Rest insured

You would be forgiven for thinking that yacht insurance premiums should be on the way down after a year of stifled sailing activity. But don’t hold your breath. Broker after broker tells me that the industry is still facing catch-up after years of aggressively low premiums, and warns of further ‘corrections’ ahead. All is not lost, however, and there are ways of trimming premiums, especially where usage has been curtailed by Corona.

Rising premiums have been the story of the last few years, especially in the yachting market. Some $215bn of damage inflicted by three hurricanes in 2017 cost the insurance industry around $140bn in cover, and it has been on the back foot ever since. Add to that years of undervaluing risk in order to win prestigious superyacht business, and it all adds up