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
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
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
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
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
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
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
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
