Ascot launches new US yacht product

Global specialty insurer and reinsurer Ascot has expanded its specialty marine offering with the launch of its new US yacht product, Ascot Admiralty Reserve.

This new product has been built to offer comprehensive, bespoke coverage for fully captained and crewed vessels valued at or over $5 million.

“Our new product has been designed with yacht owners in mind. It was developed by underwriters with specialised yacht insurance expertise so that every voyage on a vessel covered by an Ascot Admiralty Reserve policy is safeguarded against the unique risks facing the mega yacht community today,” , Ascot’s Yacht Product Leader Christina Mayor commented.

Ascot Admiralty Reserve features enhanced and customisable coverages, including Jones Act coverage, preferential deductible solutions. Additionally, personal use and occasional charter coverage is also available.

Lou Gehrig, SVP, U.S. Ocean Marine, Head of Hull & Liabilities, at Ascot, said: “From Hull, to Cargo, to P&I coverage, Ascot’s robust marine capabilities have long been a cornerstone of our global specialty insurance offerings.

“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.”

Pat Stoik, Head of U.S. Marine, added: “We greatly value our Ocean Marine clients, and we are committed to the continued development of products to meet their evolving needs as we work to be a more perfect partner for a less-than-perfect world.”