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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La Playa's Personal Risk Concierge service means advice you can trust - from an expert who understands you:

  • Specialist, global policies for affluent lifestyles
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As an independent broker, we can advise on the best policies available - and on risk management measures including valuations, security, fire prevention and property marking - preserving the value of your property and giving you complete peace of mind. We have access to excellent terms with market-leading high net worth insurers.

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We see insurance as integral to your financial planning - and our in-house financial advice team provides Wealth Management, Pensions and Financial Planning; a joined up approach with a team of advisers working for your best financial interests - all under one roof.

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  1. A dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
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  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
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