Insurance

Photo courtesy Marasco Marine Ltd.

The Four Dominant Criteria of Yacht Insurance

It is generally understood that the insurance coverage of a luxurious Yacht can be a headache for her owner, not having the necessary knowledge and sufficient information to make an educated decision with confidence, especially in a changing and challenging international insurance market.Yacht insurance traces its roots in an official sense back to the 17th century and falls within a special category, specifically Marine Insurance, which requires advanced knowledge and experience…

The Coast Guard, State of Hawaii, and salvors are working to remove the sailing vessel, Steady Beat, aground near Waikiki Reef Hotel, March 22, 2020. The owner’s insurance company has hired a salvage team to remove the 35-foot, double masted vessel. (U.S. Coast Guard photo by Russ Strathern)

Salvors Removing Vessel Aground Off Waikiki

The U.S. Coast Guard said it is working with salvors and the State of Hawaii to remove a sailing vessel that ran aground off Waikiki in Honolulu, Hawaii, on Sunday.The owner’s insurance company has hired a salvage team to remove the 35-foot, double masted vessel Steady Beat.Coast Guard and State of Hawaii responders continue to monitor the situation for environmental and public safety impacts.Based on mitigation activities, at 10:38 a.m., the federal on-scene coordinator determined the vessel no longer presented a substantial threat of discharge.

New Online Marine License Insurance Program

Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…

Kurt Sova (Photo: Masterpiece International)

Masterpiece Int'l’s Marine Division Upgrades

Masterpiece International’s Marine Division adds an experienced sailing and racing captain, Kurt Sova, to its growing and dedicated yacht team. The addition of Sova as a Director of Strategic Accounts will deliver decades of industry experience, firsthand knowledge, and project management. The Marine Division specializes in international and domestic shipping for yachts, boats, and other watercraft offering consultation, shipping and transport services, Customs brokerage, storage…

Photo: HKCYIA

​HKCYIA & Voyager: Superyacht Services in HK

The Hong Kong Cruise and Yacht Industry Association (HKCYIA) signed a Memorandum of Understanding (MOU) with Voyager Risk Solutions Ltd to support its risk and insurance management services for superyachts, with full scale professional solutions that are expected to promote its upcoming initiatives in the development of the yacht and tourism industries in the Greater Bay Area.The move was made in view of the rapid development of the global yacht industry and the surging demand for superyacht management services in Hong Kong.The MOU signing ceremony…

Regal Boats Recognized by NMMA Again

Regal Boats, a family-owned, award-winning manufacturer of sport boats and yachts, announces their recognition as a recipient of the National Marine Manufacturer Associations’ 2018 Marine Industry Customer Satisfaction Index (CSI) Award. Regal Boats was recognized in five 2018 CSI Award categories, including deck boats, fiberglass outboard boats, inboard express cruisers, sterndrive bowrider boats and sterndrive cuddy and express boats.National Marine Manufacturer Association’s (NMMA) CSI Award honors boat and engine manufacturers who actively measure customer satisfaction and pursue continuous improvement to better serve their customers.

Engine Room Wall (Photo: Advanced Mechanical Enterprises)

'Sea the World' Reveal At Huizenga Center

South Florida’s marine industry is a $12 billion/year economic engine that provides the region with 142,000 careers and jobs. With an aging workforce and a unique skill set, the maritime community is facing a workforce that’s aging out with skilled labor being very hard to find. To assist, Advanced Mechanical Enterprises/AMESOLUTIONS.COM, and 23 marine industry companies have joined forces with Junior Achievement of South Florida.On May 1, 2019, Junior Achievement of South Florida will unveil the Marine Industry Storefront…

Photo by Ken Cage, IRG

Captains, Crew Recoup Lost Wages by Arresting Megayacht

Most yacht crew are compensated every payday, via wire transfer or check. But for some yachties, the only way to get paid is the hard way: by filing a lawsuit in federal court and literally arresting the megayacht for back pay owed.While many captains and crew are reluctant to initiate expensive litigation to arrest the boat they’ve served on, pursuing their seaman’s lien is the best route for compensation. If the legitimate amount due is well over $10,000, crew should stand on their rights and act on their valid claim immediately.

David Gillam (Photo: SeaKing Electrical)

SeaKing Electrical Announces Superyacht Sector Growth

Maritime engineering company SeaKing Electrical announced its busiest year in a decade for superyacht work ahead of its attendance at the Monaco Boat Show.Liverpool City Region based SeaKing Electrical has sent teams to work on 18 superyacht repair and upgrade projects in the nine months until September beating its previous record of 17 jobs in all of 2017. The company has worked in the Mediterranean in Cadiz, Cartagena, Genoa, La Ciotat and Barcelona as well as Miami in the United…

The Author, David Cunningham.

