yacht insurance News

Towergate Forms £30M, 5-Year Partnership with Yacht Specialist N&G (Zurich Unit)

Towergate and Navigators & General (N&G), a part of the Zurich Group, have signed a strategic partnership under which N&G will provide capacity and expertise for Towergate Marine products. Towergate Marine provides insurance for around 25,000 pleasure crafts including super …

Novamar Insurance Launches Yacht Coverage for U.S. Boaters Heading to Cuba

Novamar, a specialist in the marine and yacht insurance segment, now offers a policy for U.S.-flag yachts navigating Cuban waters. Most vessels $50,000 in value or greater are eligible for coverage.  Cuba endorsement premiums start at only $500.00. The limit …

Insurance Brokers Say Series of Superyacht Fires Likely Coincidence

It started with a puff of smoke, seeping slowly into the clear and sunny St. Thomas air on a mid-March afternoon. “I went into a meeting, and when I came out, it was very on fire,” recalled Ryan Nichols, who witnessed Positive …

XL Catlin Expands Yacht Insurance Risk Appetite

XL Catlin, the official insurance partner of the America’s Cup, has expanded its appetite to insure yachts of all sizes. According to Richard DeSimone, chief underwriting officer of Marine in XL Catlin’s Americas region, the bringing together of the Catlin …

Novamar Insurance Group Expands Yacht Program

Novamar Insurance Group, Inc. has expanded its Novamar Offshore Yacht Insurance program.  Yacht owners can now insure their vessels while cruising locally or around the world with an “A + rated” U.S. insurance company at competitive premiums.  The Novamar Offshore …

Norman-Spencer Marine Launches TradeWinds Yacht Insurance Program

The Norman-Spencer Agency, Inc.’s marine insurance services division has launched the TradeWinds Yacht Insurance Program. According to Paul Sexton, vice president of Norman-Spencer’s marine insurance services division, the addition of the new TradeWinds yacht program will drive Norman-Spencer’s growth in …

XL Group Adds Kidnap, Ransom & Extortion to Yacht Insurance

XL Group is adding a Kidnap, Ransom & Extortion Crisis (KRE) endorsement to its existing ShipShape and ShipShape Plus recreational marine insurance coverages, with limits up to $50 million. Under the new endorsement, yachts insured by ShipShape can choose liability …

GetMyBoat Boat Rental Service Launches Boat Rental Insurance

GetMyBoat, a global peer-to-peer and boat rental and charter marketplace, has launched a global boat rental insurance product. Customized coverage is offered to boaters who book through the company or through any other service or platform. Policies can be purchased …

Ironshore Personal Lines Launches Boat, Watercraft Coverage for High-Net Worth Clients

Ironshore’s personal lines unit now offers an endorsement option for personal watercraft coverage for high net worth insured homeowners.  Ironshore’s watercraft program provides “all risk” coverage for watercraft, including jet skis and boats.  Coverage can be obtained for multiple boats …

Ironshore Enters Yacht Insurance Sector

Ironshore Inc. is now covering high-end pleasure craft, yachts and mega yachts on a global basis.  James G. Bishop, Jr., with more than 25 years experience in the maritime sector, has been named to lead the unit that will provide …