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."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
