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Yacht Insurance

DT&F: Expanding New Yacht Construction Business in U.S.

DT&F_Sorcha_152_crop1 web.jpg

Following its assessment of activity at this year’s Monaco Yacht Show, Dwight Tracy & Friends Yacht Sales announced expansion of its program for representing new construction shipyards, both in the U.S. and Europe.  According to DT&F founder and CEO Dwight Tracy, “The current strength of the euro against the U.S. dollar, and the current situation in our domestic new yacht market, makes this a time of opportunity for European yacht buyers in search of first-quality vessels. The key, however, to a successful buying experience is to have representation that is knowledgeable and experienced. We’ve positioned ourselves with a New Build Program that is led by a former CEO of world renowned new build shipyard, Palmer Johnson Yachts. So, when we say that DT&F can deliver to a client the best and most successful new yacht purchase experience available, we really can. No ands, ifs, or buts.” According to New Build and Refit Program director Phil Friedman, the latest DT&F initiative is an omnibus menu of value-added services that includes initial concept development to project planning, build team coordination, project management, owner representation, and ancillary support in the areas of finance and insurance. Noted designers, naval architects and engineers, shipyards


Builders Risk Policy Serves as Inland Marine Insurance

The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance


Vessel Title Insurance Helps Protect Assets

By Sharon Donovan When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp


DOT Offers Insurance For Commercial Ship Owners

Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies


Moore Stephens Strengthens Regulatory Advisory Team

Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer


Drydocks World spearheads the launch of DCMMI

Khamis Juma Buamim addressing the meeting

Drydocks World, a service provider in the maritime industry, has announced  the formation of the Dubai Council for Marine and Maritime Industries (DCMMI), a specialized non-profit trade and industry council to promote the interests of the marine and maritime industry in Dubai and the UAE. DCMMI represents a wide cross-section of the UAE’s marine and maritime industry such as Offshore & Engineering, Ship Repair & Maintenance, Shipbuilding & Conversion, and Rig building


Vericor Gas Turbines Will Power High-Speed Yacht

Three Vericor Power Systems’ TF™50 marine aeroderivative gas turbines have been selected to power the 118 Wallypower high-speed yacht being built by Intermarine Shipyard, Sarzana, Italy for Wally Yacht. This is Wally Yacht’s first foray into high-speed power yachts, and the company’s initial application of gas turbines. Wally Yacht, based in Monte Carlo, Monaco, is a world-renowned designer of high-speed sailing and power yachts.


Trinity Yachts to Acquire IYC

Trinity Yachts, LLC (Trinity) and International Yacht Collection (IYC) have announced today that they have signed a Letter of Intent for Trinity to acquire IYC. This acquisition will expand Trinity's capabilities and enable it to offer its clients the entire range of yachting services: new construction, repairs, brokerage, charter management, retail charter, yacht management, and crew placement. It is expected that the purchase should be completed by July 1, 2007.


Peri Yachts Picks Displays at MYS

For the first time, Peri brought one of its Turkish-built yachts to the Monaco Yacht Show. The newly built 29-metre yacht stood out with her golden-looking hull. Peri also announced it has a new 37-metre model under production and a triple deck 41-metre vessel, Peri’s largest, is being planned. The yard now offers 29-m, 33-mm, 37-m, 37-m triple and 41-m triple composite yachts.


Engstrom is Named Willis' Seattle CEO

Willis has named Chris Engstrom CEO of its Seattle office, one of the global insurance broker's leading U.S. operations. Engstrom brings tremendous local market knowledge and 16 years of insurance industry experience. He previously served as senior vice president for Wagle Insurance Companies in Seattle.


