Mega-Yacht Owners Face Surging Insurance Costs It may not be enough to turn them into poor little rich guys, but the owners of mega-yachts are seeing a wave of increases for their boat insurance, marketplace professionals report.
"Weve seen dramatically more price increases on the larger yachts than we have on the small boat range," said Christopher Pesce, general manager at the Maritime General Agency in Westbrook, Conn.
Mr. Pesce, whose firm is the exclusive program administrator for American International Groups New Hampshire Insurance Co. yacht program, said for mega-yachts that sell for $2 million or more, "youre seeing price increases of 10-to-50 percent."
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