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Superyacht insurance: How to choose the best policy for your yacht

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Picking insurance coverage for your superyacht can be fraught with difficulty. BOAT reveals what owners really need to know when it comes to yacht insurance and how to keep the process as pain-free as possible if the worst happens.

When it comes to superyacht insurance, shopping around for the best deal may not be the smartest tactic. “Many of the insurance policies and contracts out there are quite similar, but, as with everything, the devil’s in the detail. Sometimes what may appear to be a really good option might contain some restrictions or exclusions in cover that might catch the unwary person out,” says Mike Wimbridge, managing director of Pantaenius UK.

Indeed, insuring superyachts worth tens to hundreds of millions of pounds, plying waters subject to windstorms and even perhaps political upheaval, is complicated. There are a lot of considerations at play and in the end what you see on your policy is what you get. “Marine insurance is not specifically regulated, meaning policy forms don’t have to be approved by any regulators in any country or state like other types of consumer insurance do. So whatever you get on your policy contract is what you get today for insurance, and it could be different for everyone,” says Nancy Poppe, North American Yacht Practice Leader at Willis Marine Superyachts.

In general, there are two types of insurance a yacht needs: Hull and Protection & Indemnity (P&I). Hull covers physical damage to the vessel and its appurtenances, while P&I is marine liability insurance for third-party liability, explains Poppe. The larger the yacht and/or the more complex its cruising programme, the more likely this coverage will be split with P&I provided by a P&I Club. “They offer a single shot $500 million P&I limit, and they can very easily offer all of the certificates,” says Spencer Lloyd, president of AssuredPartners’ yacht speciality team. “For instance, there’s something now called the Nairobi Wreck Removal endorsement and some of the companies that do both Hull and P&I do not have the ability to issue these certificates for a yacht travelling in foreign waters.”

The marine insurance market currently is a bit turbulent, which means not every yacht is insurable. A few years ago a large number of underwriters – overwhelmed by hurricanes and fires – pulled out of the marine market, creating a hard market where demand exceeded supply. It’s since stabilised to some extent, helped by the fact that 2021 churned up no serious windstorms, but underwriters today can still afford to be picky.

Wimbridge likens the last few years to “panning for gold”, as the market was shaken up to see where things lie. “The London market, the traditional home of the superyacht market, is not comfortable below USD10 million. So the more domestic markets are picking those risks up, whether that be US or Europe or Australia. I think above 10 million, it’d be fair to say the London market has been choosy over recent years,” says Wimbridge. But he is seeing more competition creeping in for what insurers would class the more desirable risks in the megayacht area, so that’s leading to a steadying of the market. The under-$5 million market, though, is more volatile, subject to holes when a single underwriter pulls out.

Factors that affect a yacht’s insurability include its age (even if it’s refit), whether it will be based in a windstorm-prone area, and the owner’s experience, explains Poppe. “For boats that, say, want to summer in Florida and winter in the Caribbean, there are very limited choices particularly in the smaller end of things. And first-time owners jumping into large-sized vessels with no prior ownership experience and not hiring a full time professional manager – there's limited, if any, options for coverage there,” she says. With this in mind, she advises any prospective owner to secure an offer of insurance before they accept an offer to buy a yacht.

Once the insurance is in place, the communication doesn’t stop. There are a few situations where it’s common that the underwriter requires advance notice or coverage can be excluded. One of these is yard work.

“A lot of yacht policies will exclude welding and hot work until you notify them first and beforehand,” says Lloyd, explaining that the underwriter will typically want to see a copy of the yard’s insurance certificate, any independent contractor’s liability, a drawing of what welding is going to take place and a gas-free certificate if the tanks have to be cleared of flammable liquids. The difficulty he has seen lately is when the shipyard wants a complete waiver of liability, a situation he deems unfair. “A lot of times the company insuring the yacht will come back and say, ‘Hey, we want a $10,000 to $15,000 additional premium for the exposure of what you're having done’.”

How underwriters consider named windstorms also differs, with at least one excluding all coverage for yachts under 500 gross tonnes. “In the old days, the bigger boats didn't necessarily need a hurricane plan. But in this day and age, most underwriters are asking to see the hurricane plan for all sized yachts,” says Poppe.

“If you're going to be in the shipyard, having work done during hurricane season, you need to give your underwriter a lot of advance notice,” she continues. “If you're not going to be able to move the vessel to sea in the event of a storm coming, you are probably going to face either no coverage for windstorm or a quite high deductible for windstorm.”

Another point that could be lost in the fine print is itinerary exclusions. “For instance, there are parts of the world that are deemed to be political hotspots, so they tend to be excluded from the war cover,” says Wimbridge.

Insurance companies also want to be involved in choosing the captain. “They have gotten much more strict about captain resumes,” says Lloyd. “Rule of thumb was the captain must have a minimum of two years’ experience on similar-size boats to the one that they are applying for. And some have raised it to three years. We are in a constant battle because with so many boats being sold, there’s not enough qualified people to fill the positions. And how does the mate, who is good and capable but doesn’t have the resume, take the next step?”

