Expat Marine was formed in 2011 as a joint venture between Expat Insurance Services and The George Group to cater for the more specific insurance and risk management needs of yacht owners and the surrounding industry.
With more than 200 clients in over a dozen countries, the company provides a truly global service with local expertise. The sizes of yacht catered for range from small sailing boats in Hong Kong to the largest of superyachts that cruise globally. With a network of associates around the world there is always someone available to assist with local knowledge.
Claims are handled personally with the actual Underwriter who underwrote the risk (rather than a separate claims department), thus allowing for greater client understanding and flexibility.
WHAT CAN WE COVER?
There are several sets of specialist underwriters we can approach for terms to ensure that a competitive package and comprehensive cover is put in place for our clients. Cover is on full all risks conditions and placed with first class security. We have strong relationships with this specialist market, allowing us to offer very high quality cover with very flexible terms.
We are able to arrange pre delivery P&I cover for owners, which takes care of all aspects of an owner’s liability to his crew, the yard and any subcontractors or visitors involved with the yacht. Often this aspect is overlooked as people tend to think that the yard will cover this but it is not the case. This is an important part of the programme and one which is very cost effective for an owner.
During the build process an owner’s crew will inevitably be on board the yacht. Generally starting with the Captain and Chief Engineer the number will grow as the build progresses to the full complement shortly before the yacht is launched. We are able to provide full medical and personal accident cover for the crew, starting with the first crew to arrive, with others added on a pro rata basis until the expiry of the policy or launch of the yacht.
In time for the yacht’s launch we will arrange a comprehensive package of medical, personal accident and personal liability insurance, tailor made to suit the requirements of the crew and where the yacht is cruising.
Often a shipping line is able to provide cover for the yacht if she is to be shipped around the world. While generally the covers are very good there will be certain restrictions in place and cover provided will not necessarily be as comprehensive as an owner would like. Where a shipping line will have cover in place upon loading through to the port of destination a more comprehensive insurance will have cover in place from the yard in the country of origin to the yard / marina at the destination, so long as the yacht’s own power is not being used. Many claims occur during the loading and unloading process and local port authorities require insurance to be in place for any tows, cover that is not available under the cruising insurance but is available under full cargo insurances. As such it is advisable to have your own broker arrange these covers so you know that you are covered to the necessary extent.
Once the yacht is handed over to her owner it is important to ensure that she is properly insured with professional, experienced yacht underwriters. Expat Services has access to all the world’s major insurance markets and is able to arrange covers from any market to suit owner’s requirements, dependent on where the yacht is based.
Covers required by the yacht include the Hull and Machinery, P&I (liability), Crew Welfare and War. If required by a lending bank we are also able to arrange Mortgagees Interest Insurance.
The insurance market is continually fluctuating and at present continues to be in a situation where premiums are extremely competitive as more insurers enter the arena. However, this can change and your broker should be the best person to advise you of these changes and how to manage them in a way that has the least negative impact on you.
To cope with any changes and to face as few surprises as possible it is particularly important to be aware of the covers that are in place and the security of the insurers that are providing the cover. As has been explained above, cheaper programmes very often do not mean better cover and the experience of the broker being used will make a significant difference to the overall insurance program put in place.
Managing Director, The George Group
Tel: (852) 2530 2331
Fax: (852) 2575 3507