Most Owners believe that the job of a (Re)Insurance broker is to place the (Re)Insurances of their yacht at the most competitive terms obtained from reputable (Re)Insurers. That, however, is only a very small part of the service that we at International Broking Solutions, Corp (IBSCorp) provide, as our real job starts from the moment the yacht’s insurance is in place.
Intl. Broking Solutions, Corp (IBSCorp) as knowledgeable (Re)insurance broker can tailor the terms and conditions of a yacht (Re)Insurance policy to the specific requirements of both the Owner and the use of his yacht.
We are able to consult on the type of (Re)Insurances your client needs (or does not need), as well as of his options in mitigating risk in a manner that optimizes the value of cover and cost of annual premiums.
Our standard placement contract includes cover for:
- Hull and Machinery
- Protection & Indemnity (P&I)
- Crew Personal Accident and Medical expenses.
Hull and Machinery.
Provides cover to the yacht against the physical loss or damage. The most widely used wordings for this type of cover is the Institute Yacht Clauses (1/11/85) and/or the American Yacht Form R12. These wordings have been successfully tried and tested in court for an extensive period of time and numerous cases.
Our primary coverage includes the losses and expenses due to the actual or constructive total loss of vessel, as well as the damage to hull, machinery, equipment and parts caused by following reasons:
- Physical loss of or damage to the yacht caused by perils of the seas including Fire, as on-board of the insured vessel as well as outside the vessel, the insurers also reimburse the expenses of fire extinguishing
- Storm, lightning, earthquake, hail, tornado etc, also the capsizing of vessel and grounding
- Explosion on-board of insured vessel
- Physical loss of or damage to the yacht engines’ machinery and equipment caused by
- heavy weather, negligence, etc.
- Physical loss of or damage to tenders, dinghies, outboard motors, water toys etc.
- Accident during launching of vessel or lifting the vessel from water
- The losses due to theft or robbery of vessel, her equipment, spare parts including the losses caused by the attempt of theft or robbery
- The losses due to intentional act of third person (vandalism
- The fair and reasonable losses beared to minimize the damage, mitigation costs, survey costs.
Protection & Indemnity (P&I).
It protects the Owner, Captain and Managers from third party liabilities that could arise from the ownership or operation of the yacht. Unlike the cover provided from a normal Hull & Machinery policy, a P&I cover is much wider with higher limits of indemnity (we can obtain cover for a limit of up to 500M USD, if required).
But, most importantly, P&I (re)insurers are far more specialized to manage liability claims than their Hull & Machinery counterparts. If an incident occurs, the P&I (re)insurer will take over negotiations with the third parties as well as the legal proceedings on behalf of Owners and will manage the claim’s settlement process, putting up, in the meantime, any guarantees required for the release of the yacht if detained following an incident.
Our primary coverage includes 3rd party liabilities for
- Collision with another vessel or any fixed or floating object;
- Damage to or loss of property, such as berths, piers, fenders, buoys, port facilities.
- Loss of life. Damage to the life or health of third party persons.
- Personal Accident for Crew, Passengers or Third Parties
- General Average
- Pollution due to oil or fuel spillage from the insured craft;
- Wreck Removal
- Crew repatriation by Reason of Illness, Injury or Disease
Crew Personal Accident and Medical expenses.
This section provides cover to crew in respect of bodily injuries caused either by accident or illness. This policy can be used as a supplementary cover to your Protection and Indemnity Insurance Policy (P&I), as by having this kind of insurances in place, you will be able to cover smaller claims and therefore you will not burden your Protection and Indemnity Insurance Policy.
Our primary coverage includes:
- Medical expenses due to illness and accident
- Permanent Total Disablement
- Temporary Total Disablement
Surely, we can assist you to choose reasonable cover at fair price. Please contact us for discussions regarding the parameters of cover needed.