With all of these considerations, it’s crucial that the owner – whether they are dealing directly with an underwriting agent like Pantaenius UK or working with a broker like Poppe or Lloyd – is being advised by someone they trust and someone experienced in insuring yachts of a similar type and cruising programme.

In the end, insurance is a relationship business, Wimbridge points out. “The selection of the insurance partner and, if appropriate, the insurance broker, I think is paramount because those parties are experts in this process and often the clients aren’t. And in many cases, the ultimate client isn’t the one doing the negotiation. Depending on how large the boat is, there can be several people in that chain involved in the pre-discussions, offering their own thoughts and advice, which might not necessarily be the most helpful. The advice in all aspects of this is to choose the right partner, people that will give you proper advice.”

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Superyacht Insurance Brokers was born from a long & successful career providing top quality yacht insurance coverages along with exclusive concierge super yacht insurance services to high value international luxury yachts cruising all over the world.

Combining our extensive yacht insurance management experience with a lifetime of worldwide sailing and yachting, along with our very broad access to yacht insurance underwriting experts at Lloyd’s of London and other global yacht insurance underwriters – we naturally become the best choice for discerning luxury superyacht owners, managers and captains for their super yacht and mega yacht insurance needs.

• Hull and Machinery Coverage – All Risk up to $500M
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• Tenders, Personal Watercraft and most “Toys” are generally included in underlying Hull & Machinery and Liability Cover
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Whether you refer to them as luxury yachts, super yachts or mega yachts, they are rarely considered just an asset by their ultra high net worth owners. They are often the owner’s pride and joy, providing a simply fantastic lifestyle for family and friends – as well as an escape for their owners from the very busy lives that the world’s most successful people have.

Risk management, claim management and peace of mind are at the centre of why having the best super yacht insurance coverage and most knowledgeable yacht insurance broker working for you is essential. We provide very experienced discrete and personalised concierge service for all aspects of our luxury yacht insurance services. And should there ever be a need, we will be at your side throughout the claim process guiding and advising, as well as being your best advocate with underwriters for quick and fair claim settlement.

Over the years Bob Raymond has travelled to the yacht in various parts of the world to offer his service and friendship. He has proven to be incredibly knowledgeable, dedicated and attentive to our every need throughout, always providing quick top-level service that superyacht owners, captains and yacht managers need and expect.

CPT. DAVID HOEY,

M/Y Strangelove

Bob Raymond’s extensive global sailing and solo offshore passagemaking experience has proven to amplify and sharpen his skills & abilities when sourcing and placing insurance coverage for yachts. He knows yachts, he knows sailing, and he knows mariners. His in-depth understanding and experience allows him to strongly convey the best points of yachts, their owners and their captains to underwriters far better than most yacht insurance brokers.

CPT. Gerard Lay,

MSY Shaitan of Corsica

(Retail or Wholesale)

• Broad Market Access to Lloyd’s of London International Marine Underwriters
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Monaco Business Trip for Super Yacht Insurance

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Superyacht Insurance Brokers are off to Monaco again for a packed week of meetings with superyacht insurance clients, friends and ultra high net worth business associates - old and new. We…

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07 / 12 / 17

What a wonderful Yacht Investor evening it was at the Home of the BAFTAs in London last Thursday. Thank you Xavier Calloc’h and your team at Investor Media for inviting Superyacht…

Superyacht Insurance Brokers with Yachtzoo at the Fort Lauderdale International Boat Show

02 / 11 / 17

What a great day at the Fort Lauderdale International Boat Show #FLIBS with our luxury yacht brokerage friends from YachtZoo. We met Neal Bateman onboard superyacht Plan A - a beautiful 40 meter 2007…

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Finding quality health insurance that will work for you! All plans cover you on and off the yacht, anywhere in the world, whether you’re working on the yacht or on your time off. View marine insurance coverage provided by GeoBlue, IMG or Azimuth!

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Insurance Highlights

• Amateur sailboat racing and alcohol-related injuries are covered.
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IMG Global Crew Medical Insurance

Global Crew Medical Insurance allows you to choose from several plan options, customize your length and area of coverage and select from multiple deductibles and modes of payment.

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SANCTUM SPOTLIGHT

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INTRODUCTION TO SANCTUM

Sanctum is a complete insurance solution for superyacht owners and crew. Created by a renowned and trusted superyacht insurance broker, working with a number of market leading insurance companies and underwriters, it delivers a truly unique comprehensive package and service.

Three distinct specialist areas of cover are available, protecting the physical yacht, P&I liability, and crew health and welfare.

Sanctum is available through a professional insurance broker or yacht manager.

SUPERYACHT INSURANCE COVER

We created ‘Sanctum Health’ because looking after your crew is as important to us as it is to you. This enhanced crew welfare policy offers up to £1 million medical expenses per crew member, with fast claims handling, automatic payments and 24-hour multi-lingual support. Sanctum Health also provides fully MLC 2006-compliant personal accident and sick pay coverage to provide a lump sum in the event of an accident or wages cover while signed off work.

A superyacht is a fantastic asset which needs looking after in a unique and special way. The yacht coverage offers insurance protection for the yacht including machinery and technical systems through to the interior and tenders – based on a tried and tested ‘All Risks’ cover. With the Sanctum policy, many extensions and some unique features are offered, providing some of the best levels of cover available together with a quick, easy and dedicated service.

