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"It's true the Yacht Insurance Market is hardening after many years of low pricing; and classic yacht owners in particular are seeing some huge rate increases that are, some would say, unfairly, targeting them as owners of classic and wooden vessels" said Mark Elcocks, Specialist Risks Executive with IRCM.
"Most boat owners are passionate about their vessel but classic yacht owners really do love their craft. They are generally well-looked after and, in most cases, free of insurance claims so it's something of a shock for such an owner to receive their insurance renewal with a 30% premium increase and a doubled excess. Some classic yacht owners are even receiving letters from their insurance provider advising that they are no longer offering insurance on such craft and that their client should look elsewhere for cover."
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As a specialist classic yacht insurance provider IRCM remains committed to supporting owners looking for fair, sensibly priced classic yacht insurance. "We have a delegated underwriting authority from 2 global insurers" said Mark, "which has enabled us to develop a portfolio of classic yacht insurance business that ensures both yacht owners and insurers benefit from our approach."
IRCM can offer UK-domiciled classic yacht owners insurance for their vessels providing the use is private and pleasure though cover can be extended to include skippered charter; some racing cover can also be added.
For further information contact Mark Elcocks at IRCM on 01902 796793 or visit https://www.marineinsurance-ircm.co.uk/classic-yacht-insurance/ (http://www.marineinsurance-ircm.co.uk) IRCM are authorised and regulated by the Financial Conduct Authority.
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