yacht insurance france

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• OnlyYacht - Yacht Club of Monaco Gallery, Quai Louis II, 98000 Monaco

Ensuring Serenity

Experience the pure joy of yachting while we handle the waves of uncertainty. With our comprehensive yacht and superyacht insurance, from construction to voyage, dock to deck crew – you simply set sail and we assure tranquility.

Awards & references

OnlyYacht sources the most attractive products in a highly competitive market, tailoring our contacts to the client’s specific needs. We deliver bespoke insurance solutions using AM BEST and Standard & Poor’s recognised “A” / AAA rated security.

The excellence required by an impeccable level of service remains the essential value of our Group, combining customer integrity and discretion.

Head of direction

Custodians of excellence, jean-victor pastor, jérôme ragas, three steps to tranquility, we will help you every step of the way.

Our team is here to support and assist you in ensuring the best protection for your yacht and crew. We simplify the process to the fullest and take care of everything, so all you have to focus on is the pleasure of being at sea.

Quick and unique contact

As soon as you contact us a member of our team will take care of your request. Our dedicated OnlyYacht agent will remain your unique contact for all your inquiries. Your not just a number for us.

Tailor made service

We are capable of insuring everything related to your yacht, not only the boat itself and the crew but also the tenders & toys and even the artworks on board. Our experts will guide you to ensure you’re covered no matter what happens.

We fight for you

At OnlyYacht, we are not insurers but broker that’s why we help not only to obtain the best guarantees and rates through our strong network, but also to be compensated as best and as quickly as possible in case of an incident.

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Discover the latest issue of Only Magazine, where luxury and innovation set sail.

Young Professionals in Yachting Breakfast

A special morning with YPY Monaco Breakfast during the Monaco Yacht Show 23.

OnlyYacht is a premier intermediary in the yachting industry, offering tailored insurance solutions and expertise.

Head Office MONACO

• Yacht Club of Monaco Gallery, Quai Louis II, 98000 Monaco

anp yacht insurance

Boat insurance, superyacht & crew insurance, yacht broker & charter broker insurance liability.

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Yacht insurance: protect your pleasure craft in Monaco

Just like the famous “Monaco Yacht Show”, our prestigious city on the French Riviera is full of splendid yachts and boats, each more luxurious than the last, to make water enthusiasts and specialists green with envy.

Don’t be afraid to moor your boat in our beautiful marina. Take to the open sea and navigate with peace of mind. Protect your crew as well as your boat from any incident with AXA yacht insurance, which offers you exclusive guarantees.

Hoist your sails and head to our AXA agency in Monaco to take out yacht insurance, obtain more information on our other insurance contracts, or request your free insurance quote.

AXA supports you

Do you have any questions about our yacht insurance or any other contract we offer? Do you need more information about our compensation? Our AXA advisers will answer you in Monaco.

What guarantees do you need for your boat?

The sea and the weather can hold many surprises, even for the most expert of sailors. Boating incident, fire or even theft on your boat… Anticipate the risks and plan ahead with AXA, who won’t let you get carried off by the waves. Take the initiative and discover our guarantees:

• A replacement boat is entrusted to you in the event of a claim,
• Are you an AXA customer? Enjoy a 10% reduction on your yacht insurance,
• A glitch on board? Our AXA assistance brings you 24-hour assistance .

The plans offered by our yacht insurance

AXA offers you two pleasure insurance plans :

• The essential plan, which includes third-party liability, the right to defence and remedy, access to legal information by telephone, etc.
• The full package, which offers you all the advantages of comprehensive insurance (theft, fire, grounding, boating accident, etc.).

Do you want to benefit from even more advantages on your boat as well as on your jet-ski or sail boat? Discover our options: meet with an insurer at our agency.

Our other insurances for the private sector:

Dedicated Yacht Insurance Provider

OMAC is a renowned leader in the yacht insurance market. A dedicated team of industry professionals specializing in yacht insurance. OMAC, through its extensive insurance and reinsurance knowledge and experience provides exclusive underwriting expertise backed by A-rated insurance panels. OMAC provides cover for risk managers, insurance brokers and yacht agents throughout Europe, USA, the Middle East and Asia, with a current portfolio of over 600 yachts ranging in value from EUR 10million to EUR 600million. Our services include cover for Hull & Machinery, Protection & Indemnity, Crew Welfare, Builders Risk, Professional Indemnity, Kidnap & Ransom and Loss of Charter Hire.

Hull & Machinery

• A-rated Insurance
• Comprehensive policy wording
• Efficient claims handling service

Our underwriting team has secured exclusive facilities both within Europe and the USA that provides the backing of A-rated insurance panels in order to provide security and peace of mind for Yacht Owners and Clients in protecting their assets. Working with a global team of producers, we can find coverage worldwide as required.

Our priority at OMAC is to provide comprehensive cover and protection for our Assureds. The wording of our policies is one of the most comprehensive in the market, thereby providing ultimate protection to each Owner for both his yacht and for the equipment on board.