Accidents happen, and when they do, you need to be able to trust the team around you. One of the most crucial aspects of insuring your yacht is the quality of your liability cover. That’s why at Sanctum we have partnered with The Shipowners Club, which enables us to offer up to US$ 1billion of liability cover. This, combined with their dedicated team with over 125 years’ experience in marine liability, means we are able to offer you the best protection for your yacht.

SANCTUM SECURITY

We appreciate you have a choice when selecting Sanctum and we take the same level of care and attention when choosing the Insurance Partners for Sanctum. We only work with Standard and Poor ‘A’ rated insurers who are leaders in their class and have a long proven record for claims ability and service.

Our main partner Insurers are

SANCTUM APP

Wherever you are take us with you!

We have put together this APP to help our clients easily obtain information and assistance with a touch of a smart phone screen anywhere at anytime.

Info General information about the cover on offer. Claims notification Notify us of a claim anywhere anytime. Docuping Receive proposal forms and claims form straight to your inbox with one touch. Sanctum Help! Emergency 24/365 assistance numbers. And also review the latest insurance related articles and tips from Sanctum SpotLight

Offering an information platform to users, Sanctum aims to educate and inform audiences on the latest news in not only the insurance market, but the wider industry. Whether it's through news stories on Sanctum Spotlight, Collaborations with market experts, or in depth on camera interviews through Sanctum Studio, we'll ensure you stay up to date.

Featuring relevant stories and articles impacting the superyacht insurance world, News will provide a running commentary to a wide range of topics. Fresh content will run throughout the year, with a quarterly newsletter sent out to Sanctum users and our large database. From how best to prepare for a winter refit, and crew employment, to more topical niche topics such as art on board, migrant rescue, and cyber-attacks. News will deliver the most prevalent information on the web and straight through the App.

The Sanctum Studio will feature on camera interviews and presentations from experts in their field in conversation with our team members. The interviews will focus on different aspects of the market from finance and crew, to risk management and legal issues. In addition, specialist subjects and presentations will be delivered on a variation of themes, offering educational and informative online tutorials and lectures.

Collaborations

Building relationships through the aforementioned mediums of News and the Studio, we are rapidly developing a network of partnerships with people we know and trust, who will bring new ideas and observations on the industry. This network of knowledge will continue to grow in the future, offering an all-encompassing informative database from which we can draw upon and share with the public.

SANCTUM  HELP!

Accidents happen and when they do, Sanctum has you covered.

Whether it is a crew claim, damage to the hull, toys and tenders or your personal effects, further information can be found through the links below.

Aston Lark Europe Limited. Registered in Ireland Number 338916. Registered Address 10 The Courtyard, Kilcarbery Park, Nangor Road, Dublin 22. Aston Lark Europe Limited trading as CRS Yachts, Sanctum Health and Sanctum Superyacht Insurance is regulated by the Central Bank of Ireland. UK registered office Ibex House, 42-47 Minories, London, EC3N 1DY.

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OceanShield Your Partner in Smooth Sailing

Tailored insurance solutions for superyacht operators and owners, when was the last time your superyacht insurance was reviewed, expertise & experience:.

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• February 21, 2024

Mastering Superyacht Insurance: Legal Essentials for Savvy Investors

Navigating the impact of climate change on superyacht insurance, everything you need to know about superyacht insurance.

Superyacht Insurance

Protecting your most important assets.

Superyacht insurance is a complex service that is critical to safeguard from marine risks. Superyachts are considered one of the most luxurious objects in the world, and with that comes one of the most extensive insurances as well. From jet-skis, inflatables and dinghies, to the guests and crew, it’s imperative your superyacht insurance coverage be comprehensive.

Our yacht management team conducts an in-depth study of risk coverage, underwriter reputation, and claim handling to recommend only the best service providers. We also conduct regular reviews of your yacht’s hull, machinery, liability, and crew health insurance policies. At Superyacht Sales & Charter, we have long-stablished relationships with several insurance underwriters so we can arrange the most appropriate insurance for your yacht and crew.

Liability Coverage is also recommended to insure the owner’s legal liabilities. Additionally, the crew should be included in the insurance package to protect in case of emergencies, accidents, medical issues and salary. No fault coverages will also be discussed to protect fault towards the yacht in case of injury to any guest or crew members.

Protecting the crew members is very important, especially when they are away from their resident country. There may be a scenario that a crew member needs medical treatment, air rescue, or even crew replacement. Insurance packages are available to protect you if any of these scenarios were to arise.

What Does Superyacht Insurance Cover?

Aside from the yacht itself, a package can be tailored to your exact needs & specifications. Typically the insurance covers:

• The Superyacht in its entirety
• Water Sports Equipment
• Inflatables
• Personals – Clothing, Food, Drinks, Currency (on-board)
• Any leased items

Vital Insurance Coverage

Yachting is an exclusive luxury activity with potential perilous possibilities at sea. Your Superyacht Insurance package should cover these situations for the safest of coverages which include:

• Captains Coverage – Insurance that protects the Captain in an event that can ruin the individuals career.
• Piracy – Although it is a very low possibility it is important to have the proper coverage.
• Kidnapping & Ransom

Factors Affecting Superyacht Insurance Coverage

• The overall size of the Superyacht
• Location of your yachting excursion
• Size of the crew and their backgrounds (nationalities)
• Refurbishments if needed
• Different modes of movement of the ship by third party carriers
• Financial arrangements

THINGS TO REMEMBER

Shipyard insurance is also needed. Shipyard’s typically cannot handle the high value and risk of holding a Superyacht. For this reason, Shipyard’s will ask that you sign a waiver that protects themselves against any negligence incurred, which will lift any fault that the owner’s insurance will place on the shipyard.

Check the claims guidance for your insurance policy. This will inform you of what to do in any situation and the quicker the claim is reported, the sooner assistance can arrive and a solution can occur.

Taking the extra time to consult an insurance company that will guarantee you are fully protected. Regardless if you are part of the crew, a guest or the Captain, it is highly important to know that you have the best possible coverage available.

For more information about how to best protect your assets with on of our insurance packages please contact us below or call our yacht management team at 954-368-7200.

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Super Yacht Insurance

Bespoke insurance for yacht owners operating worldwide., start your journey with us today., start your journey today., cruise with confidence.

There’s nothing quite like the thrill of venturing out into open waters. However, with this freedom come the challenges and demands that superyacht ownership entails—from protecting the yacht and its crew, to providing cover for damage to third-party vessels.

Gallagher is a specialist insurance broker in the pleasure craft industry, providing bespoke insurance cover for some of the global top 100 superyachts, along with many of the UK’s leading marina and berth providers. Our professional, highly technical and discrete service appeals to our clients across all areas of the marine sector, whether private yacht owners, or businesses serving this unique sector.

What is covered in a superyacht insurance policy?

Superyacht insurance will typically include ‘all-risks’ cover for protection against physical loss or damage to the hull machinery and equipment, and a wide spectrum of third-party liability covers. Liability insurance can cover damage to other vessels and property, and injury to people both on board and off the yacht, including crew members.

Specific cover for the captain and crew includes personal accident cover and emergency medical expenses cover (with options to include elements of routine medical cover), and lump sum and/or weekly benefit payments in the event of specified injuries and/or death (crew welfare insurance).

Insurance cover for your yacht can extend to the vessel’s inventory, dinghies, accessories, fishing gear and personal effects. In addition, we can provide cover to protect your yacht when in build or undergoing an extensive refit programme, as well as whilst she is in transit.

Why choose Gallagher for your superyacht insurance?

Gallagher is a specialist in marine insurance , servicing a number of the most prestigious brands in the industry. We are able to negotiate terms from the specialist marine insurance market, with strong, long-standing relationships with some of the market-leading composite insurers and syndicates within the world renowned Lloyd’s of London, to create an insurance programme tailored for your specific requirements.

Our experience in managing international policies means that we can provide insurance protection, while ensuring the covers we offer are proactive to changes in regulation—helping to keep you up to date and compliant.

We also offer cover for a wide range of other pleasure craft, including motor cruisers, speedboats, narrow boats, RIBs and traditional sailboats. Please contact us for more information.

We take claims management on board

We will be there with timely advice and expertise in the unfortunate event of a claim, through our in-house claims team, available 24/7. Our claims specialists offer support throughout the process, helping resolve claims as quickly as possible—another reason why our clients put their trust in us.

Super yacht Insurance

• A specialist marine team managing your marine insurance requirements
• Cover for loss or damage
• Third-party liability cover
• Specialist in-house claims support

Gallagher’s long-established presence in the marine sector and our partnership approach with insurers enables us to negotiate comprehensive cover at an appropriate premium for our clients. Get in touch for a tailored quote.

Policy limits and exclusions may apply. Please see policy wording for full terms and conditions.

Katrina Davis

Specialty marine director, related products.

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Yacht Insurance

No yacht insurance policy is like the other. Our in-house yacht insurance specialists will find you the highest level of protection from reputable insurers with excellent claims history and favourable terms.

Get help from an independent specialist

Finding the best yacht insurance cover for your vessel can be a minefield. YPI works with top yacht insurance companies to help secure a policy that maximises benefits for owners. Our independent insurance specialist will navigate the market on our client’s behalf, looking for top offers from reputable insurers.

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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

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This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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Mega Yacht Insurance

(Finding the right coverage has never been easier)

More than seven million people visit our site every year looking for unbiased information about insurance and other related topics. And with great readership comes great responsibility, which means we’re dedicated to providing honest and accurate information.

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Yachts are high in value and larger than average pleasure boats. Mega yachts up the ante even more. According to the Yacht Council, the general rule of thumb is that a mega yacht tends to be over 100 feet in length, has multiple levels and superb construction, often including ornate or luxury interior features. 

Mega yachts, luxury yachts, super yachts, or “floating villas” as they are sometimes called, need their own insurance policies beyond what a regular boat policy would cover.

Mega yacht insurance can protect your investment in your vessel. Independent agents work with several different insurance companies and will be able to provide you with quotes for specialty coverage like mega yacht insurance. 