DMC Builds the Smallest Ever Nozzle

Photo courtesy of Damen

Damen Marine Components (DMC), part of Damen Shipyards Group, announced it has smashed its propeller nozzle world record by 33 percent downwards. This downsizing to an inside diameter of 665 millimeters only - from the previous 1,000 mm ‘entry level model’ - marks a new milestone for


Andrew Weir to Support UK Navy in Antarctica

HMS Protector A173

Andrew Weir Shipping Ltd. announced that it has been awarded the contract for the support and maintenance of HMS Protector (A173), following a competitive tendering process. HMS Protector is the Royal Navy’s Ice Patrol Ship, and is deployed on operations for 334 days per year


The Cause behind the Clause Piers & Docks Insurance

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are


Today in U.S. Naval History: July 25

USS Harmon (DE-72). U.S. Navy Photograph, National Archives and Records Administration

Today in U.S. Naval History - July 25 1779 - Amphibious expedition against British in Penobscot Bay, Maine 1863 - U.S. Squadron bombards Fort Wagner, N.C. 1866 - Rank of Admiral created. David G. Farragut is appointed the first Admiral in the U.S. Navy


TT Club Calls for Increased Port Safety

Photo courtesy of TT Club

In a speech given to the Trans Middle East Conference in Qatar in May, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club, called for operators to do more to minimize the causes of incidents resulting in bodily injury, cargo and property damage.


Additional Yacht Pontoon for Lerwick Harbor

Lerwick Port

A 50-meter pontoon has been made available by Grieg Seafood Hjaltland from their Girlsta operation for this season. Lerwick Port Authority’s vessel Kebister collected the pontoon from Girlsta and Ocean Kinetics were engaged to moor it at Albert Wharf


Peak Re Appoints Credit & Surety Underwriter

Kathleen Ko, Sr Vice President of Peak Re

Peak Reinsurance Company Limited (“Peak Re”), the fast growing Hong Kong based reinsurer announced the appointment of Kathleen Koh as Senior Vice President to underwrite credit and surety business.   Ms. Koh will be responsible for developing and growing Peak Re’s credit


Institutional Part in Fincantieri IPO Still Not Fully Covered

Fincantieris Ancona yard (Photo courtesy of Fincantieri)

The part reserved to institutional investors in the initial public offering of Italian shipbuilder Fincantieri was still not fully covered as of Wednesday evening, two sources close to the matter said on Thursday. The company is likely to increase the percentage of shares it has reserved for


Marine Salavage: Responder Immunity Benefits a Responsible Party

The Author, Jon Waldron

Putting to rest the fears and misconceptions about what responder immunity means and what it will eventually do. It’s all good. As many in the response industry, and in many cases the marine industry in general appreciate, there has been an extended effort to enact an enhanced responder


WESMAR Adds Dealer in Italy

Italy is a region marine electronics and equipment manufacturer WESMAR has served with its roll fin stabilizers and its stainless steel counter rotating bow and stern thrusters for many years. Today, WESMAR announced a further expansion into the Italian market with the appointment of Yachtalia of


XL Group Grows in Asia

XL Group strengthened its Insurance Marine team with the appointment of Mike Davies as Chief Underwriting Officer, Marine, Asia Pacific and Ian Picton as Senior Upstream Underwriter.   Understanding the local industry and what is impacting it, is a key recruitment driver for XL Group


FUSION-LinkTM Technology Gains Industry-Wide Acceptance

FUSION-LinkTM technology

  Marine Entertainment Leader Reaches Unparalleled Adoption by Boatbuilders and Manufacturers Auckland, New Zealand – FUSION®, a worldwide leader in marine audio, announced today its innovative and award-winning FUSION-LinkTM technology has been adopted by all marine Multi-Function


Maritime Legal Firms Announce Merger

Houston- and New Orleans-based law firm Bland & Partners P.L.L.C. announced that Crain Wilson, P.L.L.C.’s Houston office merged with its firm as of July 1, 2014. The merger results in growth for the firm, including the addition of six attorneys and four legal support staff


Missing Yorkshire Yachtsman Found in North Sea

Ops Room courtesy Maritime and Coastguard Agency

  A yachtsman from Yorkshire, reported missing has been found on his yacht in the North Sea, following an extensive search coordinated by Humber Coastguard. His 17ft yacht, Equinox, was approximately 80 miles east of Spurn Point (at the mouth of the Humber) and rescuers found him


Iran Oil Tanker Firm Still Faces Sanctions

Iran's main oil tanker firm NITC will struggle for some time to call at European ports, get foreign insurance and overcome obstacles under western sanctions, even after a top court has annulled its blacklisted status in the European Union.






 
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