Underwriting yacht insurance: problems, challenges and solutions
In this IIL marine & energy lecture Paul Miller, David Sporle and Simon Ballard talked about why yacht insurance has changed so significantly over the last few years, what problems and challenges this has brought and what solutions there may be to them.
Paul, Simon and David initially provided a background to the yacht insurance market and factors which has led to its development and growth. The speakers then explained the main issues facing the yacht insurance market, separating out where appropriate between smaller, medium sized, large yachts, mega yachts and racing yachts. These main issues included over capacity, increased claim frequency, direct writers, and the substantial increased cost of running yacht.
The speakers highlighted the need to obtain the complete insurance package especially on super yachts and how weather-related losses through for example, hurricanes result in significant losses for insurers. In conclusion, some solutions offered were less specialist insurers, hardening market, more selective underwriting and change in coverage offered.
By the end of this lecture members would have gained an insight into:
- The yacht insurance market
- The main issues it currently faces
- Possible solutions to these issues
Chris Murlowski, Class of Business Manager, Lloyd's PMD.
Registration & Security
IIL lectures are open to Lloyd's pass holders and CII and PFS/SMP members.
All attendees must register online by 10.30am on the day of the lecture.
All attendees must produce photo ID - either a Lloyd's pass, driving licence with photo or valid passport.
- Email confirmations and photo ID must be produced to security staff at the lecture venue
- Attendance confirmations are non-transferable to any other person or lecture
- All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission
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This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.