Contact an independent insurance agent to get started today.

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Our independent agents shop around to find you the best coverage.

Recent Yacht Facts 

• Cabin motorboats, which include yachts, accounted for 14% of all boating accidents
• Operator inattention was cited as the No. 1 cause for accidents involving cabin motorboats
• Only about 20% of all boaters who drowned were on vessels larger than 21 feet

What Is Mega Yacht Insurance and What Does It Cover?

Mega yacht insurance is a specialized type of boat insurance that covers very large yachts, generally longer than 100 feet. These are usually privately owned yachts with a professional crew. 

Some have motors while others are sailing vessels, like the America’s Cup ships. While many of these boats are for personal use, they are also commonly used for commercial charters or tours.

Like yacht insurance or most other boat insurance, mega yacht coverage can provide several types of protection, including:

• Liability coverage : This policy is for coverage if you are at fault for another person’s injuries or property damage.
• Comprehensive coverage: This is for storm or other “non-collision” damage to the yacht.
• Collision coverage: This is to pay for loss or damage due to an accident.

There are other types of coverage and options for increasing the amount of coverage as well. For example, some of the additional coverage you could consider might be:

• Extra liability insurance: If you have significant assets to protect, it’s a good idea to increase your liability coverage for unforeseen incidents that could require legal defense or a significant judgment against you. You may also want to buy an umbrella policy that can provide liability protection at much higher limits, such as $5 million.
• Personal property protection: You can add this coverage for valuables you bring on board, protecting you from loss, damage, or theft. You can also get medical coverage in case passengers are injured while on your yacht.
• Towing: Breakdown and towing assistance help in case you are stranded on the water and/or need on-land towing.

There are other specific coverage types available in certain states. Your agent can go over those with you to determine the best fit for your situation.

Why Buy Mega Yacht Instead of Standard Yacht Insurance?

Mega yachts, also called super yachts and luxury yachts, tend to be handled differently by insurance companies because they are so large and because they usually have professionally trained crews. These vessels also typically have several cabins for overnight trips. 

Being so large, they are often hard to navigate, and their overall value can make them very expensive to repair or replace. Mega yacht insurance tends to take the professional crew into consideration, while regular yacht insurance generally presumes the owner is the primary operator and might not be professionally trained.

What If My Mega Yacht Is Only for Commercial Use?

Super yachts or mega yachts can be great for chartered tours or serving as party ships. Whether this is one of a fleet of yachts or your charter business is a one-ship entity, getting insurance for the yacht is important. 

Your state may require at least some minimal liability protection for passengers if you are using a yacht for commercial use. Be sure to describe your intended use to your agent so your agent can go over the coverage options that might be necessary for commercial use versus personal use.

Are There Special Circumstances to Consider?

Mega yachts are very large vessels, and because of that they tend to be hard to navigate and don’t have very high speeds on the water. These large vessels are also nearly impossible to haul by ground on a trailer. They tend to be at risk for weather damage from tropical storms or very high waves. 

Mega yacht insurance policies tend to have limitations on taking a yacht on a trailer very far or across state lines, largely because of safety concerns and the fact that each state has different regulations regarding land transport for yachts. What works in your home state might not be adequate in another.

How Much Does Mega Yacht Insurance Cost?

Mega yachts are very large and very expensive, so it makes sense that this type of insurance can be costly. Rates vary by state and by insurance company, so it’s important to shop around. 

An independent agent can help assess your situation so that you don’t have to buy too much or too little coverage for your mega yacht. The factors that will go into your premium will include whether the yacht is for personal or commercial use, how often you will use your yacht, whether you cross state boundaries, and the value of the vessel.

A local independent insurance agent in our network can help you get the coverage you need. These agents offer personalized service, an in-depth assessment of your situation, and coverage that is tailored to your needs. 

Your agent will be able to help you with all of your insurance needs, and will be there to help you if you need to file a claim. Find a local member agent to get started comparing policies and quotes today.

Lead Yacht offers bespoke cover for all types of Super and Megayachts

• Bespoke cover
• Dedicated and highly experienced yacht specialists
• Over 50 years’ experience within MS Amlin alone, in the luxury yacht market
• Specialist, in-house claims team with 24/7 availability
• Lead Yacht is supported by A-rated insurers
• Free risk management review programme

• Fixed Price P&I
• Increased Value
• Loss of Charter Hire
• Guest Medical

The Lead Yacht team

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Superyacht insurance

Bespoke insurance programmes for owners of large luxury yachts.

Howden Sturge specialises in large, privately-owned super and mega yachts with values between €5m and €500m. Currently we arrange insurance for over €9bn worth of superyachts, including a significant number of the Top 100 list. 

In view of the size and quality of our portfolio we are able to arrange advantageous rates, structures and coverage mechanisms from our favoured international markets.

We work for yacht owners, captains, managers and home offices directly or through local brokers who wish to access our preferential relationships with specialist superyacht MGAs, and the Lloyd’s of London, European and US markets. 

Our client advisory team is second to none in terms of knowledge and experience

We enjoy close working relationships with many of the top firms in the yachting industry and we only work with first class underwriters and insurers who can provide our clients with the security they require.

