” she says. With this in mind, she advises any prospective owner to secure an offer of insurance before they accept an offer to buy a yacht.

Once the insurance is in place, the communication doesn’t stop. There are a few situations where it’s common that the underwriter requires advance notice or coverage can be excluded. One of these is yard work.

“A lot of yacht policies will exclude welding and hot work until you notify them first and beforehand,” says Lloyd, explaining that the underwriter will typically want to see a copy of the yard’s insurance certificate, any independent contractor’s liability, a drawing of what welding is going to take place and a gas-free certificate if the tanks have to be cleared of flammable liquids. The difficulty he has seen lately is when the shipyard wants a complete waiver of liability, a situation he deems unfair. “A lot of times the company insuring the yacht will come back and say, ‘Hey, we want a $10,000 to $15,000 additional premium for the exposure of what you're having done’.”

How underwriters consider named windstorms also differs, with at least one excluding all coverage for yachts under 500 gross tonnes. “In the old days, the bigger boats didn't necessarily need a hurricane plan. But in this day and age, most underwriters are asking to see the hurricane plan for all sized yachts,” says Poppe.

“If you're going to be in the shipyard, having work done during hurricane season, you need to give your underwriter a lot of advance notice,” she continues. “If you're not going to be able to move the vessel to sea in the event of a storm coming, you are probably going to face either no coverage for windstorm or a quite high deductible for windstorm.”

Another point that could be lost in the fine print is itinerary exclusions. “For instance, there are parts of the world that are deemed to be political hotspots, so they tend to be excluded from the war cover,” says Wimbridge.

Insurance companies also want to be involved in choosing the captain. “They have gotten much more strict about captain resumes,” says Lloyd. “Rule of thumb was the captain must have a minimum of two years’ experience on similar-size boats to the one that they are applying for. And some have raised it to three years. We are in a constant battle because with so many boats being sold, there’s not enough qualified people to fill the positions. And how does the mate, who is good and capable but doesn’t have the resume, take the next step?”

With all of these considerations, it’s crucial that the owner – whether they are dealing directly with an underwriting agent like Pantaenius UK or working with a broker like Poppe or Lloyd – is being advised by someone they trust and someone experienced in insuring yachts of a similar type and cruising programme.

In the end, insurance is a relationship business, Wimbridge points out. “The selection of the insurance partner and, if appropriate, the insurance broker, I think is paramount because those parties are experts in this process and often the clients aren’t. And in many cases, the ultimate client isn’t the one doing the negotiation. Depending on how large the boat is, there can be several people in that chain involved in the pre-discussions, offering their own thoughts and advice, which might not necessarily be the most helpful. The advice in all aspects of this is to choose the right partner, people that will give you proper advice.”

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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

Related Coverage

We provide exceptional boat insurance with tailored protection.

We help you stay ahead and informed with these helpful tips and tricks

12 safety tips for recreational boaters

As the weather warms up, many of us head to lakes, rivers, or the ocean to fish, waterski, cruise, and relax onboard a boat, yacht or other personal watercraft. 

Understanding boat insurance

A comprehensive guide to finding the right boat insurance coverage.

This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

Find an Agent

Speak to an independent agent about your insurance needs.

Super or Mega Yacht Insurance

Contact us to discuss your boat and yacht insurance coverage options:

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Cruising on luxury, mega, or a superyacht is the pinnacle experience of the yachting world. However, owning and managing these vessels needs to include an insurance program designed for your vessel and desired cruising range. Anchor Marine has the expertise to negotiate insurance programs for Luxury and Superyachts with coverage specifically designed to meet the owner’s needs and coverage for your crew.

Luxury yachts’ value typically ranges from $1 million to $50 million. Mega or superyachts can exceed this. One company may be able to provide all the coverage, or it may take several to put a program together. We encourage owners or yacht managers to set an appointment with us to discuss your needs.

Coverage for Luxury and Superyachts includes:

Hull & Machinery Coverage

Broad “all-risk coverage” is provided with few exclusions. These may even include the manufacturer’s defect. Policies have favorable depreciation terms and may not include depreciation on the machinery, personal property, and tenders. Deductibles are negotiable with insurance companies.

Liability limits need to at least equal the vessel’s value and need to cover the owner’s assets adequately. The coverage protects you from property damage, bodily injury, or death resulting from the ownership or use of the insured yacht. Also covered are legal defense costs, the cost of wreck removal, crew coverage, Jones Act, and pollution.

Broad Navigation

Navigation is available to let you navigate freely.

Occasional Charter Coverage

Insurance companies may provide coverage for occasional charter and reimbursement for your loss of charter income if your vessel is unusable due to a covered loss.

Other Coverage Enhancements

Additional coverages are usually offered and negotiable with insurance companies.

Call 800-726-2728 to set an appointment.

IMPORTANT NOTE: This summary provides only a simplified description of insurance coverages in general and is not a statement of contract. For complete details of coverages, conditions, limits and losses not covered, be sure to read the actual policies, including all endorsements.

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SANCTUM SPOTLIGHT

RELATED INSIGHTS AND NEWS

INTRODUCTION TO SANCTUM

Sanctum is a complete insurance solution for superyacht owners and crew. Created by a renowned and trusted superyacht insurance broker, working with a number of market leading insurance companies and underwriters, it delivers a truly unique comprehensive package and service.

Three distinct specialist areas of cover are available, protecting the physical yacht, P&I liability, and crew health and welfare.

Sanctum is available through a professional insurance broker or yacht manager.

SUPERYACHT INSURANCE COVER

We created ‘Sanctum Health’ because looking after your crew is as important to us as it is to you. This enhanced crew welfare policy offers up to £1 million medical expenses per crew member, with fast claims handling, automatic payments and 24-hour multi-lingual support. Sanctum Health also provides fully MLC 2006-compliant personal accident and sick pay coverage to provide a lump sum in the event of an accident or wages cover while signed off work.

A superyacht is a fantastic asset which needs looking after in a unique and special way. The yacht coverage offers insurance protection for the yacht including machinery and technical systems through to the interior and tenders – based on a tried and tested ‘All Risks’ cover. With the Sanctum policy, many extensions and some unique features are offered, providing some of the best levels of cover available together with a quick, easy and dedicated service.

Accidents happen, and when they do, you need to be able to trust the team around you. One of the most crucial aspects of insuring your yacht is the quality of your liability cover. That’s why at Sanctum we have partnered with The Shipowners Club, which enables us to offer up to US$ 1billion of liability cover. This, combined with their dedicated team with over 125 years’ experience in marine liability, means we are able to offer you the best protection for your yacht.

