April 26, 2022
Excerpts from the Article
As demand for yachts increases across the US, the recreational marine insurance space is stabilizing following years of a hardening market. But sources say that capacity for mid-sized vessels is still restricted, with pricing going up in the segment and carriers including tighter terms and conditions...
Billy Johnson, a senior vice president of yacht underwriting at PURE Insurance, said: “Four or five years ago, we were seeing yacht owners that were getting hit with rate increases anywhere between 20% and 50%. Today, those same yacht risks are probably experiencing rate increases of likely less than 10%.”
Sources said that while the overall market has stabilized in recent months, it has been particularly hard for vessels worth between $200,000 to $10 million.