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anything special relevant to megayachts? crews and experienced technical managers, Unlike car insurance, yacht insurance
The larger the yacht, the more it is subject meeting International Safety Management companies generally do not apply a no claims
to exterior forces like waves, wind, currents Code standards. The level of deductibles on bonus system based on claims history. The
and storms? these yachts is also much higher. main reason for the absence of this is that the
There is no particular issue that is more risks and loss factors are different from those
frequent than any other but, traditionally, How is the situation evolving for climate of cars. Boats operate in a complex maritime
collisions in ports and machinery damage are catastrophe insurance for yachts? These environment and are subject to changing
the most frequent. Over the past two years, the torrential rains and high waves are only conditions such as weather, currents, tides, etc.
industry has seen an increase in the number getting worse... In addition, boats are often used seasonally,
of fires, particularly those related to lithium Climate change is having a direct impact on which makes it difficult to compare with cars
batteries, which remain relatively rare but attract the world of marine insurance - for example the used on a daily basis.
a lot of attention from insurance companies due hurricane period in the Caribbean is becoming However, it should be noted that some insurance
to their severity. Thefts on superyachts remain more and more intense. We also see new companies may offer discounts or benefits
low mainly due to the mandatory presence climatic events in the Mediterranean known similar to a no claims bonus under specific
24/7 of crew members needed to manage as “medicanes” which is the contraction of contracts. For example, if a boat owner has
the boats in the event of an emergency. With Mediterranean and hurricane. not reported a claim for a certain period of
regard to megayachts, the number of accidents cover, they may be eligible for a reduction in
is significantly lower but the costs are high. How does the no claims bonus system work their premium or other benefits and this may
Large yachts are often managed by professional in boat insurance? vary from one insurer to another.

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