yacht insurance News

Brit Launches Lutine Yacht Consortium with Capacity of $250M

Brit Ltd., the London-based specialty insurer, announced the launch of a new Lloyd’s consortium for yachts, called the Lutine Yacht Consortium. The consortium has a capacity of $250 million, offering 100 percent Lloyd’s security to insure motor and sailing vessels valued …

Beazley Launches Pleasure Craft Cover on E-Trading Platform

Beazley, a specialist marine insurer, announced that its custom pleasure craft insurance is available to quote and bind via the myBeazley online risk platform. Beazley pleasure craft policies cover a wide range of vessels, from small boats to luxury yachts, …

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 …