SANCTUM SECURITY

We appreciate you have a choice when selecting Sanctum and we take the same level of care and attention when choosing the Insurance Partners for Sanctum. We only work with Standard and Poor ‘A’ rated insurers who are leaders in their class and have a long proven record for claims ability and service.

Our main partner Insurers are

SANCTUM APP

Wherever you are take us with you!

We have put together this APP to help our clients easily obtain information and assistance with a touch of a smart phone screen anywhere at anytime.

Info General information about the cover on offer. Claims notification Notify us of a claim anywhere anytime. Docuping Receive proposal forms and claims form straight to your inbox with one touch. Sanctum Help! Emergency 24/365 assistance numbers. And also review the latest insurance related articles and tips from Sanctum SpotLight

Offering an information platform to users, Sanctum aims to educate and inform audiences on the latest news in not only the insurance market, but the wider industry. Whether it's through news stories on Sanctum Spotlight, Collaborations with market experts, or in depth on camera interviews through Sanctum Studio, we'll ensure you stay up to date.

Featuring relevant stories and articles impacting the superyacht insurance world, News will provide a running commentary to a wide range of topics. Fresh content will run throughout the year, with a quarterly newsletter sent out to Sanctum users and our large database. From how best to prepare for a winter refit, and crew employment, to more topical niche topics such as art on board, migrant rescue, and cyber-attacks. News will deliver the most prevalent information on the web and straight through the App.

The Sanctum Studio will feature on camera interviews and presentations from experts in their field in conversation with our team members. The interviews will focus on different aspects of the market from finance and crew, to risk management and legal issues. In addition, specialist subjects and presentations will be delivered on a variation of themes, offering educational and informative online tutorials and lectures.

Collaborations

Building relationships through the aforementioned mediums of News and the Studio, we are rapidly developing a network of partnerships with people we know and trust, who will bring new ideas and observations on the industry. This network of knowledge will continue to grow in the future, offering an all-encompassing informative database from which we can draw upon and share with the public.

SANCTUM  HELP!

Accidents happen and when they do, Sanctum has you covered.

Whether it is a crew claim, damage to the hull, toys and tenders or your personal effects, further information can be found through the links below.

Aston Lark Europe Limited. Registered in Ireland Number 338916. Registered Address 10 The Courtyard, Kilcarbery Park, Nangor Road, Dublin 22. Aston Lark Europe Limited trading as CRS Yachts, Sanctum Health and Sanctum Superyacht Insurance is regulated by the Central Bank of Ireland. UK registered office Ibex House, 42-47 Minories, London, EC3N 1DY.

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Mega Yacht Insurance

(Finding the right coverage has never been easier)

More than seven million people visit our site every year looking for unbiased information about insurance and other related topics. And with great readership comes great responsibility, which means we’re dedicated to providing honest and accurate information.

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Yachts are high in value and larger than average pleasure boats. Mega yachts up the ante even more. According to the Yacht Council, the general rule of thumb is that a mega yacht tends to be over 100 feet in length, has multiple levels and superb construction, often including ornate or luxury interior features. 

Mega yachts, luxury yachts, super yachts, or “floating villas” as they are sometimes called, need their own insurance policies beyond what a regular boat policy would cover.

Mega yacht insurance can protect your investment in your vessel. Independent agents work with several different insurance companies and will be able to provide you with quotes for specialty coverage like mega yacht insurance. 

Contact an independent insurance agent to get started today.

Save on Boat Insurance

Our independent agents shop around to find you the best coverage.

Recent Yacht Facts 

• Cabin motorboats, which include yachts, accounted for 14% of all boating accidents
• Operator inattention was cited as the No. 1 cause for accidents involving cabin motorboats
• Only about 20% of all boaters who drowned were on vessels larger than 21 feet

What Is Mega Yacht Insurance and What Does It Cover?

Mega yacht insurance is a specialized type of boat insurance that covers very large yachts, generally longer than 100 feet. These are usually privately owned yachts with a professional crew. 

Some have motors while others are sailing vessels, like the America’s Cup ships. While many of these boats are for personal use, they are also commonly used for commercial charters or tours.

Like yacht insurance or most other boat insurance, mega yacht coverage can provide several types of protection, including:

• Liability coverage : This policy is for coverage if you are at fault for another person’s injuries or property damage.
• Comprehensive coverage: This is for storm or other “non-collision” damage to the yacht.
• Collision coverage: This is to pay for loss or damage due to an accident.

There are other types of coverage and options for increasing the amount of coverage as well. For example, some of the additional coverage you could consider might be:

• Extra liability insurance: If you have significant assets to protect, it’s a good idea to increase your liability coverage for unforeseen incidents that could require legal defense or a significant judgment against you. You may also want to buy an umbrella policy that can provide liability protection at much higher limits, such as $5 million.
• Personal property protection: You can add this coverage for valuables you bring on board, protecting you from loss, damage, or theft. You can also get medical coverage in case passengers are injured while on your yacht.
• Towing: Breakdown and towing assistance help in case you are stranded on the water and/or need on-land towing.

There are other specific coverage types available in certain states. Your agent can go over those with you to determine the best fit for your situation.

Why Buy Mega Yacht Instead of Standard Yacht Insurance?

Mega yachts, also called super yachts and luxury yachts, tend to be handled differently by insurance companies because they are so large and because they usually have professionally trained crews. These vessels also typically have several cabins for overnight trips. 

Being so large, they are often hard to navigate, and their overall value can make them very expensive to repair or replace. Mega yacht insurance tends to take the professional crew into consideration, while regular yacht insurance generally presumes the owner is the primary operator and might not be professionally trained.

What If My Mega Yacht Is Only for Commercial Use?

Super yachts or mega yachts can be great for chartered tours or serving as party ships. Whether this is one of a fleet of yachts or your charter business is a one-ship entity, getting insurance for the yacht is important. 

Your state may require at least some minimal liability protection for passengers if you are using a yacht for commercial use. Be sure to describe your intended use to your agent so your agent can go over the coverage options that might be necessary for commercial use versus personal use.

Are There Special Circumstances to Consider?

Mega yachts are very large vessels, and because of that they tend to be hard to navigate and don’t have very high speeds on the water. These large vessels are also nearly impossible to haul by ground on a trailer. They tend to be at risk for weather damage from tropical storms or very high waves. 