Our wording is designed to meet the various everyday exposures encountered in yachting as well as providing a tailormade service to include additional perils and offer optional deductibles as may be required depending on the individual requirements.

We understand that our handling of claims is one of the most important features in maintaining a solid relationship with our clients, and therefore our focus on efficient risk management and effective claims handling has become our trademark.

Protection & Indemnity

• International Group of P&I clubs
• Worldwide cover
• Global expertise

P&I coverage provides liability coverage and legal assistance to the Assured for property damage to third parties, personal injury claims, collision, pollution and wreck removal. OMAC offers cover options from P&I clubs specialized in yachting with global resources to provide protection worldwide.

Crew Insurance

• Complete coverage including exclusive Healthcare package
• MLC compliant product
• Efficient and fast claims response

OMAC offers a bespoke Crew welfare package for Yacht crew, providing optimal coverage for crew worldwide in the event of accident or illness. 

The policy provides generous limits for medical expenses and emergency assistance 24/7 worldwide. 

Emergency response team providing expert assistance to accompany you every step of the way

Efficient Claims response for non-emergency, 3 day response and expert advice

Coverage offered under the policy can encompass all aspects of life for yacht crew.

Our Crew welfare policy is among the most competitive product available for yacht crew around the world.

Our standard MLC compliant Crew Welfare insurance covers:  

• Medical expenses due to illness and accident 
• Accidental Death or loss of life due to natural causes  
• Temporary total disablement (loss of salary due to accident or illness)
• Permanent total disablement 
• Repatriation 

Our Crew Superyacht policy does not only provide industry standard coverage but includes additional customized cover such as: 

• Routine / essential healthcare package for dentistry, optical and alternative treatments, specialist care and vaccines 
• Diving coverage 
• Winter sports 
• Personal liability included for up to EUR 1 000 000 per person 
• Ship to Shore emergency cover up to the first €10,000 
• 24/7 emergency response team 
• Full COVID 19 cover with no limitations 

Loss of Charter Hire

• Loss of income
• Non-availability

Loss of Charter Hire insurance covers loss of income following a physical damage to the Yacht. This coverage offers an indemnity to the Owner to compensate for loss of charter revenue due to non-availability of the vessel.

This product can be tailor made to suit the individual Yacht owners needs and comes generally as an extension to the Hull & Machinery coverage.

Builder’s Risk Insurance

• A comprehensive coverage for Yacht builders around the world.

Yards face multiple challenges to protect their assests and their liabilities.We provide a comprehensive approach for their needs from general liability to physical damage (including pollution) to the equipment / the premises and the yachts under construction. We extend our coverage to marine cargo when required.

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Contact info.

• 27 Boulevard Albert Premier, 98000 Monaco
• +377 97 77 48 60
• [email protected]
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Legal Mentions

Office Monégasque d’Assurance et de Courtage – OMAC – est une société de droit monégasque au capital de EUR 1.000.000 € dont la seule activité est le courtage d’assurances et de réassurance. Siège social Son siège social est situé 27 Bd Albert Premier, Ermanno Palace, 98000 Monaco. Immatriculation OMAC est immatriculée au RCI sous le numéro 94S03047 TVA intracommunautaire Le numéro de TVA intracommunautaire de OMAC est le FR36 0000 35898. Protection des données personnelles La protection des données personnelles des clients OMAC est garantie par les dispositions prévues par la loi du 20 juin 2018. Chaque utilisateur du site omac.mc ayant introduit des données personnelles au moyen des formulaires présents sur le site dispose des droits d’opposition, d’accès et de rectification des données le concernant. L’utilisateur peut exiger à tout moment que soient rectifiées, complétées, clarifiées, mises à jour ou même effacées toutes informations le concernant et ce, quel qu’en soit le motif. Tout litige en relation avec l’utilisation du site https://omac.mc est soumis au droit français. En dehors des cas où la loi ne le permet pas, il est fait attribution exclusive de juridiction aux tribunaux compétents de MONACO

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Yacht & Boat

Insurances for yachts and boats.

We have designed our yacht insurance packages to be very flexible. Our two coverage concepts form EIS TOP and EIS BASIC frameworks. Each includes liability, fully comprehensive, and passenger accident insurance. You can plan a big trip with your yacht for the first time or have decades of experience as a skipper. Suppose your watercraft has just left the shipyard or has already been used for a while. In that case, you can still spend your holidays in the Mediterranean or your big dream of sailing worldwide. We know that every skipper uses their yacht differently, and we support that here at EIS Yacht insurance.

EIS European Insurance & Services GmbH. – for a safe and comfortable feeling on the sea.

Which yacht insurance is the right one for me? You can take out your yacht insurance with EIS within the TOP or BASIC cover. Then you decide on coverage. Do you need fully comprehensive yacht insurance or liability? Just click, and a few details about your yacht are enough to calculate your tailor-made yacht insurance premium.

Our competent water-craft centers are available all over the world

Basic cover.

