The Bigger the Yacht, the Higher the Risks

Posted: Mar. 25th, 2013  |  By DailyLuxe News

While supersize yachts that rival luxury cruise ships are grandiose status symbols, owning such a vessel also comes with big risks. A hull that size has a heck of a lot responsibility attached to it as well.

There are valuable possessions aboard yachts, such as art collections, jewelry, water-sports toys, and tenders. A member of the crew could get injured while working or even during leisure time. A passenger could get injured, or the boat could hit something. There also are electrical issues to consider as well as environmental issues.

A spokesperson from AiG’s yacht insurance division,Danielle Masse, AIG’s head of global watercraft market developmentsays that many substantial claims involving larger yachts stem from members of hired crews.   

 One of AIG’s largest yacht insurance claims, Masse says, stems from a crewmember, [that] was injured not even on the yacht, but in an earlier car accident. The yacht became involved because the crewmember was in the service of the yacht.