Mega yacht insurance policies tend to have limitations on taking a yacht on a trailer very far or across state lines, largely because of safety concerns and the fact that each state has different regulations regarding land transport for yachts. What works in your home state might not be adequate in another.

How Much Does Mega Yacht Insurance Cost?

Mega yachts are very large and very expensive, so it makes sense that this type of insurance can be costly. Rates vary by state and by insurance company, so it’s important to shop around. 

An independent agent can help assess your situation so that you don’t have to buy too much or too little coverage for your mega yacht. The factors that will go into your premium will include whether the yacht is for personal or commercial use, how often you will use your yacht, whether you cross state boundaries, and the value of the vessel.

A local independent insurance agent in our network can help you get the coverage you need. These agents offer personalized service, an in-depth assessment of your situation, and coverage that is tailored to your needs. 

Your agent will be able to help you with all of your insurance needs, and will be there to help you if you need to file a claim. Find a local member agent to get started comparing policies and quotes today.

• Superyacht Insurance

The Yacht Insurance Buying Process:

1. Complete the quote form. Need the principal owner’s details, (such as full name, age, nationality, profession etc.), the yacht and tender details, the navigational area and the crew details; how many full-time-, part-time- or seasonal crew and their nationalities.

2. A recent survey may also be required.

3. We will submit the quote form and additional information to top-rated underwriters in the U.S. and Europe for quotes.

4. Once we receive the quotes back, we will review and compare them and send you the best option/options based on coverage and premium for your review and consideration.

5. Once you have decided on the quote to go with, we will help you to submit all necessary documents to the insurer, requesting them to bind the cover.The information requested usually include, but is not limited to:

• A completed application
• Captain’s license and resume. May require other senior crew members credentials
• Bill of Sale, (if this is a newly acquired yacht) to verify the yacht’s agreed value
• Hurricane Plan
• 12 months Itinerary
• Paid premium

6. The insurance needs to be bound at the time of closing. The actual policy is usually provided in acouple of weeks to a month after policy initiation.

Understanding Superyacht Insurance

Before purchasing yacht insurance (Hull, P&I) for your yacht or superyacht, it is imperative to align yourself with an insurance broker who is an expert in the field of yacht- and superyacht insurance coverage, with whom you are willing to initiate an ongoing professional relationship with. It is essential to do your due diligence before purchasing the insurance and ask questions about the coverage, policy exclusions and other possible restrictions to the coverage. Read the insurance contract once received and make sure it is exactly what you discussed with your insurance broker prior to binding.

The yacht insurance cover consists of two main policy sections, Hull, and P&I insurance. The “Hull” portion, (as the name says), covers the yacht itself, the machinery and all equipment, tenders and “toys” and accessories. “P&I” stands for Protection & Indemnity and is the liability section of the coverage that covers third party risks, war risks and risks of environmental damage such as oil spills and pollution. There are policy differences, and an insurance contract is not always easy to comprehend. Two common types of yacht insurance policy wording are an “All-Risk” policy and a “Named Perils” policy. In simple terms, an “All-Risk” policy covers everything, except what is listed in the policy exclusions. Whereas a “Named Perils” policy, covers only the perils listed as covered. Many policies exclude normal “wear and tear” from being covered.

It is important to address if there are any changes to the yacht’s itinerary; the navigational area may need to be updated to make sure that your insurance covers in that area. The shipyards usually have their own policy in place, but this needs to be addressed prior to the work starting. Always have the owner’s insurance broker and maritime attorney review the yard liability policy thoroughly. Full details of work being carried out is necessary to provide to the insurer, including any “hot work”, defined by the Occupational Safety and Health Administration (OSHA) as “riveting, welding, flamecutting or other fore or spark-producing operation performed aboard a yacht”, which MAY be excluded from the policy.

Common Yacht Policy Warrants:

• Qualified Captain at all-times
• Agreed Navigational area only
• No towing of tenders until a tow plan has been seen and agreed by Underwriters
• Private Crew medical Insurance policies in place at all-times

Find The Right Yacht Insurance Agent For You

Do your due diligence and find an insurance agent you want to work with and who SPECIALIZES in the luxury marine industry, offering insurance policies and coverage for yachts- and superyachts.

We have been in the marine insurance business since 2002. We will search the international and U.S. insurance markets for the most suitable coverage at the best premium for your luxury vessel.

Contact us when you are about to purchase your luxury yacht, when it has been built and you are ready to take possession, or when the current yacht policy is up for renewal. We have insurance markets and provide marine coverage for yachts valued $3 million and up. We are happy to review your current insurance policy and can also recommend a suitable global crew medical plan. We will make sure that the coverages do not over-lap or that you underinsure.

LOCATION, LOCATION, LOCATION!

SYIG IS SERVING THE GLOBE! LOCATIONS INCLUDING THE FOLLOWING (but are not limited to): Fort Lauderdale, Miami, Palm Beach, Palma, Barcelona, Antibes, Montecarlo, Italy, St Maarten, Bahamas, Australia.

COVERAGE FOR CREW OF ANY NATIONALITY. Including, but not limited to: South Africans, Australians, US, Canadians, UK, Spanish, Italians, French, Danish, Swedish etc.

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What can we help you find?

Superyachts.

Our international superyacht team is a dedicated group of specialists equipped to help owners navigate their way through the array of customised insurance solutions designed to cover the many exposures needed for the operation of their yacht.

Based in the major hubs of London and Fort Lauderdale, we consider yachting to be a fraternity – one of which we are proud to be a part. We understand that arranging insurance for your superyacht demands levels of discretion and specific knowledge, which are core to our personalized service.

We offer bespoke risk advice and insurance solutions needed for the operation of a client’s yacht, including physical damage to the yacht, liability to third parties and crew medical insurance. Cover can also be arranged for the sub-sea operations of related equipment and for the construction of the yacht itself.

Our promise - Experience, ingenuity and an excellent service to discerning superyacht owners.

Responding to your superyacht insurance needs:

Conversion construction risks

Enhanced builder’s and property package to ensure complete coverage for all assets whilst in the yard's care, custody and control

Pre-delivery crew

Adaptable and tailored policies to cover the owner’s legal liability. Coverage can be extended to crew personal accident and medical expenses

Pre-delivery sub-contractors

Project specific professional indemnity for sub-contractors on the project

Hull and machinery

Tailored all risks policies providing wide coverage

Protection and indemnity (P&I)

Bespoke P&I coverage with limits of USD 500m and USD 1bn

Subsea equipment

Separate customizable cover insured with specialist subsea insurers

Crew personal accident and medical expenses

Comprehensive coverage ranging from personal accident and medical expenses to full private medical cover

* Cover options available (dependent on terms at time of placement and individual circumstances)

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Le Panorama, 11th Floor 57 Rue Grimaldi MC 98000 Monaco +377 99 99 97 97

1 Franklins Row London SW3 4SW +44 203 862 0820

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Yacht Insurance

No yacht insurance policy is like the other. Our in-house yacht insurance specialists will find you the highest level of protection from reputable insurers with excellent claims history and favourable terms.

