Insurance
The Four Dominant Criteria of Yacht Insurance
It is generally understood that the insurance coverage of a luxurious Yacht can be a headache for her owner, not having the necessary knowledge and sufficient information to make an educated decision with confidence, especially in a changing and challenging international insurance market.Yacht insurance traces its roots in an official sense back to the 17th century and falls within a special category, specifically Marine Insurance, which requires advanced knowledge and experience…
New Online Marine License Insurance Program
Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…
HKCYIA & Voyager: Superyacht Services in HK
The Hong Kong Cruise and Yacht Industry Association (HKCYIA) signed a Memorandum of Understanding (MOU) with Voyager Risk Solutions Ltd to support its risk and insurance management services for superyachts, with full scale professional solutions that are expected to promote its upcoming initiatives in the development of the yacht and tourism industries in the Greater Bay Area.The move was made in view of the rapid development of the global yacht industry and the surging demand for superyacht management services in Hong Kong.The MOU signing ceremony…
Marine Insurance: Protect Your Yacht, Yourself
All my life, I grew up around boats. My dad was a captain for 23 years, and I would travel on his ships throughout the Gulf of Mexico, the Atlantic Ocean and the Great Lakes. My first job out of college was in San Francisco, so naturally I bought a 30-foot sailboat and lived on it on the San Francisco Bay. In more recent years, I have enjoyed yachting with my family on the inland lakes of Virginia. No matter where you have launched your yacht, boating is an exhilarating experience. It can also be dangerous and fraught with risks.
Cargo Ship Collides with Yacht off England
Two sailors have been rescued after their yacht collided with a cargo ship off Dungeness, Kent.HM Coastguard received a Mayday from the yacht following the collision which happened just after 4:10 a.m. local time on Wednesday.Dungeness RNLI lifeboat rescued the two from the yacht, and both crew members are safe and well.The yacht become entangled with the superstructure of the cargo vessel and will need to be released, but is thought to be intact.A Maritime and Coastguard Agency spokesperson told MarineLink that there is no…
“Blockchain” and the World of Marine Insurance
If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.
Shipowners’ Club Pact with Yachtpod Risk Partners
Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, today announces that it has entered into a partnership with newly established super yacht specialists Yachtpod Risk Partners (Yachtpod). Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, today announces that it has entered into a partnership with newly established super yacht specialists Yachtpod Risk Partners (Yachtpod), an underwriting cell on the Castel Underwriting Agencies Limited (Castel) managing general agent formation platform…
Seacurus: Yachting Sector Seafarers Need Attention
Specialist marine insurance intermediary Seacurus has called for more flag states to establish a process of compulsory registration for all providers of Seafarer Recruitment and Placement Service (SPRS) in the yachting sector. Thomas Brown, managing director of Seacurus, says, “More countries need to follow the initiatives shown by the likes of the UK MCA and France, with the latter making company registration compulsory for SRPSs in the yachting sector. The measures introduced by the French authorities…
Technology Helps Police Recover Stolen Boat
The recovery of a stolen vessel in the Bahamas was made possible with the help of GOST’s NAV-TRACKER System, the marine security, tracking, monitoring and video surveillance systems company, GOST (Global Ocean Security Technologies), announced today. On Saturday June 20, 2015, a homeowner in the Hopetown area of the Abacos, contacted Marsh Harbor Police and reported that his white 34-foot Jupiter power boat was missing. Accessing the vessel’s GOST NAV-TRACKER 1.0 tracking system through his secure web account…
Novamar Insurance Group Expands Yacht Insurance Program
Novamar Insurance Group, Inc. has expanded its proprietary "Novamar Offshore" Yacht Insurance Program. Yacht owners can now insure their vessels while cruising locally or around the world with an "A + rated" U.S. insurance company at reasonable premiums. The Novamar Offshore Program is sold direct to yacht owners and through partner insurance brokers. "A+ Rated" U.S.
