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ONLYYACHT: “The sector has seen an increase in the number

of fires” by Milena Radoman

How do you insure a boat? What are the main causes of damage affecting yachting? Here, Deputy
Chairman of Suisscourtage, Jean-Victor Pastor, talks about the specificities of insurance in yachting.

For 20 years now, its subsidiary, OnlyYacht, has specialised in the insurance of superyachts, megayachts
and their crews.

Is there a particularity to Monégasque boat Is insuring a boat like insuring a house? And What damages are covered and what are the
insurance law? under what circumstances does pleasure boat guarantees (included or optional) that can be
The Principality has a maritime flag and insurance become compulsory? found in a yacht insurance contract?
imposes certain regulations on boats carrying Insuring a boat has some similarities to A yacht insurance contract can cover different
it. In particular, there is a different level of insuring a house but there are also important types of damage and offer various guarantees
taxation from France (4% tax for Monégasque differences. First of all, yacht insurance is as discussed above, although the specific
flags and no taxation in France). Even if the not compulsory in all countries. However, details depend on the insurers and the contract.
primary owners are in Monaco, superyachts, many countries have specific regulations that Some common examples of damage covered
megayachts and their crews generally fly require insurance for certain situations. Let’s and guarantees included or optional are
foreign flags and must meet the requirements look at some cases where yacht insurance property damage, civil liability, legal protection,
of international insurance regulations: Hull & may be mandatory. In many countries, liability damage to accessories, medical expenses,
Machinery, Protection & Indemnity and Crew insurance is compulsory for pleasure craft. It protection against theft, damage caused
Welfare. covers bodily injury or material damage caused by uninsured third parties and navigation
to third parties in the event of an accident or extension.
What is your clients’ profile and what collision. If you have financed or chartered
percentage of them are Monégasque? your boat, the finance or charter company may How much does such a yacht insurance cost?
The percentage of Monégasque clients in our require insurance to protect their investment. The cost can vary depending on several factors,
portfolio is quite marginal (less than 20%) in Some locations, such as marinas or ports, including the value of the boat, its size, power,
the 10- to 30-metre vessel segment. The majority may require insurance before you are allowed age, intended use, history of claims, navigation
of our clientèle is international and profiles are to dock, including costs for evacuation of the area, guarantees chosen and other specific
often High or Ultra-High Net Worth Individuals boat in the event of an emergency. Likewise, if criteria. It is recommended to use a broker
(UHNWI). you participate in nautical events or regattas, like OnlyYacht who will study the market and
insurance may be required. Now, regarding the inform you of the rates and options available
What type of boats do you most often insure? similarities with insuring a house, just like home for your boat.
We mainly insure motorboats and sailing insurance, boat insurance can cover property
yachts, catamarans to a lesser extent, but we damage to the insured yacht, for example in What are the most common causes for claims
are able to insure all types of vessel. the event of fire, theft, collision or vandalism. in yacht insurance? Collision? Theft? Is there

WHY A SEPARATE ENTITY FROM SUISSCOURTAGE?
OnlyYacht is a subsidiary of Suisscourtage and, as a specialised entity, this makes it possible to focus exclusively on the insurance of
superyachts, megayachts and their crews. This is because the sector presents highly specific risks and requirements that are very different
from other types of insurance. This level of expertise allows for tailor-made insurance coverage and meets the needs of high-end, yacht-
owning clients more effectively.
As it developed, the business turned out to be very different from traditional insurance brokerage. It is internationally-oriented with contracts
issued in several currencies, a very technical risk placement calling on the high capacities of the English marketplace, in particular the
Lloyd’s of London market. This level of expertise helps provide tailored coverage and responds more effectively to the needs of OnlyYacht’s
customers. Our group is also part of the inner circle of Lloyd’s insurance brokers, of whom there are under 10 in France and only one in
Monaco: OnlyYacht.
These are the particularities that have thus justified the OnlyYacht entity being independent but there is more, such as the need for tough,
annual negotiation when renewing policies, none of which come with tacit renewal; plus the raison d’être of the insurance broker, to handle
high-stake claims for the protection of our clients’ interests.

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