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A BUYER’S MARKET?

In recent years rates in marine insurance and, in fact, the insurance market as a whole, have continued to drop dramatically. Insurance expert Tom Montgomery takes a look at what’s been happening.

SUPERYACHT INSURANCE

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THE DROP IN INSURANCE RATES IS GOOD news for the owners’ representatives, family offices and yacht management companies, who can show their owners a genuine saving year on year. Obviously, they will want to be praised for their stunning bargaining power, however the main credit, sadly for those who work in insurance, is due to the continuing soft market conditions. For example, a 100m+ yacht that in 2015 was on cover for $1.25m by 2017 is now on cover for $560,000 and the value of the vessel hasn’t dipped.

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Family Office & UHNWI is an exclusive wealth management and lifestyle magazine for the Ultra High Net Worth community.
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