Steamship Mutual, a leading P&I Club providing marine liability insurance worldwide, announced it is launching a new Yacht Liability insurance product for luxury super and mega yacht owners, operators, charterers and fleet managers.
Already a market leader in the provision of marine liability insurance to the global passenger and cruise sectors, Steamship Mutual has created a new liability product that is tailored to meet the specific requirements of those operating in the luxury super and mega yacht market. Underwritten on a fixed premium basis, coverage limits will be available from US$1 million increasing to US$500 million for the world’s largest sized yachts.
Stephen Quartermaine, Head of Underwriting at Steamship, said, “Given our already strong position in the passenger and cruise sector, this move into the Yacht Liability market is a natural step for Steamship Mutual. Unlike many yacht insurers, our size, experience and global reach allows us to underwrite business in excess of hull values and without restrictions on trading areas or domicile. Our new product will offer enhanced coverage on terms much wider than generally available in the commercial market”
The Steamship Mutual product has been developed to focus on the escalating growth in the super and mega yacht market. As yachts increase in size and are ever more subject to legislation, growing numbers of yacht owners and operators require the service and capacity of an expert liability insurer at levels in excess of hull value. Steamship Mutual is uniquely well qualified and experienced to meet those specialist needs.
Earlier this year Steamship Mutual posted record financial results, announcing a 9% growth in its entered tonnage, combined with an operating surplus of USD27.6 million and a 17.5% increase in free reserves. Through this new Yacht Liability product and other key initiatives, Steamship Mutual’s aim is to grow its market share to enhance the Club’s financial strength for its existing and future members.