Ascot Expands Specialty Marine Offering with New U.S. Yacht Product
PRODUCT: Ascot Admiralty Reserve™
COMPANIES: Ascot
BEST RATING: A
AVAILABILITY: Limited distribution through appointed agents and brokers.
FOCUS: Recently, Ascot announced the launch of Ascot Admiralty Reserve™, a yacht product built to offer comprehensive, bespoke coverage for fully captained and crewed vessels valued at or over $5 million. The policy has been designed to safeguard against the unique risks facing the mega yacht community today.
“From hull, to cargo, to protection and indemnity coverage, Ascot’s robust marine capabilities have long been a cornerstone of our global specialty insurance offerings,” said Lou Gehrig, senior vice president, U.S. ocean marine, head of hull & liabilities, Ascot. “We are glad to introduce a new yacht solution to meet a critical need for clients in the space, where, due in part to increasing extreme weather events, the market has been challenged in recent years.”
The product is led by Christina Mayor, vice president, U.S. marine, yacht product leader at Ascot, who has more than a decade of experience in the yacht insurance space and is supported by a team of highly experienced, specialized marine professionals.
COVERAGE DETAILS: Through specialized underwriters, Ascot offers creative solutions to yacht owners, including preferential deductible options, enhanced and customizable coverages, including Jones Act coverage, and personal use and occasional charter coverage.
UNDERWRITING: Ascot considers the uniqueness of custom and semi-custom luxury vessels. Minimum hull value is $5 million. Good ownership experience, navigation experience and experienced yacht management practices are also considered.
TARGET: High net-worth individuals with fully captained and crewed luxury vessels.
COVERAGE AVAILABILITY: All U.S. states.
COVERAGE TERRITORY: Worldwide.
CONTACT: Christina Mayor, vice president, U.S. marine, yacht product leader, Ascot; 1251 6th Ave, New York, NY 10020.
Will Jones is IA editor-in-chief.
