Yacht Insurance – Why Us?
The George Group
is unique in Asia in the length, breadth and depth of experience in the company. With a small team of multi lingual staff we are able to advise yacht owners and the surrounding industry on yacht insurance and risk management matters crossing all manner of risks and insurance programmes that are required by owners and crew. We have handled risks and claims from day sailing dinghies to yachts in excess of 80 metres, racing and cruising locally and globally. Over 90% of our new business comes by word of mouth from personal recommendations and we enjoy a strong retention ratio of our existing business.
The yacht insurance market continues to evolve and has been in what’s known as a Hard Market since 2018. While commercial insurance markets are seeing rates fall and more flexible covers being offered the yacht insurance market continues to find itself very nervous with insurers maintaining a desire for local risks within very specific parameters. This means that owners are finding it harder to find good cover from reputable insurers. While on the face of it prices are high and flexibility is low it should be remembered that yacht insurance forms only approximately 3% to 5% of the annual operating cost of a yacht. As such, price differentials between good insurers and those of a lesser pedigree may seem significant when put side by side but when compared to the annual operating cost the difference may be less than a couple of percentage points. However, the effects of a cheaper insurance or one offered by a provider with little experience can be financially severe.
Insurance is all about the spread of risk, meaning that (in theory) the insurer takes a portion of risk that the client prefers not to take himself in return for premium and adherence to certain conditions placed upon the owner. There is often more to this than meets the eye and advice from professional, experienced and seasoned people is essential to help you be comfortable with how your asset is protected, by whom and to what extent. With insurers being prepared to take less and less of a risk its more important than ever to have good, clear and honest advice from people who have been in the insurance and yacht markets long enough to have seen the unfortunate consequences of insurance programmes arranged badly and those providing them not being honourable enough to have the necessary conversations with clients that will result in a safer yacht and, ultimately, happier owner and crew.
The George Group is here to help you through this journey
and please click here to discuss further with us.
Contact
Colin Dawson
Managing Director
Phone
+852 2530 2331
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