The move marks an increased demand in the market
Navigators & General, part of the Zurich Group, is today launching its new Prestige Yacht and Motor Boat Policy designed for the £1-10m vessel market.
Following increasing demand in the market for these larger boats, N&G has developed an entirely new policy tailored to meet the needs of the superyacht owner, and offer automatic extensions in the cover they require.
With the cost of yachts and motorboats steadily increasing, the policy provides up to 120 per cent of the vessels’ value in the event of a total loss. It also has bespoke cover for specific valuables, such as fine art, antiques and musical instruments, not normally covered under pleasurecraft policies.
As well as providing extensive cover within the policy, N&G have used their knowledge and understanding of this specialist market to incorporate some valuable exclusive features to meet and exceed expectations. Policyholders will have access to an exclusive 24hr concierge service which provides help organising events, purchases for the boat or crew, booking moorings in crowded marinas, booking restaurants ashore and almost any other customer requirement.
To recognise and reward careful owners, policyholders of the Prestige Yacht and Motor Boat Policy contains a five per cent rebate clause,payable on renewal providing no claims over 15 per cent of the value insured are made. This increases to 7.5 per cent after five years.
The policy also includes:
- Travel arrangements and accommodation in the event of the vessel becoming unseaworthy
- Employers liability for paid crew
- Automatic Skipper Charter cover
- Leased equipment cover
- Emergency assistance cover
- No policy excess in approved marinas
- Medical expenses
- Personal accident cover
Richard Coleman, head of Navigators & General said: "We have seen a steady growth in the market for large yachts and motor boats lately so this new policy will resonate really well with our customers. With our concierge service thrown in, the Prestige policy goes above and beyond the usual service and cover levels you would expect from an insurer.
“We are also giving direct access to senior underwriters and claims handlers, so our brokers and customers will benefit from a quick turnaround on policy documentation, claims and customer queries."
