Luxury yacht protection from Hanover Marine
Hanover Marine understands the unique exposures and risks that accompany the joys of yacht ownership. With more than 25 years of experience in yacht insurance, our underwriters have the insight and expertise to provide the specialized underwriting, risk management services, and claims handling to protect crews, their guests, and their vessels.
The Hanover's target appetite includes:
- Vessels with hull values ranging from $500,000 to $6 million
- An approved, full-time licensed captain (for vessels with hull values greater than $2 million)
- Foreign flagged vessels with U.S. ownership
- Vessels under 10 years of age
- Vessels over 10 years of age with a recent survey
Ineligible risks include:
- Owners/beneficial owners/captains who have had insurance coverage declined, canceled or non-renewed in the last three years
- Yachts that are used commercially
- Yachts held for sale, consignment or otherwise
- Yachts powered by turbine motors
- Yachts designed for powerboat racing or experimental purposes
- Amphibious vehicles, engine conversions, air-powered hovercraft, hydrofoils, hydroplanes
- Liability-only policies
Highlights of luxury yacht coverage from The Hanover include:
- Agreed value coverage on hull values from $500,000 to $6 million
- Coverage for additional living expenses*
- Coverage for lost dockage expense
- Galley supply and provision coverage*
- Bottom inspections*
- Precautionary haul-out coverage
- Coverage for charter reimbursement expense*
- Loss of charter hire coverage*
- Commercial towing and assistance coverage
- Fine arts coverage
- Fishing gear coverage
- Passport and essential documents coverage
- Protection and indemnity coverage
- Marine environmental damage coverage
- Medical coverage for crew and guests
- Uninsured/underinsured or unidentified watercraft coverage
- Longshore and harbors workers’ compensation coverage
- Newly acquired yacht coverage
* Availability only for vessels with hull values greater than $2 million
Advantages of working with The Hanover to provide luxury yacht protection for your clients include:
Industry expertise
We've been writing this specialized business for more than 25 years
Specialized forms
State-of-the-art industry coverage forms
Experienced specialists
Experienced, dedicated marine risk management and claims specialists
Total protection
One-stop shopping by offering additional specialty coverages (e.g., employment practices, management liability, etc.)
Selective distribution strategy
Creates a strong franchise value for our agents, enabling differentiation in the marketplace
A-rated carrier
Financial strength of a leading insurance carrier with "A" ratings from A.M. Best, S&P and Moody's
The Hanover's target appetite includes:
- Vessels with hull values ranging from $500,000 to $6 million
- An approved, full-time licensed captain (for vessels with hull values greater than $2 million)
- Foreign flagged vessels with U.S. ownership
- Vessels under 10 years of age
- Vessels over 10 years of age with a recent survey
Ineligible risks include:
- Owners/beneficial owners/captains who have had insurance coverage declined, canceled or non-renewed in the last three years
- Yachts that are used commercially
- Yachts held for sale, consignment or otherwise
- Yachts powered by turbine motors
- Yachts designed for powerboat racing or experimental purposes
- Amphibious vehicles, engine conversions, air-powered hovercraft, hydrofoils, hydroplanes
- Liability-only policies
Product resources
Total Hanover solution
Provide clients an account-focused solution by pairing moving and storage with a specialized industry offering:
Resources for your customers
Hanover Risk Solutions has assembled a range of resources, partner offerings, education and training to help clients’ address their marine risks.
See all of our Risk Solutions resources for marine
Customer tools
Let's start a conversation
Contact a member of our team who can help you deliver tailored solutions for your clients.
Susan Winters
Senior UW Specialist
858-923-6808
swinters@hanover.com