Whilst it’s long been a principle of insurance that the premiums of the many pay for claims of the few, it may be somewhat contentious to suggest that UK yacht owners should be paying for the claims of the many US and Caribbean-based yachts, as well as the various superyachts that have been lost globally, that were insured at Lloyds of London.
That, however, is largely what has been happening over the past couple of years and with the Yacht Insurance Market consistently posting huge losses we have seen what is fair to describe as an unprecedented upheaval which has seen whole insurance portfolios bought and sold, some insurers pulling out of the Market altogether; and many of those remaining hiking premiums up as high as 30% plus, not just as a one-off but year on year.
We highlighted this issue in July 2019 in our article “Did you get something extra in your Yacht Insurance renewal?” (see. https://marineinsurance-ircm.co.uk/did-you-get-something-extra-in-your-yacht-insurance-renewal/ ) and it’s fair to say things have hardly changed since then.
Yacht owners are still experiencing hefty premium hikes at renewal; additionally, the Market has continued to see capacity shrink and insurers review their overall underwriting appetite. This has led to some yacht owners having great difficulty in finding cover for their vessels. Wooden and historic vessels, for instance, are generally supported by a couple of specialists, racing yachts are not top of underwriters’ lists of business targets and even owners of multi-hulls are experiencing some difficulty.
It is against this backdrop that independent Yacht Insurance specialists Insurance Risk & Claims Management Ltd (IRCM) have continued to support the yachting community. “We are very much open for business and are able to accommodate most types of yacht” said IRCM’s Specialist Risks Executive Mark Elcocks.
“We have always supported the Classic Yacht segment and continue to offer competitive premiums to private owners as well as preservation groups. We can also offer A-Rated cover for owners of modern sailing yachts and dinghies including race cover and offer owners new- for-old cover if their yachts are less than 3 years old.”
Yacht Insurance quotations can be obtained by emailing firstname.lastname@example.org or by consultation via telephoning 01902 796 793.
IRCM are authorised and regulated by the Financial Conduct Authority