Yacht Insurance, Risk Management and Customized Protection

Posted October 1, 2018 in Lifestyle by Janine St.Denis

Whether you own an antique sailing yacht or a cutting-edge carbon fiber racing yacht, you deserve reassurance knowing you have an insurance program in place that will protect your prized vessel and respond how you expect it to in the event of a claim.

Not every sailing yacht insurance program is created equal, so it’s essential to work with an insurance professional with deep knowledge of the risks unique to sailing yachts and one who can recommend an appropriate insurance solution.

John J. Gaffney, Marsh Private Client Services’ (PCS) Yacht Practice Leader and avid boater for more than 40 years, has developed a true understanding of the complexities of owning a sailing yacht. “Owners of sailing yachts need coverage beyond a traditional yacht insurance policy — they need a program that addresses unique sailing yacht risks, both on- and off-water risks and is designed for global navigation,” Gaffney explains.

Advocacy Around the World

One example of a risk that can get overlooked is coverage and placement of spare-part containers that are shipped and stored along a sailing yacht route. “Not only does Marsh PCS make sure spare-part containers are properly insured and going where they need to go, but our team also can offer input on selecting drop-off points along the route before a crew sets sail,” says Gaffney.

If you race your sailing yacht, you want to ensure your navigation plans are defined ahead of time. The Marsh PCS Yacht Team can offer input on navigational limits and seek coverage terms that are compliant with U.S. regulations and international travel requirements. Once your crew reaches its destination, you’ll want to have insurance in place for non-owned or hired auto rentals to transport the crew. Marsh PCS can assist with auto coverage for rentals as well.

Support When You Need It Most

When a guest of yacht owner Michael P. suffered an injury while aboard his yacht, Michael was pleased with his decision to become a Marsh PCS client. “Twelve days after we bound coverage, we had an injury aboard one of our yachts. I immediately filed a claim. John personally called me and said not to worry because his team would handle everything for us. This was very comforting since the injured party became litigious,” the owner said.

Gaffney noted, “Beyond the insurance program, working with a trusted insurance professional can make all the difference in getting the personalized service and advice one should expect from policy implementation, in the event of a claim, and throughout the longevity of the relationship.”

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