Get help from an independent specialist

Finding the best yacht insurance cover for your vessel can be a minefield. YPI works with top yacht insurance companies to help secure a policy that maximises benefits for owners. Our independent insurance specialist will navigate the market on our client’s behalf, looking for top offers from reputable insurers.

Continue your journey...

Safety & Security

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Would you like to know more? Our Yacht Management team are here to help.

Superyacht Insurance

Protecting your most important assets.

Superyacht insurance is a complex service that is critical to safeguard from marine risks. Superyachts are considered one of the most luxurious objects in the world, and with that comes one of the most extensive insurances as well. From jet-skis, inflatables and dinghies, to the guests and crew, it’s imperative your superyacht insurance coverage be comprehensive.

Our yacht management team conducts an in-depth study of risk coverage, underwriter reputation, and claim handling to recommend only the best service providers. We also conduct regular reviews of your yacht’s hull, machinery, liability, and crew health insurance policies. At Superyacht Sales & Charter, we have long-stablished relationships with several insurance underwriters so we can arrange the most appropriate insurance for your yacht and crew.

Liability Coverage is also recommended to insure the owner’s legal liabilities. Additionally, the crew should be included in the insurance package to protect in case of emergencies, accidents, medical issues and salary. No fault coverages will also be discussed to protect fault towards the yacht in case of injury to any guest or crew members.

Protecting the crew members is very important, especially when they are away from their resident country. There may be a scenario that a crew member needs medical treatment, air rescue, or even crew replacement. Insurance packages are available to protect you if any of these scenarios were to arise.

What Does Superyacht Insurance Cover?

Aside from the yacht itself, a package can be tailored to your exact needs & specifications. Typically the insurance covers:

• The Superyacht in its entirety
• Water Sports Equipment
• Inflatables
• Personals – Clothing, Food, Drinks, Currency (on-board)
• Any leased items

Vital Insurance Coverage

Yachting is an exclusive luxury activity with potential perilous possibilities at sea. Your Superyacht Insurance package should cover these situations for the safest of coverages which include:

• Captains Coverage – Insurance that protects the Captain in an event that can ruin the individuals career.
• Piracy – Although it is a very low possibility it is important to have the proper coverage.
• Kidnapping & Ransom

Factors Affecting Superyacht Insurance Coverage

• The overall size of the Superyacht
• Location of your yachting excursion
• Size of the crew and their backgrounds (nationalities)
• Refurbishments if needed
• Different modes of movement of the ship by third party carriers
• Financial arrangements

THINGS TO REMEMBER

Shipyard insurance is also needed. Shipyard’s typically cannot handle the high value and risk of holding a Superyacht. For this reason, Shipyard’s will ask that you sign a waiver that protects themselves against any negligence incurred, which will lift any fault that the owner’s insurance will place on the shipyard.

Check the claims guidance for your insurance policy. This will inform you of what to do in any situation and the quicker the claim is reported, the sooner assistance can arrive and a solution can occur.

Taking the extra time to consult an insurance company that will guarantee you are fully protected. Regardless if you are part of the crew, a guest or the Captain, it is highly important to know that you have the best possible coverage available.

For more information about how to best protect your assets with on of our insurance packages please contact us below or call our yacht management team at 954-368-7200.

Additional Yacht Management Services

Yacht Administration & Accounting

Yacht Safety & Security Management

Logistics & Operational Support

Inquire about our superyacht insurance services.

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• Company Profile
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At Superyacht Insurance Brokers we have a strong passion for boats and the sea. A lifetime of sailing all over the world, combined with owning and refitting a number of yachts, has greatly enhanced our expertise in the international yacht insurance sector. 

Now over 35 years since beginning our adventure in the yacht insurance business, we have opened our most prestigious specialty yacht insurance brokerage ever! Throughout our journey our experience and passion has always given us an edge over our competition – few of whom are experienced sailors with a lifetime sailing the globe. 

Our years of hard work, dedication to the highest levels of service, and an undying commitment to our clients have culminated in this fantastic new enterprise!   We have exceptionally broad and extensive access to the best underwriters at Lloyd’s of London as well as the many other International Marine Yacht Insurance Markets in London. We can insure yachts navigating worldwide up to $500 million and provide Protection & Indemnity Liability Coverage up to $1Bn, as well as provide the very best products for the many associated and supplementary yacht insurance coverages. 

We are committed to providing the very best top quality customer service, with the utmost integrity and discretion. One of the first things I was taught in my insurance career was to always be guided by “Uberrima Fides” and to exercise “Utmost Good Faith” in all of my dealings – this resonated with me and has been my foundation ever since.

We insure only the best luxury yachts and the best superyacht owners, who deserve the very best in all regards. We provide the highest levels of personalised concierge service anywhere.

Robert (Bob) Raymond, CAIB CEO / Founder

Office: +44 (0)20 3053 8612 [email protected]

32 Threadneedle Street London, United Kingdom EC2R 8AY

EMERGENCY 24 HOURS

+44 (0)20 3053 8612

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DISCLAIMER: All insurance policies are unique and specific in their coverage limits, terms and conditions. None of the descriptions of coverage in this website effect your specific policy terms in any way.

Superyacht Insurance Brokers Ltd is Regulated and Authorised by the Financial Conduct Authority – FRN 844548

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ALL RIGHTS RESERVED © SUPERYACHT INSURANCE BROKERS LTD 2024. WEBSITE DESIGN: PAD CREATIVE

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Yacht insurance

The marine insurance leader for over 45 years.

Find a Markel marine agent and get a free, no-obligation quote today.

If you love your yacht, you’ll love our insurance.

We’ve been the yacht insurance leader for over 45 years because we provide coverages that fit your yacht and your lifestyle. Markel yacht insurance can offer distinct advantages in coverage features, options, knowledge and experience.

Why do you need yacht insurance?

Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget and your style.

Still not sure?

Here’s a few of the potential advantages to insuring your yacht with us:.

