Insurance

IYC is the only yachting company in the industry with an in-house team of yacht insurance professionals, licensed both in Europe and North America.

Over the course of the last 10 years, IYC has provided expert advice on risk management and loss mitigation to over 600 yachts worldwide. We have established relations with the world’s leading insurers and first class International Underwriters with whom we have collaborated in designing our own tailored wordings to better serve our client’s interest.

 

our approach

At IYC we support our Clients from the moment an incident occurs to the final settlement. We fully manage the process of a claim and work hand in hand with our Yacht Management Division to eliminate any obstruction or troublesomeness to the Owner and Captain.

Our Yacht Insurance Department also provides complementary support throughout the policy period and is able to communicate with insurers in a prompt and urgent manner.  Our team is available at all times and ready to provide support and assistance for our clients.

“Without insurance the ownership of a yacht is inaccessible and too risky to bear. Insurance is the element that enables people the opportunity to protect their assets and to truly focus on living the dream”

 

our strategy

We intend to secure your vessel’s safety through the knowledge of our yacht managers and insurance specialists to minimize any risk of loss and damage to your yacht.

The level of quality we strive to provide to our insurance Underwriters far surpasses any other. We are here as your advisors.

As a company we are able to offer a better judgment from our involvement in the marine industry. You can trust we will know your vessel and we will work with your crew to better improve the insurance service. This involvement brings more trust and reliability on our relations with the insurance Underwriters because they understand that IYC as your advisors and as your company will have your best interest in mind and will protect your vessel unlike anyone else.

 

 

 

 

 

 

As part of our program, IYC is putting together different benefits that can be useful for our team and your crew with the purpose of educating and preventing any dangerous circumstances.

  • We will provide claims prevention educational presentations and useful tips throughout the years
  • 24/7 consulting on different areas of interest such as destinations, coast guard, compliance assistance, safety management, and technical management.
  • Up to date advise on the main areas of concern surround the world such as critically terrorized areas and high danger zones.
  • All inquiries are expedited in immediate manner. IYC has the ability to deliver answer to any question or request with the utmost urgency

our products

 

Hull & Machinery:

Protection against partial damage, total loss, damages to fixtures and fittings, tenders, watersports equipment and electronics.

 

Protection & Indemnity:

Protection against potential third party liability exposures such as collision liabilities, pollution, wreck removal, legal defense costs, watersports liabilities and uninsured boaters.

Crew Medical:

Protection for crew including health plan, medical expenses due to death or injury.

 

SHIP REPAIRS LIABILITIES

Protection for Yards and Contractors legal liabilities as ship repairers for:
– Loss of or damage to any vessel being worked upon including shifting and moving within the limits of the port at which the work is being carried out and including sea trials
– Loss of or damage to machinery or equipment of any vessel the Contractor is working on
– Loss of or damage to third party property occurring in the course of or arising from the ship repairing operations resulting from negligence of the Yard or Contractor, his servants, agents or sub-contractors.

Builder Risks:

Protection for the construction of a new building project, or the project of a major conversion or refit. The vessel can be covered from physical loss or damage, as well as the liabilities of the Owner to third parties, against all risk. The cover will include: Faulty Design, Pollution Liability, Liabilities to Third Parties, Legal Defense Costs

Charterer’s Liabilities:

Protection against any damages and liabilities that may arise during a charter of a non-owned vessel.

Loss of Charter Hire:

Insurance to protect you against loss of income resulting primarily from physical damage to the insured vessel or any circumstances that prevent the vessel from executing a scheduled charter.

Breach of Warranty:

Cover issued to protect a lienholder or lessor’s interest that causes the policy to continue to protect the financial interest even when the insured breaches a condition. Any loss recoveries under this clause are payable only to the lienholder or lessor.

 

 

 

 

€1 BILLION INSURED ASSETS

3,000 SUCCESSFUL CLAIMS

600+ INSURED YACHTS