Wholesome third-party liability insurance and fully comprehensive insurance at the price of a partially comprehensive insurance Our BASIC cover offers you a fully adequate third-party liability and fully comprehensive insurance. The fully comprehensive insurance is based on a listed risk cover means that all covered risks such as e.g. collision, sinking, burglary etc. are listed. With this BASIC cover you will get a regulation according to the current value of the yacht or the respective building part. This kind of cover is especially suited for older yachts for which our TOP cover is not profitable.

Proper all-risks cover at top conditions such as payment for consequential damage, guaranteed fixed tax, no deductions “new for old” and many more. Our TOP cover is the all-round carefree package for demanding clients. The third-party liability insurance includes a broad cover also for the use of foreign yachts. With its proper all-risks cover the fully comprehensive insurance offers a really wide-ranging product at a guaranteed fixed tax. Be well advised by our water-craft experts about the many advantages of the TOP cover or inform yourself online on our homepage.

Cruising area

A The cover applies on land of Europe and to all inland waters, the north and baltic seas (north sea: north to the line formed by bergen/wick, south: to ushant/Landsend), including the entire mediterranean sea (limited by Bosporus, 12 sm from the coast of africa, jordan, israel and syria) and the atlantic coast up to 200 sea miles (excluding north and west of ireland) to the northern boundary of the western sahara (without the 12 sm african coast), including the canary islands within a radius of 200 sea miles. B Inland and shallow coastal waters Berlin, Brandenburg and Mecklenburg-Western Pomerania C german inland waters without Rhine D european inland waters E european inland waters and the baltic sea F european inland waters and the north and baltic seas (north sea: north to the line formed by bergen/wick, south: to ushant/Landsend) G greek coastal waters (Ionian Sea and Aegean Sea) H turkish coastal waters up to 200 sea miles, bounded north by the strait of Bosporus or I croatia coastal waters upt to 200 sea miles. J extended shipping routes e.g. the Caribbean, the Seychelles, world wide Cruising area map

For yacht and boat

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EIS - European Insurance & Services GmbH Scharfe Lanke 109-131 D-13595 Berlin Fon: +49 (0)30 214 082 -0 Mo.-Fr.: 9:00 - 18:00 [email protected]

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Les atouts du marché français de l'assurance transports

Parismat rassemble tous les acteurs de l'assurance transports française pour promouvoir leur savoir-faire à travers le monde..

PARISMAT - The French marine, aviation and transport insurance market

Parismat brings together all the actors of the french marine insurance market with the aim of promoting their expertise around the world..

The next Parismat meeting has took place on June 26 and 27, 2023

Access the program

Le dernier rendez vous Parismat a eu lieu en juin 2021

Téléchargez les photos

Parismat PARISMAT - The French marine, aviation and transport insurance market

Parismat: a global overview key figures.

Parismat: An international approach A worldwide reach

/ The French Marine and Transport Insurance Market: A worldwide leading actor.

/ Recognized expertise and insurance coverage in line with the highest international standards.

/ First class service and support network for Assureds around the globe.

/ Capacity to set up and manage international programs.

Parismat: Structure and organization Tradition, expertise, security

/ The French Marine and Transport Market has a rich historical heritage that dates back to the "Ordonnance of Colbert" in 1681.

/ The French Marine and Transport insurance market has inspired legislation in many countries and has adapted over the years, responding to clients' expectations and continuing to provide innovating solutions.

/ French insurance professionals have a recognized expertise and an in-depth knowledge of risks related to global trade and marine & aviation transport.

/ A wealth of insurance specialists: insurers, adjusters, lawyers and legal experts, technical advisors and loss prevention engineers.

/ Organizations that strengthen and reinforce the professional knowledge of each actor: The French Association of Maritime Law, AMRAE, Armateurs de France, AUTF, CESAM, The Maritime Arbitral Chamber of Paris, The French Insurance Federation (COMAT), GAREX, The French Syndicate of Maritime Agents, UCAMAT, etc.

/ 55 training programs leading to professions within the Marine and Transport insurance sector.

/ The French Insurance Code includes a section dedicated to Marine, Aviation & Space and Transport Insurance, providing legal security and flexibility for the implementation of contracts of all types of transport risks including multimodal.

/ Insurance companies operating in France have obtained first class financial ratings and the guarantee of solvability which enables them to:

/ Provide substantial underwriting capacity

/ Guarantee the settlement of claims

/ Insurance companies are subject to Solvency II, European Directive, and further national provisions that protect the interests of Insureds.

Parismat: Comprehensive risk cover All and any hull, cargo and liability cover for all types of transport: air, sea, land

Hull insurance

/ Ocean going vessels

/ Inland crafts

/ Yachts, pleasure crafts

/ Fishing vessels

/ Port and terminal installations

/ Ship repair and shipbuilding yards

Cargo and professional liability insurance

/ All types of goods, containers

/ Raw materials, commodities

/ Project cargo

/ Forwarding agents liability

/ Drilling platforms and rigs

/ Renewable marine energy installations

Aviation & space insurance

/ Aircraft hull

/ Airport civil liability

/ Aviation liability

/ Air carrier liability

/ Satellite insurance (launch and life in orbit)

War and political risks insurance

/ Extensive guarantee combining war and political risks for marine and aviation hull

/ Hull, vessel and aircraft insurance

Parismat: In pace with present and emerging risks Anticipation and analysis of risks and tailor-made contracts

/ Global risk analysis of risks for made to measure contracts, tailored to meet specific requirements and including damage and liability cover (package insurances, multi-risk and associated covers).

