Brokers Seippel and Seippel are specialists in all yacht insurances. For sail, they insure everything from sail racing classics, round the world cruisers, to day sailors; and for motor yachts they cover luxury yachts, captains and crew, to day motor boats. As brokers they work with various companies according to the needs of the owners and vessels. CEO and founder, Phillip Seippel believes the risk of overlooking yacht insurance issues has improved, learning from oversights in previous years. But, that said, machinery break down and underwater extensions such as propellers can sometimes be overlooked on some policies. He adds, “Another subject to make sure is covered are owners’ personal effects. Most policies do not cover them unless specially mentioned.”


UNTIL RECENTLY MOST INSURANCE


PACKAGES ADEQUATELY ADDRESSED THE RISKS ASSOCIATED WITH VESSEL OWNERSHIP AND OPERATION, BUT THAT’S CHANGING


Hugo Jacquot is Yacht Team Leader at Steamship Mutual Steamship Management Services Ltd. The company specialises in Mutual Protection & Indemnity insurance or P&I Insurance and covers the Marine Liabilities that arise from the ownership and operation of a yacht. It also provides Kidnap & Ransom and Hull War Risks insurance for yacht owners. When it comes to choosing an insurer, don’t just go for the cheapest, advises Jacquot, especially now when many insurers are pulling out of the market. He says, “It is easy to find a very cheap insurance


cover but the most important question that owners should ask themselves is ‘What will happen when a claim arises?’”


Jacquot has a check list of questions he suggests owners consider: Is the insurance cover provided answering all my needs? What is excluded? Is the insurer selected committed to the yacht industry? Have they got a dedicated yacht claims team? Am I confident that the liability insurer I have selected is an established company that will still be around in 5-10 years’ time to pay my claims? What is the insurer’s reputation and their place in the insurance market? Make sure the insurer has proven financial strength (S&P rating A) and a track record in underwriting yacht business. Says Jacquot, “If an owner is buying insurance from an MGA which writes on behalf of and relies on a mixture of insurers, he will need to make sure that each of those insurers remains committed to the yacht market.”


STEAMSHIP MUTUAL Steamship Mutual provides a dedicated Yacht Liability Cover which answers the specific needs of yacht owners. As well as protecting the yacht owner against liabilities towards third parties, the cover allows the owner to fulfil his obligation to provide financial security for repatriation expenses and unpaid wages in accordance with the MLC. The cover can be extended to include Legal Expenses, Accident and Illness cover for crew, Hull War Risk and Kidnap & Ransom covers and Cyber risk cover. Steamship Mutual is one of the largest and most diverse P&I Clubs in the world, and a member of the International Group of P&I Clubs participating in the International Group Pool. For more details Tel: +44 (0)20 7650 6646 or visit www.steamshipmutual.com/underwriting/yacht-facility.htm


ONBOARD | AUTUMN 2018 | 89


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