Yacht Insurance by IYC
IYC is proud to offer its clients access to an in-house team of yacht insurance professionals. With dedicated offices in the UK and Europe, the IYC insurance department is able to cater to the bespoke needs of Yacht owners and charterers worldwide.
WHY IYC INSURANCE
IYC is a leading yacht company with insight, experience and relationships which enable us to provide the best level of support. Our ability to understand our clients’ needs allows us to provide custom solutions and to ensure they are well protected. IYC believes in offering our clients with solutions for every requirement surrounding the ownership of a yacht.
Over the course of the past 10 years, IYC has provided expert advice on risk management and loss mitigation to over 600 yachts worldwide. We have handled over 3,000 successful claims, ranging from simple loss of tenders to complex total losses, and our insured assets sum up to €1.06 Billion in value.
INSIGHT INTO YACHTING
IYC is an international yachting company, and one of the largest worldwide. We operate in all yachting disciplines including Sales & Purchase, Chartering, Yacht Management, New Construction, Charter Management, Crew Placement, Yacht Agency Services and Insurance & Claims Management.
A GLOBAL COMPANY
With our strong geographical footprint we have the resources and systems in place to provide our clients with support on a global scale. IYC is expanding its presence worldwide, with currently 13 offices in 9 different countries.
RELATIONSHIPS & REPUTATION
IYC has established relations with the world’s leading insurers and first class International Underwriters with whom we have been collaborating for 25 years. Our experience in yachting is the foundation to our success. We have received excellent feedback and recognition offering our leading insurers with significant insight into the IYC Yachts. Our insurers understand the depth in our involvement in ensuring our clients are taking the precautions necessary to maintain their yachts and keep an attractive insurability outlook.
INTER OFFICE EXPERTISE
Yacht Insurance requires insight into multiple areas that make up the insurability of a yacht, the “risk”. Our multiple departments and inter-office expertise enable us to properly assess a yacht’s exposure. One must understand how a yacht is used, what regulations are in place, crew composition, the sales process and exhibitions as well as charter process and contracts. Our company works together to ensure we are up to date with any changes and evolvements that surround our yachts and our clients. Our vessels are all reviewed in their entirety by our team of experts as a proactive approach to ensure our clients protection.
COMPLIANCE & REGULATION
Through our in-house team of experts we are always aligned with Flag State and Coast Guard authorities to ensure that a vessel’s documentation is up to date and in compliance with the latest laws and regulations.
AVAILABLE TO CONSULT 24/7
We are available at all times to consult our clients on daily matters and ready to fully manage the claim process from the moment an incident occurs until the final settlement.
OUR PRODUCTS for yacht owners:
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 Health Plans and travel plans available to crew members, on an individual or group basis. Options include Medical, Dental, Vision, Life and AD&D.*
SHIP REPAIRS LIABILITIES
Protection for Yards and Contractors legal liabilities, as ship repairers.
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.
LOSS OF CHARTER HIRE
Insurance to protect you against loss of income resulting from physical damage to the insured vessel or any circumstances that prevent the vessel from executing a scheduled charter.
BREACH OF WARRANTY (MII)
Cover issued to protect a lien holder 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 lien holder or lessor.
OUR PRODUCTS for charterers:
Trip Cancellation Insurance
Despite our best intentions, sometimes life gets in the way and we need to cancel our holiday plans. Trip Cancellation Insurance helps to protect a charter travel investment from the unexpected, with affordable premiums and minimal paperwork. Some examples of situations where this cover is necessary include trip cancellation due to sickness, injury, or death of the insured/family member/business partner; theft of passports; natural disasters; jury duty, and many more. As a charterer and/or guest you may cancel your booked trip for any reason and may be reimbursed for part of your pre-paid fee.
Charterer Liability INSURANCE
Accidents may happen when it’s least expected so it’s always best to be prepared. The Charter Liability insurance provides cover for situations where guests are liable for damage caused to their charter yacht – including the hull, tenders/toys, interior furnishings and other equipment – or to third parties. While as charterers and / or guests you may be covered under the yacht owner's liability policy, this extra cover allows you to completely relax and enjoy your holiday, knowing you are fully protected when chartering an expensive yacht.
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