News

News

Date: December 2012

Life on Board

Life on board should be stress-free - after all you’re there to enjoy your yacht and time afloat. You don’t, want to be concerned about whether your jewellery and personal belongings are adequately protected. They are, however, at greater risk on your on-board, than in your home.  Quite apart from simple loss there’s an increased risk of fire and therefore smoke damage. Are you confident your personal assets are covered? 

We tested out the average marine insurance policy, to see if it can accommodate a superyacht owner’s wardrobe, jewellery and art collection….

These are some of the gaps we found:

  1. Non-listed items:  if you’ve anything of sentimental value on board, and it’s not listed individually on your policy, the chances are you’re not covered. If you’re relying solely on your marine insurance, it’s of paramount importance that any asset over 1,000 Euros is listed on your insurance policy. Don’t assume you’re covered unless you have it in writing.  
  2. Your wardrobe: it’s easy to underestimate the value of your wardrobe but your marine policy is only likely to cover up 5,000 Euros.  Some sophisticated home policies will be able to cover your wardrobe, worldwide on all risks – ask your broker for more details.
  3. Glassware, china and silver and jewellery & art: if your favourite set or piece is on-board, you can’t assume that your marine policy will cover it. It’s likely, that unless specifically listed, you’ll only be covered up a minimal amount.   
  4. Valuations:  if the art on-board is underinsured on your policy, you’ll be in for a shock if you have to repair or replace it. Ensure valuations are up-to-date, every 3-5 years is adequate.
  5. Acquiring new items: buying items on your travels is to be expected - but your marine policy may not cater for this! Unlike elite home policies, there’s no ‘grace’ period built in for new items. 
  6. The 7-day Rule: if you travel extensively on-land, your clothes and jewellery may only be partly covered. In fact, after 7 days you may find you’re not covered at all. This includes loading items on and off the ship, so ask your broker to negotiate new terms if you plan to do this.

A trusted partnership with the right insurance broker means you don’t have to worry about new purchases, inventories and long trips away from your yacht, anywhere in the world, no matter what the circumstance. 

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“Thank you so much for dealing with this so quickly and efficiently. What a rare pleasure it is to come across someone who gets things done without any fuss!”

Mr P, Private Client

 

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About La Playa Private Client

Specialist & Independent

Specialist & Independent

La Playa Private Client creates a safe space for you to live life to the full, enjoying your family, friends, and assets wherever you are in the world - without worry or hassle.

We can make sense of all your insurance needs - property, yachts and superyachts, high-performance and classic cars, private jets, art, wine and jewellery collections – and your liabilities too. We can pull multiple assets together on a single “portfolio” policy – or if you prefer, take care of each item separately. 

Amid the impersonal and automated world of large insurance corporations, La Playa provides a refreshingly boutique-style service, with individual advice, and cover based on in-depth understanding of your specific situation. After a detailed and confidential review of your needs and priorities, we’ll structure your insurance arrangements so you know you and your family are protected, come what may.  

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Mike Taylor-West ACII

DIRECTOR, PRIVATE CLIENT AND MARINE

Direct Dial: +44 (0) 203 290 1774

Mobile: +44 (0) 7500 109737

Email: mike.taylorwest@laplayainsurance.com

Twitter: @MTWLaPlaya