Financial strength is integral to the insurer selection process; and we feel it is crucial to monitor both the financial health and capacity of the insurers that we use, and continue to do this on an ongoing basis.

The true test of a broker is how they act during a claim

Our five-strong, dedicated yacht claims team is one of the largest and most experienced in the yacht insurance industry.  The team handles, on average, more 800 claims per year, managing the process from first notification, to negotiations and expediting settlements. Claims can occur for many reasons but understandably, the vast majority are crew related. From experience, we have learned that a happy captain and crew make for a happy boat, which is one of the main reasons for the size of our team. Anything we can do to maintain the on-board atmosphere, we go above and beyond to help. Based on our excellent insurer relationships, and combined with the knowledge, experience and ability within our team, we are extremely confident that the Howden Sturge approach secures the best possible results for our clients. 

Our history

Sturge Taylor & Associates Ltd joined the Howden Group in March 2021, and re-named as Howden Sturge. Started in Antibes in the early 1970s by Nick Sturge, nephew of the then Chairman of Lloyds of London, we are one of the oldest established insurance brokers in this class of business. Today, we have one of the largest professional teams in the market, based in four locations: London, Southampton, Antibes and Palma. Our 30-strong team is dedicated to providing the very best superyacht insurance products available in today’s market place.

Insurance programmes for fully crewed superyachts

A comprehensive superyacht insurance programme often involves a blend of the following:

Hull and machinery coverage

If it forms part of the yacht then it can usually be included. Generally, this coverage will be on a comprehensive “All Risks” and “Agreed Value” basis. 

We can arrange cover for hull, materials, contents, engines, machinery and everything connected therewith including: 

• Tenders, water craft and water sports equipment
• Interior fixtures, fittings and contents including artwork, antiques and objet d’art
• Personal effects of the owner, guests and crew
• Loss of charter hire.

Liabilities (protection and indemnity)

We can also provide covered for a wide range of third party liabilities: 

• Damage caused to other yachts
• Crew negligence
• Liability arising out of the use of tenders and the
• yacht’s water craft
• Water sports liabilities – injuries to guests,
• damage to docks and harbours
• Pollution liability
• The assured’s legal liability to employed crew
• including MLC requirements
• F D & D legal expenses cover for disputes.

Crew Welfare 

We provide 24/7 and 365 days cover for full-time, part-time and seasonal crew.  Protect your people ashore or afloat, on or off duty, signed-on or on vacation. 

Our exclusive Crew Welfare offering includes cover for:

• Medical expenses, doctors or hospital fees for accidents or illness
• Lump-sum payments for accidental death or permanent disability
• Salary indemnity for temporary disablement, worldwide repatriation, crew replacement expenses
• Trauma counselling
• 24 hour emergency assistance, MLC Compliant.

Pre-delivery risks

We regularly arrange policies to cover the assured’s liability to paid crew that are on site, plus their medical expenses and personal accident insurances. 

Owner supplied items and furnished equipment including tenders etc., in store or present at the shipyard can also be insured and protected.

Builders’ risks, refit and restoration 

We are able to arrange customised insurance programmes for yachts that are in build or under major refit/alteration, where a conventional yacht insurance policy is not appropriate. 

We also regularly policies for classic or vintage yachts that are being restored or rebuilt. Howden Sturge has been involved with many projects that have seen new life breathed into famous yachts of the past.

We are also able to provide: 

• Professional indemnity for the yachting industry
• Cargo insurance, for yachts or other goods as cargo
• Insurance for submarines and submersibles
• Aviation insurance 
• Cancellation or Curtailment insurance
• Mortgagees’ interest cover

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What to do if you are experiencing financial difficulties

We recognise that the current economic conditions are putting pressure on many households and businesses. At Howden, we are committed to finding ways to assist our customers who may require additional support during these times.

If you’re currently facing financial difficulty, please speak to us about your insurance policies by:-

-contacting your Howden Service Team;  -calling Howden on   020 7623 3806 ; -using the Enquiry form.

Our Website Terms and Conditions and Privacy Notice includes information on the scope of our service and how we will handle your data.

For further information, please contact us using the details below

Caspar McDonald Tel: +44 2074 569300 Tel: +44 7788 454260 Email: [email protected]

James Drysdale Tel: +44 7710 419447 Email: [email protected]

Burr Taylor Tel: +33 4939 52295 Tel: +44 7799 900696 Email: [email protected]

Steve Laurie Tel: +44 7706 313760 Email: [email protected]

Dairine Williams Tel: +33 6765 20986 Email: [email protected]

Claire Cruse Tel: +44 7706 313764 Email: [email protected]

STURGE TAYLOR & ASSOCIATES

We are specialists in the arrangement of bespoke insurance programmes for the owners of large luxury yachts. We are one of the oldest established insurance brokers in this class of business, with one of the largest professional teams and located in three strategically key locations.

OUR PEDIGREE

Our Client Advisory Team is second to none in terms of knowledge and experience. We enjoy close working relationships with many of the top firms in the yachting industry and we work with underwriters and insurers with good financial strength ratings. We have one of the largest and most experienced in-house claims teams in the luxury yacht insurance industry.