More complete coverage than any other carrier at no additional cost.

Experienced yacht underwriters and marine claims specialists who provide prompt, responsive service.

Discounts and cost-effective coverage options to save you money.

Flexible payment options.

Save money by customizing your yacht insurance

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.

Lay-up option We’ll discount your yacht insurance premium during the winter months when your yacht is not in use.

Higher deductibles If you can manage minor repairs to your boat on your own, selecting a higher deductible will reduce your premium.

Windstorm exclusion Live in an area that isn’t at risk for a hurricane? You may consider removing windstorm coverage from your policy.

Liability only Coverage in case you damage another yacht and/or person (doesn’t require a survey—even for older boats).

What we offer

We offer coverage for a variety of watercrafts over 26 feet in length, including:.

• Sport fishing boat

Our coverages can include:

• Coverage for your yacht
• Coverage for you
• Optional coverages

Hull and equipment insurance protection including:

• Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
• Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
• Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
• Agreed value for total loss
• Deductible waived on most total losses
• No depreciation on most partial losses
• Automatic tender coverage

Windstorm extra expense If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.

Personal effects coverage For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)

Emergency towing and assistance Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.

Rental reimbursement coverage Coverage for when your yacht is being repaired from a covered loss.

Uninsured boater Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

Medical payments Coverage for injuries suffered during an accident on your yacht.

Paid crew (Jones Act) Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.

Protection and indemnity Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.

• Boat trailer coverage
• Boat lift and boat house coverage
• Fishing tournament reimbursement for fishing boats
• Fishing equipment protection
• Transit and storage coverage
• Trip coverage
• Trip interruption reimbursement
• Personal liability coverage if you live aboard your yacht

Frequently asked questions about yacht insurance

General questions.

How much coverage do I need? Each boat, person, location and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It’s best to evaluate your comfortable level of risk when protecting your boat, assets and passengers. Your best option is to call our boat specialists at +1.800.236.2453 to discuss the best coverage for you.

Can I insure my yacht for liability only? Yes, we offer protection and indemnity (liability only) coverage to help protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, require a survey. However, Markel’s protection and indemnity coverage does not require a survey, so you’re able to do what you love without worries out on the water.

Will my policy cover normal wear and tear of my yacht? Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.

Can I use my yacht for chartering? We know that sometimes yacht owners charter their yacht for sightseeing tours or even sport fishing to help offset some of the costs of owning a yacht. Markel offers an optional limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. Additional restrictions may apply.

I live on my yacht. Am I covered? Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.

My yacht is in a corporation's name. Can I still insure it with Markel? Our yacht insurance policy can cover corporately titled boats for both personal use and client entertainment. We do require all corporately titled boats designate a designee of the watercraft. Contact your agent to learn more.

Do I need to insure my yacht in the winter? It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance and one that we have seen cost far too many people far too much money. Your yacht is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.

Do you cover unique boats? We offer coverage for various kinds of boats that other insurers may shy away from, including: high performance boats, airboats, hovercraft, etc. Not sure if your watercraft will be covered? Give us a call at +1.800.236.2453 to speak with one of our marine insurance specialists.

What kind of fishing equipment is covered? Your rods, reels and tackle are automatically covered under your personal effects coverage up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides insurance protection at replacement cost. Please contact one of our marine insurance specialists at +1.800.236.2453 to find out more.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your yacht insurance claim by calling our office at +1.800.236.2453 or submit your claim online and we'll take it from there.

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? Yes, you can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

• Policy number
• Date, time and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Additional resources

Related articles.

From boat safety tips to breaking down yacht insurance, find the information, advice, and resources you’ll need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

Related products

Specialized coverage designed specifically for boats 26 feet or less, such as pontoons, runabouts, fishing boats and more.

High performance boat

Insure your high performance watercraft with a high performing policy for all your specific needs.

Personal watercraft

Fit your budget and boating style with affordable and customizable coverage for your personal watercraft.

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Ensuring Serenity

Experience the pure joy of yachting while we handle the waves of uncertainty. With our comprehensive yacht and superyacht insurance, from construction to voyage, dock to deck crew – you simply set sail and we assure tranquility.

Awards & references

OnlyYacht sources the most attractive products in a highly competitive market, tailoring our contacts to the client’s specific needs. We deliver bespoke insurance solutions using AM BEST and Standard & Poor’s recognised “A” / AAA rated security.

The excellence required by an impeccable level of service remains the essential value of our Group, combining customer integrity and discretion.

Head of direction

Custodians of excellence, jean-victor pastor, jérôme ragas, three steps to tranquility, we will help you every step of the way.

Our team is here to support and assist you in ensuring the best protection for your yacht and crew. We simplify the process to the fullest and take care of everything, so all you have to focus on is the pleasure of being at sea.

Quick and unique contact

As soon as you contact us a member of our team will take care of your request. Our dedicated OnlyYacht agent will remain your unique contact for all your inquiries. Your not just a number for us.

Tailor made service

We are capable of insuring everything related to your yacht, not only the boat itself and the crew but also the tenders & toys and even the artworks on board. Our experts will guide you to ensure you’re covered no matter what happens.

We fight for you

At OnlyYacht, we are not insurers but broker that’s why we help not only to obtain the best guarantees and rates through our strong network, but also to be compensated as best and as quickly as possible in case of an incident.

Young Professionals in Yachting Breakfast

A special morning with YPY Monaco Breakfast during the Monaco Yacht Show 23.

Monaco Yacht Show’s Cocktail Party

A memorable cocktail party hosted by ONLYYACHT associated with WTW and BMW Monaco Store.

OnlyYacht is a premier intermediary in the yachting industry, offering tailored insurance solutions and expertise.

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Bespoke insurance for yacht owners operating worldwide.

Start your journey with us today., start your journey today., cruise with confidence.

There’s nothing quite like the thrill of venturing out into open waters. However, with this freedom come the challenges and demands that superyacht ownership entails—from protecting the yacht and its crew, to providing cover for damage to third-party vessels.

Gallagher is a specialist insurance broker in the pleasure craft industry, providing bespoke insurance cover for some of the global top 100 superyachts, along with many of the UK’s leading marina and berth providers. Our professional, highly technical and discrete service appeals to our clients across all areas of the marine sector, whether private yacht owners, or businesses serving this unique sector.

What is covered in a superyacht insurance policy?

