R&Q MGA launches Lloyd’s yacht insurance facility

Randall & Quilter-owned underwriting agency R&Q MGA has launched a global yacht and small vessel insurance facility backed by a consortium of Lloyd’s underwriters.

The facility, called Yacht and Small Vessel Consortium 9977, is managed by R&Q Marine Services and is able to  grant binding authorities on a global basis for values of up to £2m per yacht.

The consortium is led by Montpelier Syndicate 5151. It also has underwriting capacity available for commercial vessels of up to £5m in value, including passenger vessels, pilot boats, dredgers, workboats and support vessels.

The cover will include access to a 24-hour claim line through a third-party adjuster. Coverholder support will be available through direct access to the consortium manager and the team of underwriters, led by Paul Miller.

R&Q MGA chief executive Nicholas Hales said: “We are delighted to have secured support from a number of Lloyd’s underwriters, led by Montpelier Syndicate 5151, to create this new opportunity for brokers in the marine market. It is another positive development as we continue to expand our Marine Services offering.”

Montpelier Syndicate 5151 marine underwriter Mike Thompson added: “We have been long-standing supporters of Nicholas Hales, Paul Miller and the yacht team at R&Q and look forward to developing a quality portfolio of yachts and smaller vessels with the consortium.”