Our Services

Insuring The World’s Finest Yachts

Sturge Taylor & Associates Ltd was purchased by Howden in March 2021, and now trades under the name of Howden Sturge, which additionally incorporates the CRS Yachts team.

https://www.howdengroup.com/uk-en

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Fifth body recovered as sunken superyacht search enters final stages

Salvatore cocina, head of sicily’s civil protection agency, confirmed to nbc news on thursday morning that a fifth body had been recovered from the bayesian., by claudio lavanga and yuliya talmazan | nbc news • published august 22, 2024 • updated on august 22, 2024 at 6:23 am.

A fifth body was brought ashore Thursday from the wreck of  a superyacht that sank off the coast of Sicily , as rescuers searched for a remaining missing person to bring the saga to an end.

Six people were declared missing  after the 180-foot  luxury boat , the Bayesian, went down in what authorities said was a freak storm early Monday.

A massive rescue effort was launched, and  four bodies were  recovered  from the wreck on Wednesday after a dayslong operation hampered by the depth to which the wreck had sunk and the debris that blocked divers' path through its narrow passages.

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Salvatore Cocina, head of Sicily's civil protection agency, confirmed to NBC News on Thursday morning that a fifth body had been recovered.

None of the bodies recovered from the wreckage have so far been publicly identified.

Those missing are British tech magnate Mike Lynch and his 18-year-old daughter Hannah; Chairman of Morgan Stanley International and the British insurance firm Hiscox, Jonathan Bloomer, and his wife Judy; as well as a well-known New York City defense attorney Christopher Morvillo and his wife Neda.

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The body of Recaldo Thomas, the ship’s cook and a Canadian Antiguan national, was recovered shortly after the accident on Monday. 

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Fifteen of the 22 people onboard the yacht survived.

This story first appeared on  NBCNews.com . More from NBC News:

• RFK Jr. is planning to drop out of the 2024 presidential race and endorse Trump
• These are the people who perished when the superyacht sank off Sicily
• U.S. added 818,000 fewer jobs than thought, adding to concerns about a slowing economy

Claudio Lavanga reported from Porticello. Yuliya Talmazan reported from London. 

This article tagged under:

Who was on superyacht that sank off Sicily?

Twenty-two people were on board the Bayesian superyacht including British technology tycoon Mike Lynch, his wife and 18-year-old daughter, and Morgan Stanley International boss Jonathan Bloomer.

Friday 23 August 2024 12:34, UK

Details have emerged of the 22 people who were on board the superyacht that sank off the coast of Sicily.

The British-flagged vessel named Bayesian was carrying 12 passengers and 10 members of crew when it got into difficulty in the early hours of Monday.

Seven bodies have now been recovered. The other 15 people on board were rescued.

Here's what we know about those who were on the yacht.

Follow latest updates on the superyacht sinking

British technology tycoon Mike Lynch was among the original six people missing. On Thursday, divers confirmed his body had been recovered.

Raised in Ilford, east London by Irish parents, the 59-year-old made millions with the software company Autonomy he set up in 1996.

He had an estimated net worth of £852m, according to the 2023 Sunday Times Rich List, and is believed to have owned the yacht.

Off the back of Automomy's global success, Mr Lynch was given the roles of science adviser to former prime minister David Cameron and non-executive director of the BBC.

The Cambridge maths and sciences graduate sold the firm for £8.64bn to US giant Hewlett Packard (HP) in 2011.

Dubbed the "British Bill Gates", Mr Lynch has been in the headlines in recent months over a high-profile fraud case related to the sale of Autonomy to HP in 2011.

HP accused him of deliberately overstating the value of the company before it was acquired by the American technology firm. Mr Lynch denied any wrongdoing.

In June, a US jury cleared him of all charges .

Read more: Lynch's co-defendant dies days before yacht disaster

Hannah Lynch

Mr Lynch's 18-year-old daughter Hannah Lynch was also on board. A body believed to be that of the teenager was recovered on Friday from the yacht wreckage.

She had been on holiday with her parents, having secured a place to study English at the University of Oxford, according to reports.

Her former school, Latymer Upper School in Hammersmith, west London, said they were "incredibly shocked by the news that Hannah and her father are among those missing in this tragic accident" when the yacht first sank.

Angela Bacares

Mr Lynch's wife Angela Bacares was on board the yacht and was rescued.

The 57-year-old said she and Mr Lynch were awoken by the boat "tilting" at 4am - half an hour before it sank.

Jonathan Bloomer

Jonathan Bloomer, the chairman of investment bank Morgan Stanley International, was confirmed dead on Thursday.

According to the Financial Times, Mr Bloomer appeared as a defence witness for Mr Lynch during his US criminal trial and the pair were good friends. He also chaired Autonomy's audit committee.

The 70-year-old was the chief executive of UK-Hong Kong insurer Prudential until he was ousted by the board in 2005.

He was also chairman of the insurance provider Hiscox.

Judy Bloomer

Mr Bloomer's wife Judy was on the yacht trip with her husband. Divers confirmed they found her body on Thursday.

Mrs Bloomer was a former board member at The Eve Appeal charity, which focuses on gynaecological cancers.