Superyacht insurance will typically include ‘all-risks’ cover for protection against physical loss or damage to the hull machinery and equipment, and a wide spectrum of third-party liability covers. Liability insurance can cover damage to other vessels and property, and injury to people both on board and off the yacht, including crew members.

Specific cover for the captain and crew includes personal accident cover and emergency medical expenses cover (with options to include elements of routine medical cover), and lump sum and/or weekly benefit payments in the event of specified injuries and/or death (crew welfare insurance).

Insurance cover for your yacht can extend to the vessel’s inventory, dinghies, accessories, fishing gear and personal effects. In addition, we can provide cover to protect your yacht when in build or undergoing an extensive refit programme, as well as whilst she is in transit.

Why choose Gallagher for your superyacht insurance?

Gallagher is a specialist in marine insurance , servicing a number of the most prestigious brands in the industry. We are able to negotiate terms from the specialist marine insurance market, with strong, long-standing relationships with some of the market-leading composite insurers and syndicates within the world renowned Lloyd’s of London, to create an insurance programme tailored for your specific requirements.

Our experience in managing international policies means that we can provide insurance protection, while ensuring the covers we offer are proactive to changes in regulation—helping to keep you up to date and compliant.

We also offer cover for a wide range of other pleasure craft, including motor cruisers, speedboats, narrow boats, RIBs and traditional sailboats. Please contact us for more information.

We take claims management on board

We will be there with timely advice and expertise in the unfortunate event of a claim, through our in-house claims team, available 24/7. Our claims specialists offer support throughout the process, helping resolve claims as quickly as possible—another reason why our clients put their trust in us.

• A specialist marine team managing your marine insurance requirements
• Cover for loss or damage
• Third-party liability cover
• Specialist in-house claims support

Gallagher’s long-established presence in the marine sector and our partnership approach with insurers enables us to negotiate comprehensive cover at an appropriate premium for our clients. Get in touch for a tailored quote.

Policy limits and exclusions may apply. Please see policy wording for full terms and conditions.

Katrina Davis

Specialty marine director, related products.

• Yacht & Motorboat Insurance

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Register to watch: Will your business thrive or survive in tomorrow’s world? - 05.07.2023

Client interview: sunseeker puts people at the heart of its business, norway specialist businesses parisco and bergvall marine to rebrand as gallagher.

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Superyacht insurance

Bespoke insurance programmes for owners of large luxury yachts.

Howden Sturge specialises in large, privately-owned super and mega yachts with values between €5m and €500m. Currently we arrange insurance for over €9bn worth of superyachts, including a significant number of the Top 100 list. 

In view of the size and quality of our portfolio we are able to arrange advantageous rates, structures and coverage mechanisms from our favoured international markets.

We work for yacht owners, captains, managers and home offices directly or through local brokers who wish to access our preferential relationships with specialist superyacht MGAs, and the Lloyd’s of London, European and US markets. 

Our client advisory team is second to none in terms of knowledge and experience

We enjoy close working relationships with many of the top firms in the yachting industry and we only work with first class underwriters and insurers who can provide our clients with the security they require.

Financial strength is integral to the insurer selection process; and we feel it is crucial to monitor both the financial health and capacity of the insurers that we use, and continue to do this on an ongoing basis.

The true test of a broker is how they act during a claim

Our five-strong, dedicated yacht claims team is one of the largest and most experienced in the yacht insurance industry.  The team handles, on average, more 800 claims per year, managing the process from first notification, to negotiations and expediting settlements. Claims can occur for many reasons but understandably, the vast majority are crew related. From experience, we have learned that a happy captain and crew make for a happy boat, which is one of the main reasons for the size of our team. Anything we can do to maintain the on-board atmosphere, we go above and beyond to help. Based on our excellent insurer relationships, and combined with the knowledge, experience and ability within our team, we are extremely confident that the Howden Sturge approach secures the best possible results for our clients. 

Our history

Sturge Taylor & Associates Ltd joined the Howden Group in March 2021, and re-named as Howden Sturge. Started in Antibes in the early 1970s by Nick Sturge, nephew of the then Chairman of Lloyds of London, we are one of the oldest established insurance brokers in this class of business. Today, we have one of the largest professional teams in the market, based in four locations: London, Southampton, Antibes and Palma. Our 30-strong team is dedicated to providing the very best superyacht insurance products available in today’s market place.

Insurance programmes for fully crewed superyachts

A comprehensive superyacht insurance programme often involves a blend of the following:

Hull and machinery coverage

If it forms part of the yacht then it can usually be included. Generally, this coverage will be on a comprehensive “All Risks” and “Agreed Value” basis. 

We can arrange cover for hull, materials, contents, engines, machinery and everything connected therewith including: 

• Tenders, water craft and water sports equipment
• Interior fixtures, fittings and contents including artwork, antiques and objet d’art
• Personal effects of the owner, guests and crew
• Loss of charter hire.

Liabilities (protection and indemnity)

We can also provide covered for a wide range of third party liabilities: 

• Damage caused to other yachts
• Crew negligence
• Liability arising out of the use of tenders and the
• yacht’s water craft
• Water sports liabilities – injuries to guests,
• damage to docks and harbours
• Pollution liability
• The assured’s legal liability to employed crew
• including MLC requirements
• F D & D legal expenses cover for disputes.

Crew Welfare 

We provide 24/7 and 365 days cover for full-time, part-time and seasonal crew.  Protect your people ashore or afloat, on or off duty, signed-on or on vacation. 

Our exclusive Crew Welfare offering includes cover for:

• Medical expenses, doctors or hospital fees for accidents or illness
• Lump-sum payments for accidental death or permanent disability
• Salary indemnity for temporary disablement, worldwide repatriation, crew replacement expenses
• Trauma counselling
• 24 hour emergency assistance, MLC Compliant.

Pre-delivery risks

We regularly arrange policies to cover the assured’s liability to paid crew that are on site, plus their medical expenses and personal accident insurances. 

Owner supplied items and furnished equipment including tenders etc., in store or present at the shipyard can also be insured and protected.

Builders’ risks, refit and restoration 

We are able to arrange customised insurance programmes for yachts that are in build or under major refit/alteration, where a conventional yacht insurance policy is not appropriate. 

We also regularly policies for classic or vintage yachts that are being restored or rebuilt. Howden Sturge has been involved with many projects that have seen new life breathed into famous yachts of the past.

