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Are there benefits to using a yacht insurance broker?

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26/03/2022

The short answer, yes. To understand why, however, requires a little more explanation. Let us explore the key benefits of engaging an insurance broker when seeking protection for your prized yacht.

Focusing on your needs

Instead of pushing a single product, a yacht insurance broker assesses multiple available options in the marketplace according to your needs. Their work includes finding and negotiating insurance policies to ensure you obtain the appropriate amount of coverage – not over nor under.

Potential cost savings

Speaking of the appropriate amount of coverage, what if you could save 10%, on average, from your yacht insurance premiums by going through a broker? The opportunity for savings is because brokers have access to information that enables them to accurately benchmark risks, while at the same time leveraging large volumes of business to negotiate better terms and rates on your behalf. 

Get more clarity on coverage

Different policies vary in wording, and can make you question whether the coverage you seek is what you’re getting. With Marsh YachtCover, policy wordings have been curated by expert brokers. We do this to ensure a comprehensive scope of coverage by tailoring the wordings according to a yacht owner’s specific requirements.

And if you are unsure about any part of the policy document, our helpful yacht specialists are always on hand to explain and clarify.

Read Yacht insurance: What every owner should know to understand more about yacht insurance.

Robust claims support

A key consideration for engaging a yacht insurance broker is the ease of lodging an incident report and efficiency in claims processing.

Should an accident occur and your yacht is insured with Marsh YachtCover, you can contact us directly and speak to someone for immediate help. We will walk you through every step of the claims process and make sure your submission has all that the insurer requires for smooth processing, giving you additional peace of mind as we work together towards getting you a fair settlement.

Find out more about the yacht insurance claims process.

Set sail with confidence

The advice of an established insurance broker can help you make highly informed decisions that can ensure adequate coverage for your yacht at competitive pricing and terms. With Marsh, you’ll receive the support of our dedicated yacht specialists with more than 75 years of experience in broking. 

Essential information on yacht insurance

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Author

Chris Coupland

Senior Vice President, Marine Leader, Singapore