Along with liability cover, this is the most obvious cover a yacht needs. While there are many who provide cover it’s a very specialist type of cover and is very difficult to get just right for an owner. There are often requirements of insurers that are overlooked that can have severe consequences in the event of a claim.

Many brokers will do what it takes to tell an owner what he wants to hear, not necessarily what he needs to hear, which can sometimes be a very difficult conversation. In our experience insurance is often left to an admin person who has little experience or knowledge of insurance, or indeed the yacht. Their goals may not be aligned with the correct goals of an insurance policy and those the owner is expecting in the event of a claim.

They will frequently opt for the cheapest premium as this will likely attract little attention and questions that cannot be answered from the owner. In reality every quote should be scrutinised and discussed thoroughly with the broker providing it so there is a full understanding of the cover afforded, its benefits and pitfalls compared to other quotes received. The actual cover given is one thing, the ‘willingness to pay claims’ and flexibility of an insurer is another and is crucial, as is the experience and knowledge of the broker providing the cover. With nearly 30 years specialist experience we are well placed to provide loyal advice.

Contact

Colin Dawson
Managing Director

Email

Phone

yachts@tgg.com.hk

+852 2530 2331

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