/ Expertise in liability insurance for forwarding activities and sub-contractors.

/ Ability to set-up and manage international insurance programs.

/ Comprehensive protection for hull and war / political risks.

/ Structured and efficient co-insurance using the optiflux* system.

Parismat: The insured's interest at heart Accompanying insureds, managing and settling claims

/ Law and case law protective of the interests of the assured, mainly through "all risk" covers (exclusion must be proved by the insurer).

/ In case of disagreements, recourse is possible through mediation tools or arbitration mechanisms of the parties' choice, or through a commercial judge.

/ Support throughout the duration of the contract by the various partners: insurers, insurance intermediaries, technical experts etc.

/ Should a claim arise, a predominant place is given to claim management and monitoring, with the support of an international network of average agents and claim specialists. In the case of a major claim, underwriters and related insurance intermediaries will work hand in hand with the insured to ensure that the correct and most effective solutions are implemented.

/ Limiting the need for external claims management outside the insurer and intermediary, reduces accordingly additional costs and delays in the settlement of the claim which is beneficial for the insured.

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Super yachts and mega yachts insurance, about the company, competitive rates, contracts on measures, mediator of insurance :.

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The most expensive yachts in the world

In a few numbers, le contact modifier creating and keeping in touch.

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France Marine Insurance - Boat & Yacht Insurance France

Do you want to save about 40% on boat insurance in france, register your france boat insurance in 3 easy steps.

Why choose us for your boat Insurance?

• We work with insurance companies that cover ALL WATERS, ANYWHERE IN THE WORLD
• The rates we can find you are on average 40% less then our clients current rates
• We can find you insurance for all types of vessels including power & sail boats, house boats, jet skis, pontoons, etc
• Our paperwork is minimal; just some questions about the type of boat you have and were you will be using it
• Fill in our no obligation quote. You will not receive any calls from us. Just decide on the quote and if you are not interested we will not hear from you!

We offer marine insurance in France for all type of vessels

Types of Boat Insurance

Boat insurance policies typically offer three primary types of coverage

1. Liability Coverage:

2. collision coverage:.

Collision coverage is a vital safeguard for your boat following an accident. It empowers your insurance provider to shoulder the cost of repairing your vessel. Some insurance companies treat collision coverage as a distinct component of their policies, while others incorporate it within comprehensive boat insurance plans. Regardless, the coverage amount depends on your boat's declared value as specified in your policy. Boat insurance collision coverage offers protection against a range of accidents, whether you're at fault or not. This includes collisions with other boats, collisions with underwater obstacles or rocks, or damage to someone else's property.

3. Comprehensive Coverage:

Comprehensive boat insurance offers extensive protection for your vessel beyond collision scenarios. It covers risks such as theft, vandalism, and fire damage. Additionally, it typically provides coverage for potential damage from natural disasters like hurricanes, floods, and hail. However, the specific extent of protection against these hazards can vary among insurance carriers. Comprehensive coverage is often bundled with collision coverage, making it uncommon to obtain one without the other. This combined coverage ensures comprehensive protection for your boat, whether it's in use or not.

Frequently asked questions (FAQ) about Marine Insurance

No, it does not matter where you have chosen to register your boat. Our clients have their boats registered in many different countries including; Poland, Langkawi, BVI, Delaware, Panama, Cayman Islands, Spain, Portugal, France, Italy etc.

No, our insurance partners offer coverage for all areas around the world. Just make sure to indicate on the quote request form the area where you will be using your boat to include it in your policy.

• Ext. 3rd-Party Insurance for Skippers
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Get a no obligation quote for France boat insurance?

Fill in our online quote request in 5 minutes

« Fast and easy process, very cheap quote. »

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Why choose Burgess yacht insurance?

Yacht insurance.

Discover the Burgess difference

Owning a yacht is both an emotional decision and a financial investment. At Burgess, we source the best possible insurance to protect your asset and guide you through the risks of ownership.

Integrated risk management expertise and experience

We pride ourselves on providing a personal service and first-class level of cover, with insurance, operational and technical teams all working together to manage and mitigate risk. For a wide range of cover types relating to yacht ownership, charter and crew, we devise insurance solutions that fit.

Global coverage across all insurance markets

Our access to the insurance markets world-wide, paired with the contacts and expertise of our insurance team, means we obtain the most competitive rates on all yacht insurance premiums. We tailor solutions to fit all of your yacht insurance needs.

Underpinned by 35 years of successful claims outcomes

As an FCA-regulated company with 35 years’ experience, we work with leading insurance firms that have placed cover for 35 of the world’s 50 largest superyachts. Whatever your requirements, we only work with those firms that we know can deliver when needed.

