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AIG states most common superyacht insurance claim as contact not fire

AIG states most common superyacht insurance claim as contact not fire

The most common insurance claim for superyachts comes from contact damage with either other vessels or stationary objects, according to AIG accounting for nearly 12% of all claims, according to new figures released by the AIG private client group. Despite a series

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Yachts to be careful: unusual features of yacht insurance policies

Yachts to be careful: unusual features of yacht insurance policies

As the shipping downturn continues, many marine insurance companies which ordinarily only provide insurance to cargo vessels are attracted to break into a new sector – yacht insurance. This article provides a guide to some of the more unusual clauses

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SocratesQ and Securewest International partner for Crisis Counsel service

SocratesQ and Securewest International partner for Crisis Counsel service

Brand management and marketing agency SocratesQ and global risk management company Securewest International have partnered to launch a crisis communications service named Crisis Counsel for the superyacht industry. The launch builds on the success of a crisis management workshop that the

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Barbie superyacht owner receives $20m in blaze pay out

Barbie superyacht owner receives $20m in blaze pay out

The owner of a superyacht destroyed in a fire off the coast of Turkey in January has received a $20 million insurance pay out from a consortium of 14 Lloyds insurers. The 170-foot vessel was gutted and left beyond repair

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Owners try to drive down costs of superyacht insurance policies

Owners try to drive down costs of superyacht insurance policies

Superyacht insurance companies need to show the value of their offering or risk a race to the bottom on fees according to a panel gathered at this weeks Superyacht Investor London 2016 conference. The insurance offering used to be the

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The risks of over insurance: M/Y GALATEA

The risks of over insurance: M/Y GALATEA

Andrew Spyrou, Holman Fenwick Willan, considers the recent case of Riva’s M/Y GALATEA, which was destroyed by fire in an Athens Marina.  The owners sought €13 million from the insurers of the vessel as she was a constructive total loss, but

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When personal guarantees bite

When personal guarantees bite

Fergal Quinn, Hill Dickinson, looks at the tricky issue of personal guarantees. It is common practice for financiers of yachts to seek a personal guarantee from the borrower’s beneficial owner(s) to guarantee the debts of the borrowing entity, which will

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How good claims can be invalidated

How good claims can be invalidated

Richard Hugg, Ince & Co, explains how good claims can be invalidated by passing false information to your insurer. In a 2014 judgment of considerable significance (Versloot Dredging BV v. HDI Gerling and others (DC Merwestone), the English Court of

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