Super yacht insurance

When it comes to super yacht insurance, looking around for the best / cheapest deal is not a dangerous tactic. Insuring super yachts worth millions of Euros, sailing in stormy waters and perhaps even exposed to political unrest, is complicated. Yacht insurance is not specifically regulated, meaning policies do not have to be approved by country or state regulators like other types of private insurance.

In general, there are two types of yacht insurance that a vessel needs: Marine Hull and Protection & Indemnity (P&I) insurance. Marine hull insurance covers physical damage to the yacht and its components, while P&I insurance covers liability to third parties.

Factors that affect the insurability of a yacht include its age (even if it is refurbished), whether it is used in a storm-prone area and the experience of the yacht owner. Nowadays, insurance companies are also involved in the selection of the captain. The rule of thumb has been that the yacht captain must have at least two years of experience on comparable yachts for which he or she is applying. Some insurance companies have increased this requirement to three years.