Achieve peace of mind

Cost-effective insurance provided in house. We take care of it, so you don’t have to

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ALVIA delivered – a true Burgess full-service yacht

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• 28 Apr 2022

Top Ten of French Insurance Brokers

As a family-owned group , Filhet-Allard is proud to have maintained its position as the 6th largest broker in France in 2021 and to be classed 46th worldwide in the latest global rankings of broker groups by @Insuramore.🏆

Thank you to our clients, insurance partners and employees who have made us the group we are today and continue to bring us to new heights.

On the same subject

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Berthon UK (Lymington, Hampshire - UK) Sue Grant [email protected] 0044 (0)1590 679 222

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Yacht Insurance

A commentary on the current yacht insurance market, and some tips for owners, by richard power, managing director, howden fastnet (formerly fastnet marine insurance services) ltd.).

‘Moderate or rough, occasionally slight, Fair, then rain, Good, occasionally poor’

However dull a subject insurance is, it cannot have escaped most yacht owners that the last few years have seen some significant changes to the cost and availability of suitable cover for their yachts.

Many years ago, a well-known South Coast yachtsman declared to me that ‘insurance was for pessimists’, and he could never see the point of it. Equally, I have lost count of the number of owners who have come to us with their requests for insurance, confidently stating that they will never make a claim, but they need to have the cover to satisfy the bank, marina, local regulations, their spouse etc. etc., and they view it as a sort of tax. In the last few years, however, it is only when it has become rather more expensive, or indeed difficult or impossible to obtain, that people have realised how important a good, secure insurance policy for your yacht actually is. It is a subject that has therefore figured in conversations more often, in recent times.

Why has it become so expensive?

The simple answer is that there have been too many claims. If you think of the marketplace as a leaky bucket, the water has been leaking out of it faster than the hose can fill it. For many years, a pretty stable playing field existed, as those insurers providing yacht policies were able to control their rates so that premiums and terms and conditions brought about a sustainable premium / claims ratio. After a long period of loss making results in other sectors, particularly the commercial marine hull insurance market, other underwriters gate crashed the yacht insurance party, viewing it as a reasonably ‘soft’ exposure. This started happening at a time when the concept of the Superyacht started to make itself known, wealth creation flourished, and the values of yachts increased with their actual physical size. The increased competition in the yacht insurance sector, combined with (in some areas) a desperation for market share / premium income ‘compensating’ for a lack of underwriting knowledge, drove the market steadily ‘South’ into suicidal territory. In the 15 or so years to 2017, the Lloyds Yacht Insurance market only made an underwriting profit in about three of them, and one can be sure that others outside Lloyds got themselves into the same sort of pickle. A series of catastrophic hurricanes (Harvey, Irma and Maria) then completed the ‘perfect storm’ (if you’ll forgive me) and something had to give. The market all but imploded, with many insurers pulling out of the sector completely, and those that remained were told by their backing investors and in some cases the industry regulators, in no uncertain terms, to get their houses in order.

Since 2017, we (as brokers) have seen some very dramatic changes. Premiums for certain types of yacht have increased by over 100% over this period, while other types have almost become uninsurable (particularly if you are looking for a policy that will actually pay a claim when required). The old image of a yacht underwriter being an experienced sailor, puffing away on his pipe and offering quotations based on a wealth of knowledge and gut feeling, has been replaced by harassed individuals who are under huge pressure to return profits for their backing capacity, applying rates and conditions based on research by faceless actuaries. There are now perhaps signs that things are easing up, but the majority of underwriters offering secure policies are still very cautious. They are perfectly happy to keep their ink dry if a risk is not to their liking, and certain categories such as racing yachts and yachts cruising in remote areas are still presenting us with challenges. I alluded to the ability (or not) of insurers to meet their obligations when faced with claims in my comments above: This was not by accident, and the preparedness of insurers to actually pay bona fide claims in a timely fashion can vary. The Financial Conduct Authority provides certain protections for owners covered by policies from insurers who are regulated by the FCA, but there are others who can become a little more ‘elusive’ when faced with a claim. Our advice is to always check the financial security of your insurers, and this is where your broker can help, by researching their Standard and Poors or A M Bests ratings.

