Shipowners’ Club Launches Simplified, All Risk Policy for Yachts

Friday, August 12, 2011

The Shipowners’ Club, one of the few P&I Clubs to offer specialist yacht insurance, has taken a new approach to yacht liability, offering an All-Risk policy that seeks to de-mystify aspects of the traditional wording contained in typical P&I insurance Rules and making the conditions understandable to non-specialist yachtsmen and brokers.
Conventional yacht insurance policies offered by both general commercial insurers and P&I clubs have traditionally featured complex wording using legal and maritime jargon which can be difficult to understand for anyone who is not a specialist in marine insurance.  Ian Ferns, Shipowners’ Research and Development Manager, explains how the Club has tackled this problem,  “Our new policy document – running to just 2,000 words instead of the original 40,000 – takes a common-sense approach to losses and liabilities and has very few excluded risks; the assumption being that everything is covered unless the policy states specifically that it is not. The policy aims to be all-embracing, making it much easier for brokers to recommend it to a client as a single package, rather than having to put together a variety of separate types of cover”.
A number of new features which will make the policy attractive to yacht owners; all-risk water sports cover, including perceived ‘risky’ pursuits such as water-skiing, jet-skiing and diving; greatly relaxed voyage restrictions in many regions of the world and cover for  sailing yachts participating in organised races. The policy can also be extended to include personal accident cover for crew members, whatever their employment status or nationality.
The Shipowners’ Club hope that the new wording will appeal to areas of the yacht market that have previously found the P&I world a bit of a mystery such as  the brokers who are not marine specialists but have yacht owners, fleet managers or agents as clients and wish to offer them uncomplicated, all-risk liability cover. 
Ferns explains the Club’s strategy, “We knew that we had to adjust and simplify our traditional Rules if we were to be successful in attracting more business from the wider market.  We spent a lot of time with our existing clients and brokers, discussing what they would like to see in a truly comprehensive liability policy.  As a result I think we have come up with an extensive cover that is based on common sense, has far fewer restrictions, is easy to understand, and will appeal to the majority of yacht owners and their brokers.”

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0690 sec (14 req/sec)