Hurricanes and other severe weather incidents have hit American megayacht owners and the yacht-insurance industry hard in recent years. It’s led to some lenders reducing or eliminating coverage, especially in storm-prone regions. Ascot Group, a global insurance, reinsurance, and underwriting-services company, is offering Ascot Admiralty Reserve specifically to address this. It’s for owners with captained and crewed yachts whose value is at or above $5 million.
That limit value therefore means some of the smallest new superyachts as well as older yachts can get coverage. Ascot Admiralty Reserve applies to both yachts in private use as well as occasional charter use. Importantly for American owners, it includes coverage related to the Jones Act. Additionally, it includes P&I (Protection and Indemnity) insurance. What you don’t know may cost you where this is concerned, in fact. P&I helps safeguard against issues related to personal injury to crew and to your guests. It further protects against risk related to collision liability.
According to Christina Mayor, Ascot’s yacht product leader, Ascot Admiralty Reserve results from underwriters with direct knowledge and involvement in the special issues. “Our new product has been designed with yacht owners in mind,” she explains. It was important to address “the unique risks facing the megayacht community today.”
Lou Gehrig, senior vice president and head of hull and liabilities for Ascot, agrees that the risks are a driving force. “We are glad to introduce a new yacht solution to meet a critical need for clients,” he notes, adding that increasing extreme weather has “challenged” the market in recent years. “Ascot’s robust marine capabilities have long been a cornerstone of our global specialty insurance offerings,” he says.
As is the case with the company’s other insurance offerings, Ascot Admiralty Reserve comes with 24/7 claims support and service.
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