In some parts of the world, it is not compulsory to have insurance, but you will find it difficult to find a marina berth, or have some work carried out on your yacht in a yard, if you do not have at least a suitable level of Third Party Liability Insurance. Indeed, for cruising in Spanish, Italian and Greek waters, specific Certificates of Insurance are required, evidencing cover to levels of indemnity stipulated by local legislation, and these Certificates are not available on a standalone basis. Furthermore, it is a common misconception that, if you lay your yacht up in a boatyard, the yard’s insurance will cover the yacht if anything goes wrong, so you do not need to maintain your own cover. This is far from the truth. The terms and conditions used by most yards will in fact insist upon you maintaining (again) at least Third Party insurance, and we would always recommend to our clients that full coverage, including physical loss or damage to the yacht, should be kept in force. Proving that a yard caused damage to your yacht, while she was in their care, is never straightforward. Indeed, many yards in the Mediterranean have a nasty habit of trying to make you sign badly worded waivers of recourse, which are designed to release them from as much responsibility for your yacht as they can possibly get away with. They often whip these waivers out just when your yacht is sitting in their slings, ready to be lifted, but our advice is never to sign these without referring them to your insurers first. Some of these waivers actually ask for your insurers’ agreement as well, and this is where the fun can start. Most yacht insurers are fully alert to the intentions of the documents, and they have no enthusiasm for prejudicing their rights of recovery against a yard, in the event that their client’s yacht is damaged while she is there. One thing that the past couple of years has demonstrated is that, if yachts are laid up for long periods of time, the risks are still prevalent, with fires being the predominant cause, although other causes of loss have continued to rear their heads during this time.

Why use a broker for your insurance?

I make no bones about the fact that this article is written from an insurance broker’s angle, but that is because I have been a broker for over 35 years! Our job is to facilitate the transfer of risk. The yacht owner is (usually) a willing buyer of an insurance policy if it is one which will pay claims, and an Underwriter (again, usually) is the willing seller of the policy if the risk and the price are right. We act as the agent of the owner to achieve this, but uniquely, despite this term of reference, we are paid a commission by the underwriter for introducing the owner. In the course of this activity, we are constantly gathering information about not only the ‘moving target’ that is the pool of insurers providing yacht policies, but also about trends in both the supply and demand for the commodity. We are in a position to provide plenty of free advice to our clients, as a result (and do so frequently!). Our terms of reference, crucially, continue when it comes to a claim, as well. In the last few years, all insurers have applied much greater levels of scrutiny to the claims they face, for understandable reasons. The obligation of the insured to demonstrate their claim to their insurer has never been more apparent, and our role in assisting this demonstration has never been more onerous.

Other important points to remember when arranging cover for your yacht, and in the event that you may need to call upon the policy to pay a claim:-

• The old adage of ‘Utmost Good Faith,’ to my mind, still applies, and when providing information to potential insurers in order for them to assess your risk, do not hold back. It is up to your broker to deliver this information in the most palatable, but equally, transparent way, when securing a quotation for you.
• Be aware of your obligations under the terms of the policy, and in particular, your responsibility to maintain the yacht in a seaworthy condition. Keep all maintenance records, invoices, receipts etc., and don’t be shy in forwarding copies to your broker. This could be useful, in the event of a claim.
• If you have an accident of some sort that may lead to you having to make a claim, remember to ‘act as a prudent uninsured.’ Again, this is a very old fashioned term, but it still holds true. I fully admit it is a difficult concept for us to explain to our clients. The owner has just been relieved of a sum of money for the yacht’s insurance policy, and then we have to tell them to pretend they are not covered! The point of this is that, when something nasty happens, you cannot simply hand the yacht to a yard, and then send the bill to your insurers. You have to involve them in the process by telling them, as soon as possible, what has happened, what you intend to do about it, and who you plan to use to carry out the repairs. If it is not possible to get this information to them immediately, perhaps because of time differences, or communications issues due to your location, remember that it is they who are going to end up paying, so the costs involved need to be controlled to ensure they are ‘fair and reasonable’ for the work to be carried out. ‘Fair and reasonable’ are the critical words here, and represent the benchmark used by all insurers.

Sticking to these guidelines should mean that you can forecast a more predictable ride with your insurers than the title of this article, but should there be any ‘precipitation in sight’, hopefully your broker can deal with it.

Finally, to end on a lighter note, our job is not without its amusing moments. I recall one example, in particular, some years ago. Our client was cruising in New England and hit a rock somewhere between Newport RI and Mystic, Connecticut; I forget exactly where. He called me immediately, sounding highly alarmed, to say that the pumps were just about holding the ingress of water, but that they were motoring flat out to the nearest yard. I informed his insurers and set about organising for a surveyor to meet the yacht when she arrived. A short while later, the owner rang back, sounding much more relieved. He had tasted the water filling up his bilge, and it was fresh. The yacht had survived the impact almost completely unscathed, but a connecting pipe to her freshwater tank had come adrift, and the tank’s contents had emptied themselves into the bilge!

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Costs & considerations of international yacht insurance

Owning a boat can add a whole new dimension to your lifestyle – dreary landlubber days are transformed into endless fun on the water, and priceless memories with family and friends. But regardless of the type of vessel you’ve chosen, it’s important to protect yourself and your investment by carefully weighing your yacht insurance options before hitting the high seas. 

Let’s face it, being out on the water can bring along with it situations that are not within our complete control. Other boaters, weather conditions, equipment failures and more can put even the most experienced captains in need of a marine insurance policy.

While the topic is extensive, and you’ll ultimately want to discuss your needs with a licensed insurance agent, this guide can help you understand some of the basic costs and considerations of international yacht insurance. 