US Obamacare Impacts the Global Marine Industry
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG). Maria, who is president/broker at SYIG, said, “The biggest challenge presently is Obamacare. Interestingly enough, it’s actually affecting the international marine industry, in that we now have to cope with tighter guidelines regarding time spent in-and-out of the U.S. waters. Most underwriters require that the yachts spend at least six months outside the U.S. in a 12-month period.
Moore Stephens, RSA Partner on Yacht Medical Coverage
Game changing new medical insurance with global unlimited cover for the world’s superyacht crew has been released by Moore Stephens. Developed with Royal and Sun Alliance (“RSA”) the Superyacht Crew Plan's adaptable coverage has no deductible/excess and allows the choice of where treatment is received. The Superyacht Crew Plan is available exclusively through Moore Stephens Crew Benefits.
ITIC Warns on Email Fraud
ITIC has warned of continued attempts by fraudsters to target payments between shipping companies. Speaking at the 45th FONASBA Annual Meeting in Gothenburg, ITIC claims director Andrew Jamieson explained that recent cases had been variations on earlier frauds. In April this year, ITIC warned its members about a scam resulting in pre-funded port costs being diverted to a fake bank account. In each case the owners received an email advising them that the port agent’s bank account was inoperable because of an annual audit.
XL Offers KRE Cover to Yacht Owners
To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement. According to Rick Salway, Vice President of XL Group's Recreational Marine business, "Our ShipShape insurance pulls together the most relevant…
More Coverage Expected from New Federal Regs
Legislation passed on Tuesday, July 29, 2014 by the U.S. House of Representatives will bring a benefit to improve insurance coverage at lower cost to companies and their workers in the recreational boating industry, said the Marine Industries Association of South Florida (MIASF), a trade organization dedicated to promoting, protecting and growing marine business jobs. H.R. 3896 achieved this by amending the Longshore and Harbor Workers’ Compensation Act to provide a simplified definition of recreational vessels for purposes of the Act. The legislation was spearheaded and introduced last January by U.S. Rep. Debbie Wasserman Shultz of Florida.
ICOMIA Revises Standard Framework Contract
The International Council of Marine Industry Associations’ (ICOMIA) Superyacht Refit Group, which represents quality refit, repair and maintenance yards, has launched the latest revision of its Standard Framework Contract. Developed by the Refit Group in conjunction with prominent international marine lawyers, the contract addresses matters such as performance, subcontracting, redelivery, liability, warranty and insurance and speeds up the process of contractual settlement. “The…
SAR Effort for UK Sailors Will End PM Friday
A search for four British sailors missing in the Atlantic Ocean after their yacht capsized a week ago will be called off by midnight on Friday if no sign of the men is found, British and U.S. authorities said. The four yachtsmen went missing a week ago as they were returning to Britain from a sailing event in Antigua in the Caribbean and reported that their vessel, the Cheeki Rafiki, was taking on water, forcing them to change course for the Azores. U.S. authorities abandoned a search after two days due to treacherous conditions but resumed the hunt on Tuesday after a request from the British government and a public petition signed by over 200…
Watercraft Thefts Sink by 6% in 2013
With summer and boating season just around the corner, the National Insurance Crime Bureau (NICB) has released its latest report on watercraft theft and recoveries in the United States. The report examines watercraft reported stolen between Jan. 1 and Dec. 31, 2013. The report draws from data contained in the National Crime Information Center (NCIC) database for all 50 states and the District of Columbia. Overall, there were 5,537 watercraft thefts reported during 2013, and that is a 6 percent decrease from the 5,870 thefts reported in 2012.
Proposal on Spray Painting Passes
NMMA in conjunction with Lauderdale Marine Center (LMC) and the National Fire Protection Committee on Spray Finishing, recently drafted and approved a new standard which reduces the fire risks of spray painting large objects, including yachts in temporary membrane enclosures. Temporary membrane enclosures are used in the marine industry to paint yachts that are too large to fit in a spray booth. The standard not only makes painting safer but eases the concerns of fire marshals and regulators who oversee this work. The new standard…