We are also able to provide: 

• Professional indemnity for the yachting industry
• Cargo insurance, for yachts or other goods as cargo
• Insurance for submarines and submersibles
• Aviation insurance 
• Cancellation or Curtailment insurance
• Mortgagees’ interest cover

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What to do if you are experiencing financial difficulties

We recognise that the current economic conditions are putting pressure on many households and businesses. At Howden, we are committed to finding ways to assist our customers who may require additional support during these times.

If you’re currently facing financial difficulty, please speak to us about your insurance policies by:-

-contacting your Howden Service Team;  -calling Howden on   020 7623 3806 ; -using the Enquiry form.

Our Website Terms and Conditions and Privacy Notice includes information on the scope of our service and how we will handle your data.

For further information, please contact us using the details below

Caspar McDonald Tel: +44 2074 569300 Tel: +44 7788 454260 Email: [email protected]

James Drysdale Tel: +44 7710 419447 Email: [email protected]

Burr Taylor Tel: +33 4939 52295 Tel: +44 7799 900696 Email: [email protected]

Steve Laurie Tel: +44 7706 313760 Email: [email protected]

Dairine Williams Tel: +33 6765 20986 Email: [email protected]

Claire Cruse Tel: +44 7706 313764 Email: [email protected]

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Russian oligarch's yacht is costing U.S. taxpayers close to $1 million a month

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings.

• The Justice Department is seeking permission to sell Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov.
• Attorneys for Eduard Khudainatov, an ex-Rosneft CEO who has not been sanctioned, say he owns the yacht, and have sought to take back possession of the vessel.

The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the "excessive costs" of maintenance and crew, which it said could total $922,000 a month.

"It is excessive for taxpayers to pay nearly a million dollars per month to maintain the Amadea when these expenses could be reduced to zero through [a] sale," according to a court filing by U.S. prosecutors on Friday.

The monthly charges for Amadea, which is now docked in San Diego, California, include $600,000 per month in running costs: $360,000 for the crew; $75,000 for fuel; and $165,000 for maintenance, waste removal, food and other expenses. They also include $144,000 in monthly pro-rata insurance costs and special charges including dry-docking fees, at $178,000, bringing the total to $922,000, according to the filings.

The battle over Amadea and the costs to the government highlight the financial and legal challenges of seizing and selling assets owned by Russian oligarchs after the country's invasion of Ukraine. European Commission President Ursula von der Leyen said last week that the European Union should use profits from more than $200 billion of frozen Russian assets to fund Ukraine's war effort.

Her comments echoed government calls in the spring of 2022 to freeze the yachts, private jets and mansions of Russian billionaires in hopes of putting pressure on Russian President Vladimir Putin and raising money for the war effort.

Yet, nearly two years later, the legal process for proving ownership of the Russian assets and selling them has proven to be far more time-consuming and costly. In London, Russian billionaire Eugene Shvidler has waged a court battle over his private jets that were impounded, and Sergei Naumenko has been appealing the detention of his superyacht Phi.

The battle over Amadea began in April 2022, when it was seized in Fiji at the request of the U.S. government, according to the court filings.

Though the U.S. alleges that the yacht is owned by Kerimov, who made his fortune in mining, attorneys for Eduard Khudainatov, an ex-Rosneft CEO who has not been sanctioned, say he owns the yacht, and have sought to take back possession of the vessel.

In court filings, Khudainatov's attorneys have objected to the U.S. government's efforts to sell the yacht, saying a rushed sale could lead to a distressed sale price and that the maintenance costs are minor relative to the potential sale value.

Khudainatov's attorneys refuse to pay the ongoing maintenance costs as long as the government pursues a sale and forfeiture. However, they say their client will reimburse the U.S. government for the more than $20 million already spent to maintain the yacht if it's returned to its proper owner.

In court papers, the government says Kerimov disguised his ownership of Amadea through a series of shell companies and other owners. They say emails between crew members show Kerimov "was the beneficial owner of the yacht, irrespective of the titleholder of the vessel."

The emails show that Kerimov and his family ordered several interior improvements of the yacht, including a new pizza oven and spa, and that between 2021 and 2022, when the boat was seized, "there were no guest trips on the Amadea that did not include either Kerimov or his family members," according to the court filings.

The government also says Kerimov has been trying to sell Amadea for years, so a sale would be in keeping with his intent.

"This is not a situation in which a court would be ordering sale of a precious heirloom that a claimant desperately wishes to keep for sentimental reasons," the government said in filings.

Even if Amadea were sold quickly, the proceeds wouldn't automatically go to the government. Under law, the money would be held while Khudainatov and the government continue their battle in court over the ownership and forfeiture. Don't miss these stories from CNBC PRO:

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Steward hospital system receives higher insurance payments than many in Mass.

A new analysis questions the company’s claim that inadequate payments are behind its financial crisis..

Steward Health Care executives have repeatedly blamed the financial disaster unfolding at their Massachusetts hospitals on stingy payments from health insurers.

The company is months behind on rent, contractors have repossessed life-saving medical equipment , and state officials are scrambling to prevent the closure of Steward’s hospitals, which serve thousands of patients in Eastern Massachusetts. Steward executives at one point asked for more state money.

But a recent analysis provided to the Globe shows that Steward’s hospitals as a group are paid the same as or better than many Massachusetts hospital systems for the medical care they provide. Steward’s fees from private insurers are average overall, and prices paid to Steward hospitals by the state’s three largest commercial insurers — Blue Cross Blue Shield of Massachusetts, Tufts Health Plan, and Harvard Pilgrim Health Care — rose especially fast from 2014 to 2021. Those increases resulted in average payments higher than 57 to 69 percent of other Massachusetts hospital systems, according to the Massachusetts Health Policy Commission, an independent state agency that monitors health care spending and conducted the analysis.

Last week, in an interview with the Globe, Governor Maura Healey called Steward’s argument about insufficient insurance payments “laughable.”

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“Its financial concerns have more to do with its corporate governance, and its greedy business practices,” she said.

The commission examined only payments from commercial insurers, which can vary widely depending on a provider’s negotiating leverage. It did not include fees for Medicare and Medicaid patients in its analysis. Those patients are generally less profitable than patients with commercial insurance, and Steward said it is challenged by a systemwide payer mix that is over 70 percent Medicare and Medicaid.

That percentage does qualify Steward as a “high public payer” system, but it is not the most burdened. A number of hospitals serve as many or more needy patients, including Baystate Health System, independent community hospitals such as Holyoke Medical Center and Lawrence General Hospital, and Boston Medical Center.