Yacht insurance coverage

While some homeowner’s policy riders are adequate for small boats with limited horsepower (usually 25-50hp), this option normally provides coverage only for usage in inland waterways, lakes and rivers. So if you have a larger vessel, like a yacht, large sailboat or jet ski, or if you plan to use your boat beyond the intracoastal waterways, you’ll likely want to explore coverage through a reputable marine insurer. 

Damage to your vessel (by natural disaster, collision, theft or vandalism), personal injury (if someone gets injured on your boat), equipment loss and property liability (if you damage someone else’s property with you boat) are things typically covered by marine insurance, depending on your policy.

Additional coverage is usually available for things like medical payments, personal effects or uninsured boater’s liability, which will affect your yacht insurance cost. Many policies will include coverage for permanently attached equipment, and items like anchors, trolling motors and seat cushions, but be sure to discuss these details with your agent. 

Yacht insurance add-ons

Depending on how much you’re willing to spend, further coverage add-ons can be available to cover more specialized circumstances. Yacht owners sometimes want coverage for a specific item on their boat that’s especially valuable, like expensive navigation equipment. 

Owners of large yachts sometimes add salvage coverage that pays to remove a boat that’s been damaged or disabled. Salvage can be very expensive, with some operators taking a percentage of the vessel’s value as payment. 

Towing coverage is becoming a popular option for many boaters, particularly for those that venture further off shore – where towing costs in case of a breakdown can easily run in the thousands of dollars.

International yacht insurance

Boat owners that plan to cruise outside of the USA should consider purchasing an international extension that expands the policy to foreign countries. Risks are often magnified when embarking on long excursions across borders, where even relatively minor mechanical breakdowns can result in substantial repair expenses.

Yacht insurance cost factors

Of course, the cost of yacht insurance varies greatly depending on a number of factors, including the size, value and horsepower of the vessel that’s being insured, as well as the amount of coverage desired. As with car insurance, higher liability limits cost more, and higher deductibles will lower the premium.

So, if you’re asking yourself: how much is yacht insurance? Then bear in mind that some other things that affect cost include: 

• The cruising area : Some areas will have a higher risk of damage to your boat due to weather or navigation challenges. If you use your boat only in fresh water, it generally costs less than salt water usage. And salt water, or larger areas of operation, generally cost more – especially when crossing borders.
• Driving record : A good driving record on land can help you secure a better boat insurance rate. 
• Boating safety courses : Boating safety training or certifications can help you qualify for discounts. 
• Amount of usage : More time out on the water generally results in higher insurance rates. But, if you have your boat in storage for part of the year, ask if you qualify for discounts. 

Finding a yacht insurance agency

Be sure to research the available yacht insurance companies before deciding on a policy. Check with your state’s insurance regulatory agency, and ask your boating friends if they have a carrier that they would recommend. A first-hand recommendation from someone that has had a good experience with their agency is a good start. 

It can also be helpful to request quotes from more than one carrier. And, be specific and itemize the coverage your seeking to avoid paying for a policy that is more extensive than you really need. 

Find out more

Dream Yacht Sales represents the most respected boat brands from around the world. From luxurious sailing monohulls and catamarans to sleek power cats, we have the perfect cruising platform for your lifestyle. 

Read more about boating and our world-class selection of yachts on our blog . Alternatively, if you’d like to find out more about our makes and models, get in touch with us  today.

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By SuperyachtNews 11 Sep 2018

Options for French residents under ENIM guidelines

Following enim's latest guidelines, we look at options for yachts employing crew deemed french residents….

In early 2017, the French government published Decree no2017-307, which cemented the government’s view on the social security affiliation of seafarers residing in France and working on non-French flagged vessels. The Decree provided that all crewmembers employed on foreign-flagged vessels spending a significant amount of time in France and deemed to be French residents were at risk of being subject to the French social security system for seafarers (ENIM). The legislation, which had been having a detrimental impact on the yachting industry in France, was then amended to allow seafarers to register with other social security systems offering protection equivalent to, or greater than, that provided by ENIM. While this amendment was a step forward, many felt it was not enough to keep France on an equal playing field with other popular yachting hubs.

However, following still more cries for even more flexibility and clarification, ENIM published new guidelines earlier this year that offered a more favourable situation for foreign-flagged vessels operating in France. As well as extending the length of stay in France leading to the application of social security provisions to six months during a 12-month period – excluding periods during which a vessel is present in a shipyard and ‘immobilised’ – the other positive taken from the update was clarification regarding equivalent private insurance. This important clarification now allows insurance providers to confidently offer private insurance products that meet the requirements set out by ENIM, as long as the same risks are covered.

Options for employers

While some captains are under the impression that it is their responsibility to get the relevant social security in order for their crew, ultimately it is the employers that need to make sure this is in place for French residents on board. With the latest update, employers with vessels operating in France now have a few options, the most obvious of which is managing crew time spent in French territory. Seafarers who are not actually living in France may be able to manage the amount of time they spend in French territory to ensure it is never more than six months in any 12-month period. There is also the grace that any time spent working on an ‘immobilised’ yacht – in other words a yacht undergoing works in a shipyard – in French territory does not count towards this six-month deemed resident test.

