Underwriting yacht insurance: problems, challenges and solutions

In this IIL marine & energy lecture Paul Miller, David Sporle and Simon Ballard talked about why yacht insurance has changed so significantly over the last few years, what problems and challenges this has brought and what solutions there may be to them.

Paul, Simon and David initially provided a background to the yacht insurance market and factors which has led to its development and growth. The speakers then explained the main issues facing the yacht insurance market, separating out where appropriate between smaller, medium sized, large yachts, mega yachts and racing yachts. These main issues included over capacity, increased claim frequency, direct writers, and the substantial increased cost of running yacht.
The speakers highlighted the need to obtain the complete insurance package especially on super yachts and how weather-related losses through for example, hurricanes result in significant losses for insurers. In conclusion, some solutions offered were less specialist insurers, hardening market, more selective underwriting and change in coverage offered.

By the end of this lecture members would have gained an insight into:

• The yacht insurance market
• The main issues it currently faces
• Possible solutions to these issues

Chair:
Chris Murlowski, Class of Business Manager, Lloyd's PMD.

CPD events are open to CII and PFS members
Registration closes at 12pm two working days before the event date
For events held in The Old Library, Lloyd's pass holders may also attend and do not need to register
Original Photo ID (Driving Licence, Passport, Work ID with company logo and full name) is required to gain entry to all venues

Conditions:

• Email confirmations and original photo ID must be produced to security staff at the lecture venue
• Attendance confirmations are non-transferable to any other person or lecture
• All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

Please let us know what we can do to make our events fully accessible to you.

Contact:
Please contact Patricia Pedraza (07463 028327) with any queries regarding the CPD events programme.

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