Our marine insurance practice law firm provides also yacht insurance legal advice and related services.
You have bought a yacht. Why insure it ?
First, because even though you may be financially secure, you won’t want to risk losing the value of your yacht. So you will probably agree to pay a premium which is a small percentage of the value of the yacht. The risk is taken on by the insurer who then spreads the risk by insuring other yachts.
Second, the place where you keep the yacht will require you to compensate for any losses that you cause. This is liability insurance; in car insurance terms it is third party liability insurance. There are other yacht insurances you may need, depending on whether you use your yacht for pleasure or commercial purposes.
The normal yacht insurance process is to engage a specialist yacht broker to advise you and negotiate the insurance cover. But you will still have an involvement – the broker will require you to sign a proposal form or will sign this on your behalf.
So you have to be very careful in answering the questions put to you in the proposal form. Incorrect or incomplete answers could lead to no insurance cover. We can guide you through the yacht insurance process. We have experts who have crafted policies of insurance for the yacht market.
And our expertise in yacht insurance is to be called for again when something goes wrong, when there is a claim. Sometimes for the yacht owner, sometimes for the insurer. The issues are the same: to establish the facts and to establish if the facts allow a claim to be made.
The sooner we can investigate, the sooner we can advise you. Our advice will put you in the best possible position to deal with the claim.
We can also help you with: