Yacht Insurance Market Status
The yacht insurance market becomes more complicated as a result of the increasing number of claims made last season.
Insurance companies, or other risk holders, are withdrawing from the market.
The remaining insurers are becoming more selective. Some are only taking out limited shares.
At present time, for the yachts with a value between 3 m € and 20 M €, there are less than 10 secured insurers in Europe and their requirements in terms of information to be provided are increasingly high.
Covering your vessel is becoming difficult and getting an comprehensive Yacht Insurance quote becomes even more complicated:
- If your vessel is over 15 years old without a recent survey
- If the length is over 30 metres without being classed
- If you are sailing outside European waters
To help you face this situation, we advise you to prepare a complete and detailed file on :
- Your vessel
- Your experience
- The crew on board
- The program of navigation
- The future shipyard visits
- The management of the vessel
In addition, we recommend that you select a single yacht insurance intermediary. Otherwise, companies will be asked several times for your application, which they do not appreciate.
Trusting a specialist will simplify all your procedures, as there are many documents to be provided at the time of subscription or in the event of a claim.
Just focus on your yacht, we take care of the insurance.