Marine Insurance: Protect Your Yacht, Yourself

All my life, I grew up around boats. My dad was a captain for 23 years, and I would travel on his ships throughout the Gulf of Mexico, the Atlantic Ocean and the Great Lakes. My first job out of college was in San Francisco, so naturally I bought a 30-foot sailboat and lived on it on the San Francisco Bay. In more recent years, I have enjoyed yachting with my family on the inland lakes of Virginia. No matter where you have launched your yacht, boating is an exhilarating experience. It can also be dangerous and fraught with risks.

The 123’ motor yacht Temptation and the 198’ motor yacht Blue Moon represented some of the diverse chartering options in New England at the 2018 Newport Charter Yacht Show presented by Helly Hansen Newport. (photo credit: Billy Black)

Newport Charter Yacht Show Presented by Helly Hansen Newport

From June 18-21, the Newport Charter Yacht Show provided a four-day window of opportunity for brokers, managers and other industry professionals to acquaint themselves with 24 luxury yachts available for summer charter in the New England area. As well, it gave attendees a chance to network, share information and socialize on the docks and at seminars and special events, mixing business with a good amount of pleasure. “Everyone is ‘on’ and friendly here, like they’ve known you forever,” said Maggie Vale, a local broker with Churchill Yacht Partners who attended the show.

Yacht Tech Working Groups Meet in Barcelona

On April 24 and 25 ,2018, various working groups of the ISO TC8 SC12 sub-committee focusing on marine technology in large yachts over 24m, were held at the Marina Barcelona 92 (MB92) facility. The timing of these meetings coincided with the 30th MYBA Charter Show held at OneOcean Port Vell in Barcelona.More than 25 industry experts from across the world, including mast manufacturers, surveyors and insurance brokers etc. as well as representatives from various industry bodies,…

Photo: HKCYIA

International Cruise and Yachting Festival Planned for November

Hong Kong’s first-ever cruise and yachting event, International Cruise and Yachting Festival (Hong Kong) 2018, is scheduled to be held from November 22 to 25 at the Kai Tak Cruise Terminal, Kai Tak Runway Park and Kwun Tong Typhoon Shelter. The four-day event, organized by the Hong Kong Cruise and Yacht Industry Association, will bring together global cruise and yacht brands and boats with Maritime Education and Employment, Marine and Leisure Tourism and Maritime Industry Developments as the major focuses.

© the_lightwriter / Adobe Stock

“Blockchain” and the World of Marine Insurance

If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.

(Photo: Intelsat)

Broadband Demand

Satellite-based connectivity has always played a critical role for the maritime sector. As the communications expectations of ship owners, passengers and crews continue to grow, maritime service providers are seeing a transformation in the type and quantity of applications that need to be supported at sea. The advent of VSAT broadband services is driving a shift away from traditional, low-level L-band connections that ship operators have relied upon for decades. VSAT services are preferred to respond to the demand for high-speed broadband that can support bandwidth-intensive applications.

Photo:  The Shipowners' Club

Shipowners’ Club Pact with Yachtpod Risk Partners

Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, today announces that it has entered into a partnership with newly established super yacht specialists Yachtpod Risk Partners (Yachtpod). Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, today announces that it has entered into a partnership with newly established super yacht specialists Yachtpod Risk Partners (Yachtpod), an underwriting cell on the Castel Underwriting Agencies Limited (Castel) managing general agent formation platform…

NMMA Recognizes 52 Boat and Engine Manufacturers with CSI Awards

The National Marine Manufacturers Association (NMMA) announced 52 recipients of the 2016 Marine Industry Customer Satisfaction Index (CSI) Awards for excellence in customer satisfaction. Award recipients were acknowledged this morning during the Innovation Breakfast at the 2017 Progressive Insurance Miami International Boat Show in Miami. The Marine Industry CSI Awards honor boat and engine manufacturers who actively measure customer satisfaction and pursue continuous improvement to better serve their customers. Award recipients…

AMI Presents Board of Directors at IMBC

The Association of Marina Industries (AMI) elected its 2017 officers and directors at its annual International Marina & Boatyard Conference (IMBC) held January 25-27, 2017 in Fort Lauderdale, Florida. Brad Gross, Certified Marina Manager (CMM) was reappointed Chair; Joe Riley, CMM of Windmill Marina Association, Inc. was reappointed Vice Chair; Chris Petty of Suntex Waterfront Management was reappointed Treasurer; and Chris Dolan of Marina Electrical Equipment, Inc. was appointed Secretary. This year, AMI welcomes one new member elected to the 2017 Board of Directors for a three-year term, Jason Johnson of Marine Travelift, Inc.

Thomas Brown (Photo: Seacurus)

Seacurus: Yachting Sector Seafarers Need Attention

Specialist marine insurance intermediary Seacurus has called for more flag states to establish a process of compulsory registration for all providers of Seafarer Recruitment and Placement Service (SPRS) in the yachting sector. Thomas Brown, managing director of Seacurus, says, “More countries need to follow the initiatives shown by the likes of the UK MCA and France, with the latter making company registration compulsory for SRPSs in the yachting sector. The measures introduced by the French authorities…