The charity described her as a "brilliant champion for women's health and medical research... an incredible supporter, committee member, and trustee of our charity for over 20 years".

Read more: 'Alarming' potential cause of superyacht disaster What we know about superyacht that sank

Recaldo Thomas

The yacht's on-board chef Recaldo Thomas died in the sinking.

He was Canadian-Antiguan and part of the crew of the Bayesian.

His body was the first to be recovered from the wreckage.

Chris Morvillo

US lawyer Chris Morvillo was among those divers found dead on Thursday.

The father-of-two worked on Mr Lynch's US fraud trial and was a partner of law firm Clifford Chance's US branch.

Mr Morvillo was assistant attorney for the Southern District of New York between 1995 and 2005 and worked on the terrorist investigation into the 9/11 attacks.

In a recent LinkedIn post, he thanked the legal team that helped win Mr Lynch's trial.

Signing off the post, he said: "And, finally, a huge thank you to my patient and incredible wife, Neda Morvillo, and my two strong, brilliant, and beautiful daughters, Sabrina Morvillo and Sophia Morvillo.

"None of this would have been possible without your love and support. I am so glad to be home. And they all lived happily ever after…."

Neda Morvillo

Mr Morvillo's wife Neda died in the disaster alongside her husband.

The 57-year-old had a luxury jewellery brand, which she ran under her maiden name Neda Nassiri.

Keep up with all the latest news from the UK and around the world by following Sky News

Ayla Ronald

Ayla Ronald, a senior associate at Clifford Chance, survived the yacht disaster, the law firm confirmed.

The 36-year-old worked alongside Chris Morvillo in helping defend Mike Lynch in court.

Clifford Chance said in a statement: "Our utmost priority is providing support to the family as well as our colleague Ayla Ronald, who together with her partner, thankfully survived the incident."

She is originally from Christchurch, New Zealand, but lives in London, her father told local media there.

He said she was left "very shaken" but "she and her partner are alive".

Charlotte Golunski

Charlotte Golunski was on board the yacht and was rescued along with her one-year-old daughter, Sofia.

She spoke to Italian newspaper La Repubblica, confirming she survived the yacht sinking and told how she kept her daughter alive after she was rescued.

"I held her afloat with all my strength, my arms stretched upwards to keep her from drowning," she said.

"It was all dark. In the water I couldn't keep my eyes open. I screamed for help but all I could hear around me was the screams of others."

The 35-year-old is a partner at one of Mr Lynch's firms - Invoke Capital - and has worked there since 2012, according to her LinkedIn profile.

She also worked at Hewlett Packard, which acquired Autonomy in 2011, for 11 months.

Before that, she studied history at the University of Oxford.

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James Emsley

Ms Golunski's partner James Emsley was also rescued from the yacht, according to Sicily's civil protection agency.

The 36-year-old is the father of her one-year-old daughter.

James Cutfield

The 51-year-old captain of the yacht spoke to Italian newspaper La Repubblica after he was rescued.

Mr Cutfield, from New Zealand, was taken for treatment at the Termini Imerese emergency unit, where he told the newspaper: "We didn't see it coming."

Leah Randall

Leah Randall was part of the Bayesian crew and survived the sinking.

She was pictured going ashore in Porticello on Monday morning and is from South Africa.

Her mother Heidi told Sky News said she was "beyond relieved that my daughter's life was spared by the grace of God".

"It doesn't make it any easier living with the heartache of those who have lost their lives [or are] missing. My very deepest condolences to the chef's family as they formed a great friendship," she said.

Katja Chicken

Katja Chicken was another South African member of crew on board the Bayesian and was pictured being brought to safety in Porticello on Monday.

The Italian coastguard confirmed on Tuesday evening that Leo Eppel, a crew member, also survived the yacht sinking.

Related Topics

• Superyacht sinking

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• As in every Russian city, there are multiple monuments to heroes of the Great Patriotic War (World War II), including an eternal flame guarded at special ceremonies by youths with replica Kalashnikovs.
• In front of the Opera & Ballet House, Lenin's Square is adorned by a big grey statue of Lenin. His cloak billows out behind like Marilyn Monroe's skirt, as if to show where the Metro passes beneath.
• The exact geographical centre of the former Soviet Union just south of Lenin Square is marked by the Chapel of Saint Nicholas. It was built in 1915 to commemorate 300 years of Romanov rule, destroyed in 1930 and rebuilt in 1993. The Chapel is tiny, sitting on a traffic island like a clock-tower, yet regular services are held within.
• A little further S, past the Art Museum, is the Alexander Nevsky Cathedral at 1A Krasnyi Prospekt. Big as it is, you won't see it until you're upon it, as it's somewhat set back from the street.
• 1 km north of Lenin Sq is Ascension Cathedral, at the corner of Sovietskaya & Gogolya.

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While it's better to stay away from some run-down areas the overall situation is not bad. Pervomayskiy rayon and far-off neighbourhoods of Leninskiy and Kirovskiy rayons should be avoided at any time.

The safest place is the centre (nearby Lenin Square).

Omsk and Tomsk are reachable by train within a day. For Kazakhstan, the train will involve a zig-zag via Petropavlovsk, but there's a regular bus direct to Astana.

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