INSURANCE


SEIPPEL & SEIPPEL Seippel & Seippel Insurance Brokerage has been operating in Mallorca as a registered insurance intermediary since 1989. Seippel and Seippel has agreements with all major insurance companies which allows them to provide risk cover for all types of risks in most European countries plus North America, the Caribbean, and the Mid-East. Amongst the insurance sectors in which they specialise is marine insurance, offering tailor made solutions for all aspects of the marine industry, including superyachts, sailing yachts, marinas, storage facilities and crew insurance. Their aim is to supply the highest quality at the most competitive premiums. S&S provide consistent and trusted services, including in-house personal claims management. For more details Tel: +34 971 67 12 14 or visit www.seippel.com


Loss prevention materials are often available from the insurers that offer Cyber Risks cover.


So if, by remote chance, right now, the owner is sitting sipping a Negroni on the back of the boat as the sun slips down towards New Zealand, and he is contemplating his insurance.... what should he be thinking?


Well, Mr Taylor at Sturge Taylor recommends ensuring that you have an insurance that will respond in a satisfactory way when you have a big loss or liability bearing in mind that you might be only one party in a catastrophic loss event. Review the latest terms and conditions available every year and make certain that the values declared are accurate and that the yacht’s use and areas of navigational are well defined in the policy offers Phillip Seippel. And, as far as you can, make sure the insurers who will be paying your claim will still be around in 5-10 years to pay, liability claims are often paid over a long period of time.


Drink in this wisdom, then take another sip: Let the world whizz round getting madder by the minute.... you’ve checked your insurance net for holes, and there’s no stitching to be done just yet.


WATCH THIS SPACE


All washed and no where to go, some Lloyds syndicates are closing their marine divisions, but what does this mean for yacht owners?


In August, Brit Global Speciality, Lloyd’s syndicate 2987, ended its yacht insurance business lines. Experts are expecting announcements of more marine syndicates pulling out of the yachting market in the coming weeks and months. Superyacht insurance is currently viewed as the biggest loss maker on the Lloyd’s Marine Portfolio. After months of falling premiums and unsustainable loss ratios, Lloyd’s is tightening its belt and the yachting industry is very much in it’s sights. ‘Buck up or shut down’ was its message to the marine insurers. But what’s not to like about boats? It’s not about the boats, it’s the marine insurers, stupid..


Simply put, the pool of money used to pay out claims has not been big enough because underwriters haven’t been charging enough to cover the losses that have occurred: over capacity in the insurance market and competition are said to be the reasons.


Other factors include severe damage from the hurricanes in Florida and the Caribbean last year, and reportedly two high-profile 100m plus yacht claims.


Lloyds recently demanded lagging marine syndicate businesses to come up with a decent business plan, but some now say it will drop loss-making enterprises, regardless of business plans. Some businesses are choosing to leave before they are pushed. The coming weeks and months will reveal the extent of the fallout.


ONBOARD | AUTUMN 2018 | 93


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