If managing this time is not an option, or a vessel employs French residents on board, employers could look into signing these crew up with ENIM. The ENIM contribution rates vary depending on the operation of the vessel and position held by the seafarer. In some cases, the combined contribution rate will be greater than 30 per cent of gross wages. This is technically the most compliant option under the French social security legislation, however, it is not a perfect solution. There have been reports from non-French nationals residing in France and making contributions to ENIM who have experienced difficulties with obtaining medical care under the French national medical system. Contributions to other state systems are also an option – the seafarer may be entitled, through their nationality or residency, to make social security contributions to another EU system, or a non-EU system with a reciprocal social security agreement with France.

There have been reports from non-French nationals residing in France and making contributions to ENIM who have experienced difficulties with obtaining medical care under the French national medical system...

However, with the confirmation that employers can avoid the ENIM system if they can show that suitable equivalent insurance from a private provider in place, this appears to be the most favourable option. Private systems, often insurance products, are acceptable if they offer cover for the same eight (of nine) social security branches set out by the MLC 2006 as ENIM – the one branch not provided by ENIM being the unemployment benefit. The level of cover under each branch does not need to be equivalent or similar to the cover available through ENIM, there simply needs to be reasonable cover under each branch.

“Out of these many yachts that employ French residents may look towards the private insurance option – our correspondence with owners and crew is that this would be their preference,” explains Dan Armsden, yacht and crew technical manager at Sarnia Yachts. “The reason for this is that the update prescribes that the insurance no longer has to be equivalent, but just has provide some level of cover under eight of the nine branches stipulated by the MLC.”

Private systems: advantages and disadvantages

WYCC is an example of one insurance provider currently marketing a new private social security policy designed to be compliant with the French Social Security legislative changes. The insurance product provides seafarers with eight out of the nine MLC branches of social security protection, which includes medical care, sickness benefit, old-age benefit, employment injury benefit, family benefit, maternity benefit, invalidity benefit and survivor’s benefit. The ninth branch, the unemployment benefit, is not a mandatory requirement under the French legislation and is therefore not included in the standard WYCC product, or if contributing through ENIM.

There are likely to be more products on the market in the near future that claim to be compliant with the French Social Security legislative changes. Insurers may not even market their products as ENIM-compliant but offer the same cover as part of the yacht’s hull and indemnity insurance – Armsden points out that it is not technically the responsibility of the insurance provider to establish compliance, but the employer. A way to do this is for each yacht using a private system, as opposed to ENIM, to hold a certificate or declaration on board stating and detailing the level of cover available and its similarities to ENIM.

So, what about the advantages and disadvantages of taking out private insurance cover instead of ENIM? The first thing to consider is that, with an insurance product, the cover and subsequent benefits would stop as soon as the seafarer’s employment ended, unless the seafarer has opted to continue to contribute to the system at their own expense to keep all cover in place, or has managed to transfer the insurance to their new yacht if using the same provider. However, under a state system such as ENIM, the seafarer would be covered after employment and without making any further contributions until they obtained their next employment.

With an insurance product, the cover and subsequent benefits would stop as soon as the seafarer’s employment ended...

There are, however, advantages of having a private system in place, especially when it comes to medical cover. ENIM medical cover, for example, is only available in the EU and in countries with a reciprocal agreement with France. Therefore, owners will most likely need to hold suitable crew medical insurance as well as making contributions through ENIM when cruising outside of these countries. As mentioned previously, there could also be issues for non-French nationals residing in France with obtaining medical care under the French national medical system, particularly if they do not have a fixed abode in France.

Another aspect that may stop insurers from being able to offer fully ENIM-equivalent cover is the requirement to offer the old-age benefit. “The biggest problem that insurance providers would face is covering the old-age benefit with a suitable pension product, as the pension element would mean a lot of complications in terms of licensing and regulations,” adds Armsden.  “Because of this, employment companies (including Sarnia Yachts) are looking into setting up a pension branch. This means that the insurer can provide the rest of the seven branches of cover, we can provide the old-age benefit, and then we can put together a one-page declaration outlining it all for if the yacht does get inspected.”

As well as deterring yachts from staying too long in French waters, part of the original concern with the implementation of social security legislation in France was that yachts would be less inclined to employ French residents as crewmembers for fear of complex social security obligations. However, the ENIM guidelines appear to be a step in the right direction for the French yachting community.

“The latest update provided by ENIM was very much needed and offers more clarity and more flexibility for yachts operating in France and employing French residents,” says Armsden. “It still may be a little difficult for French crew to find employment, but I believe once the industry realises how easy it is to get an appropriate insurance product in place, this will change.” 

The industry is also aware that it may not be long until other countries, such as Italy and Spain, follow suit, which will help to level the playing field for France and French crewmembers. While nobody really knows if or when this will happen, it is anticipated that such countries may follow suit within the next five years if the International Labour Organisation (ILO) starts to apply the pressure to other member states. 

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Sarnia Yachts Limited

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