Chartis launching first suite of loss prevention services for yacht owners
Chartis today introduced the first-ever suite of loss prevention services for yacht insurance clients within its U.S. Private Client Group. Since its inception in 2000, Private Client Group has upheld a commitment to manage risk proactively. Yacht loss prevention builds upon an already extensive menu of risk management offerings for homeowners and collectors of art, wine and other valuables.
Claims experience on Private Client Group policies underwritten by Chartis insurers has shown that the most common cause of reported yacht claims is bodily injury of crew members, while fire damage ranks highest in terms of loss severity. The new services were created to mitigate the likelihood and impact of avoidable damage for yacht owners, family members and crew.
Yacht policyholders now have access to a menu of services including:
- Background checks on crew members who have access to vessels, families and valuables;
- Hurricane preparedness reviews to help with pre- and post-storm planning;
- Connections to best-in-class safe harbor, dry dock and repair facilities for yachts that are cruising, out of port or faced with a storm;
- Chartis-created educational materials and presentations on yacht safety
For those with large yachts and complex risk management needs, additional services are available, including:
- Thermography evaluation to help detect leaks or abnormal electrical and mechanical equipment;
- Crew first aid, CPR and automated external defibrillator training;
- On-board safety and security equipment review;
- On-board art collection management;
- Overseas security consulting referrals for yachts traveling in high-risk areas;
- Boat lift, dockage and security reviews (limited to policyholders in South Florida).
“Private Client Group clients are passionate about their watercraft and often spend years customizing their dream vessels,” said Sean Blue, Head of Global Watercraft, Chartis Consumer Insurance. “Through education and hands-on assistance, our risk managers can help owners avoid sentimental losses as well as physical damage.”
Yacht loss prevention services are facilitated through experienced in-house risk managers.