Steward’s hospitals are mostly located in lower-income communities such as Brockton, Dorchester, and Fall River, where staff treat many underserved and elderly residents. And like other community hospitals, Steward facilities are generally paid less than academic medical centers like Massachusetts General Hospital and Brigham and Women’s Hospital.

Steward executives argued that if you consider its hospitals individually, its three larger hospitals are traditionally better paid and subsidize its smaller hospitals, which usually lose money.

But several health care experts who have closely followed Steward’s struggles said that the financial crisis at the for-profit company, which was founded by a private equity firm, is not the fault of “chronically low reimbursement,” as Steward has stated.

“Listen, every hospital wants more money,” said Stuart Altman, a health policy professor at Brandeis University and former chair of the Health Policy Commission. “The idea that they can claim they need higher rates is not unusual. The big problem for them is that their costs are probably far in excess of normal for such institutions.”

The private equity firm Cerberus Capital Management created Steward more than a decade ago out of a struggling Catholic hospital system. In 2016, Steward sold its Massachusetts hospital buildings to a publicly traded real estate investment firm for $1.25 billion, fueling Steward’s national expansion but simultaneously locking the system into long-term multimillion-dollar rent payments. The company has for months been unable to pay its full rent on its hospital buildings, and vendors say the company owes them tens of millions of dollars.

Very few other hospitals pay rent, Altman said.

Large hospital systems, like Dallas-based Tenet Healthcare and Nashville-based HCA Healthcare, prefer to own their real estate “because they understand that leases after selling the real estate are onerous and tend not to work and be economical over longer timeframes,” said Rob Simone, a real estate investment trust research analyst at Hedgeye Risk Management.

When asked if low fees from insurers led to Steward’s financial mess, John McDonough, a health policy professor at the Harvard T.H. Chan School of Public Health, said, “No. This organization ... has been financially looted by aggressive financial firms that have been looking to just take every possible nickel and dime from every corner.”

The Globe has reported that Steward chairman Ralph de la Torre owns a superyacht and a sport fishing boat worth a total of about $55 million, and that Steward executives travel the world in two luxury jets owned by the company. Steward said those jets are now for sale.

The Health Policy Commission examined payments to hospital systems, computing Steward’s average relative prices by calculating average prices for all inpatient and outpatient care at the company’s eight acute-care hospitals and comparing those with average prices at other Massachusetts hospital systems

The commission has also examined hospital prices in other recent reports on the state’s health care system. In one instance, the commission found that five Steward hospitals were among the top 11 highest paid hospitals for outpatient endoscopies for adults, with Good Samaritan Medical Center in Brockton paid the fifth most of all hospitals — about $1,500 on average per procedure in 2018. Another analysis found that four Steward hospitals earned fees in the top half of hospitals for inpatient care, excluding maternity stays.

Tufts and Harvard Pilgrim would not comment on Steward’s prices. Blue Cross said in a written statement that Steward’s price increases “have been relatively consistent with the rest of our network.”

“Yes, there are hospitals around, smaller community hospitals, that are in much rougher shape than they ought to be, much of that tied to Medicaid funding not being what it should be,” McDonough said. “Steward is not one of those. So much of its wealth was torn away by Wall Street vultures. Lawrence [General Hospital] has a legitimate case for Medicaid underfunding.”

During an interview with the Globe last week, Healey rejected Steward’s argument that reimbursement rates were central to the company’s problems. She pointed to the number of other health systems in the state that similarly care for high portions of patients on government insurance, saying they were not in the same situation as Steward.

“The difference here, it seems, is that what you don’t see in those settings is an individual at a company that’s come in and essentially looked to strip as much of the asset as it can to line their own pockets, to enable them to go purchase other hospitals,” she said.

Altman said that insurers may have raised Steward’s payments because they wanted to keep the company’s community hospitals viable, as they are relatively low cost compared with academic medical centers — a disparity he says is mostly justified because academic medical centers have legitimately higher costs due to trauma centers, extremely complex patients, and physician training.

Steward’s “cost structure is not related to the care they provide,” he said.

Liz Kowalczyk can be reached at [email protected] .

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15 men brought to military enlistment office after mass brawl in Moscow Oblast

Local security forces brought 15 men to a military enlistment office after a mass brawl at a warehouse of the Russian Wildberries company in Elektrostal, Moscow Oblast on Feb. 8, Russian Telegram channel Shot reported .

29 people were also taken to police stations. Among the arrested were citizens of Kyrgyzstan.

A mass brawl involving over 100 employees and security personnel broke out at the Wildberries warehouse in Elektrostal on Dec. 8.

Read also: Moscow recruits ‘construction brigades’ from Russian students, Ukraine says

We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron !

Read the original article on The New Voice of Ukraine

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R ussian President Vladimir Putin has ordered the nationalization of an ammunition plant in Moscow after a mechanical failure caused tens of thousands of Muscovites to lose heat and water amid freezing temperatures beginning last week.

On January 4, a heating main burst at the Klimovsk Specialized Ammunition Plant in the town of Podolsk, which is around 30 miles south of central Moscow. Since then, tens of thousands of Russians are reported to have no heating in their homes in the Moscow region amid subzero temperatures.

Affected areas include the cities of Khimki, Balashikha, Lobnya, Lyubertsy, Podolsk, Chekhov, Naro-Fominsk, and Podolsk, a map published by a Russian Telegram channel and shared on other social media sites shows.

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Newsweek has contacted Russia's Foreign Ministry for comment via email.

Many residents have taken to publishing video appeals on social media to complain about their freezing conditions. In one clip, people living in Moscow say that they are left with no choice but to warm their homes with gas stoves, heaters, and "whatever else we can find." Others said they are lighting fires in the streets to keep warm.

Andrei Vorobyov, governor of the Moscow region, announced on Tuesday that Putin ordered the ammunition plant to be nationalized because two of its owners have been "located abroad." He didn't name the individuals.

"We received the right to take control of this boiler house within the framework of an emergency," Vorobiev said, adding that the plant's boiler room was managed "very poorly" and there was "virtually no qualified competent personnel."

Russia's Investigative Committee has opened a criminal case over Klimovsk Specialized Ammunition Plant not meeting safety requirements.

On Tuesday, the committee said that because of the incident, the deputy head of Podolsk's administration, the head of the plant's boiler house, and the general director of the ammunition plant had been detained.

Residents of Selyatino have described the situation as "some kind of struggle for survival," Russian Telegram channel ASTRA reported.

Power outages have also struck St. Petersburg, Rostov, Volgograd, Voronezh, Primorsky Territory, and Yekaterinburg.

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