Chartis has introduced a suite of loss prevention services for yacht insurance clients within its U.S. Private Client Group.
Claims experience on Private Client Group policies underwritten by Chartis insurers has shown that the most common cause of reported yacht claims is bodily injury of crew members, while fire damage ranks highest in terms of loss severity. The new services were created to mitigate the likelihood and impact of avoidable damage for yacht owners, family members and crew.
Yacht policyholders now have access to a menu of services including:
- Background checks on crew members who have access to vessels, families and valuables;
- Hurricane preparedness reviews to help with pre- and post-storm planning;
- Connections to safe harbor, dry dock and repair facilities for yachts that are cruising, out of port or faced with a storm; and
- Chartis-created educational materials and presentations on yacht safety, ranging from post-accident guidelines to live sessions with family members or crew.
For those with large yachts and complex risk management needs, additional services are available, including:
- Thermography (infrared imaging) evaluation to help detect leaks or abnormal electrical and mechanical equipment;
- Crew first aid, CPR and automated external defibrillator training;
- On-board safety and security equipment review;
- On-board art collection management;
- Overseas security consulting referrals for yachts traveling in high-risk areas; and
- Boat lift, dockage and security reviews (limited to policyholders in South Florida).
Yacht loss prevention services are facilitated through in-house risk managers.