5 September 2014 Insurance

Lockton launches yacht practice

Broker Lockton has launched a global yacht practice based in the UK.

Melanie Corbett will lead the team, which is comprised of private client specialists and London market marine brokers.

The team will place cover for vessels of all sizes, types and trading requirements wherever in the world they are berthed or registered. Lockton added that tailored insurance solutions for ship yards, builders’ risks, racing teams and submersibles can also be arranged.

Corbett said: “Our clients range from ultra high net worth individuals with multi-million pound yachts berthed in Monte Carlo, to individuals who own motor boats and dinghies in the Solent, or inland waterways. Understandably their insurance needs vary considerably, and we tailor make insurance programmes which include protection for the physical hull and machinery, comprehensive liability policies, as well as medical and personal accident insurance for crew and guests.

“By creating a ‘hybrid’ team comprising high net worth expertise with marine specialists we can offer our clients an exceptional service.  On one hand we know and understand our private clients’ service requirements, and on the other, we can tap into the technical expertise and market access within our marine team.”

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