Through our yacht programme we provide A-Rated security and a first class service. If you have any questions related to our programme you should contact our underwriting team. You can do this by emailing firstname.lastname@example.org or by contacting a member of our team directly.
Below you will find details on our appetite, licensing requirements and also detail on coverage options, but the detailed contained herein is not exhaustive. You can also download our broker appetite guide that contains much of this information in pdf format.
In order for our underwriting team to review a new business submission and include windstorm coverage we will require the following documentation to be provided as part of your submission. Template forms can be found on our application form page.
- A Concept Special Risks Limited Application Form.
- A Concept Special Risks Limited Named Windstorm Plan, where coverage for windstorm is requested.
- For vessels over five years of age, where that vessel is valued at $2,000,000 US Dollars and greater a recent condition and valuation survey will be required.
- For vessels over five years of age, where that vessel is older than twenty five years a recent condition and valuation survey will be required.
Each of our insurance providers holds a minimum of an A- AM Best (Excellent) financial rating and full details of those carriers will be detailed on each and every quotation and policy issued by us.
Our yacht programme is offered on a surplus lines basis, meaning that any broker presenting risks for our consideration must be appropriately surplus lines licensed. We will require confirmation of your surplus lines license should we receive a request to bind coverage.
Our insurance providers are approved in all 50 US States and our yacht programme is available for US Risks. In order for a risk to be considered a US Risk it must meet one of the following criteria.
- The vessel(s) is moored in the USA for a minimum of eight months of the policy year (whether navigation is US only or not), and the Named Assured is a US or non-US citizen.
- The vessel(s) is not moored in the USA for a minimum of eight months of the policy year but the Named Assured is a US citizen with a US address and a US flagged vessel.
Below is a list of coverage options available within our yacht programme. Please note that not all options are available for all risks and are subject to underwriter review.
- Hull Coverage: up to $5,000,000 US Dollars based on the current market value of the vessel alongside other determining factors such as purchase price.
- Liability Coverage: limits up to $10,000,000 US Dollars.
- Personal Effects: limits of coverage are available up to $50,000
- Medical Payments: limits of coverage are available up to $50,000
- Tenders and Trailers: coverage is available where that tender or trailer is used in conjunction with the vessel. High valued tenders must be written on an individual policy. Jet-Ski’s can be considered for Private and Pleasure Use where they are used in conjunction with the vessel.
- Uninsured Boater: limits of coverage are equal to the hull value of the vessel or $100,000, whichever is the greatest amount. This coverage is included as standard without charge.
- Non-Emergency Towing: limits of coverage are available up to $2,500.
Windstorm coverage is available on most risks. Click here to view our windstorm tier system that provides details on when coverage for windstorm can be offered, with the exception of the following:
- New business risks where the vessel will be located within the central Caribbean Sea or Bahamas.
- New business and renewal risks where the vessel will be located afloat at the owners residence or where the vessel will be stored at a residence not belonging to the owner. Vessels stored in marinas or inside buildings can usually be covered for windstorm.
Our survey requirements aim to be flexible, an outline of our basic rules is below. In all cases we encourage discussion so that we might secure enough information to satisfy our needs without placing an excessive burden upon the insured. Surveys, with the exception of Self-Surveys must be performed by a professional surveyor accredited by a professional surveying organisation, such as SAMS or NAMS.
- Surveys are required on all vessels over five years of age.
- We can accept Hauled Condition and Valuation Inspections or In-Water Surveys with Haulout Inspection. Each of these combinations would usually be valid for three years subsequent to underwriter approval.
- On fleet accounts we can accept surveys or detailed maintenance logs and details of any future maintenance programme. This is available on a case by case basis and subject to underwriter review and approval.
- Self-Surveys are available on most vessels under 31ft in length, our new Self Survey form is valid for two policy periods.
We offer coverage on a wide range of vessels, as a broad guideline the following vessels can be covered:
- Vessel Types: Professionally manufactured yachts, trailercraft, sailboats, catamaran, motor sailors and navigating houseboats.
- Vessel Construction: Vessels constructed of fibreglass, metal or wood.
- Custom built vessels that meet a professional standard of building as outlined by a condition and valuation survey.
There are a number of vessel types that we are not willing to offer coverage for, or where our coverage is limited:
- Vessel Types: Permanently moored houseboats, homebuilt vessels, trimaran, commercial vessels, research vessels, racing designed sailboats/catamaran and high performance vessels.
- Vessel Speed: Vessels that have a maximum speed that will exceed 90mph.
- Vessel Construction: Ferrocement vessels, carbon fibre vessels or other vessels constructed from high performance materials.
Premier Yacht Policy coverage is available on all vessels up to ten years of age and for Motor Yachts, Sailboats and Catamarans this is extended to fifteen years. In most cases this will be subject to an additional premium. You can compare the differences between our standard yacht policy and premier yacht policy by clicking here.
Coverage is available on a wide range of recreational vessels, the usage must have a recreational element for us to be in a position to consider coverage. Below is a list of general types of usage that can be considered:
- Private and Pleasure: vessels that are used for purely private and pleasure purposes, with no commercial exposure at all.
- Captained Charters: vessels used to offer recreational charters to passengers where the vessel is captained. This also extends to vessels offered for charter with a list of owner recommended captains.
- Bareboat Charters: vessels offered for rental where the vessel is provided without any crew or recommended captains. The renter is responsible for either operating the vessel or providing their own independent crew.
There are a number of different types of usage that we are not willing to provide coverage for:
- Parasailing: vessels undertaking parasailing operations.
- Jet Ski: vessels undertaking jet ski rental. We are able to cover jet skis when used as a tender to a vessel but only where it is stored onboard that vessel and used solely in conjunction with it.
- We cannot offer coverage for any type of non-recreational vessels, this might include commercial fishing vessels, research vessels and crew boats.
Under the provisions of the Terrorism Risk Insurance Act of 2002, most recently extended in 2019 under the Terrorism Risk Insurance Programme Reauthorization Act, coverage is available for commercial risks. The coverage provided removes the exclusion for terrorism found within the policy language for an additional premium.
We are able to offer terms on fleets of vessels, where there are five or more vessels to be insured. The type of usage and type of vessels must meet our underwriting requirements and we require a Concept Special Risks Fleet Application Form and schedule of vessels to be provided for our consideration.