Explaining insurance in the
superyacht industry with SYIG
In today’s superyacht industry, taking care of insurance for
yachts and crew is one of the most important factors for owners. Yachting Pages
spoke to Eva Maria Karlsson of Superyacht Insurance Group (SYIG) to talk more
about insurance in the superyacht industry, finding out some helpful advice,
key information and some interesting examples.
When was Superyacht
Insurance Group founded and how did it come about?
Superyacht Insurance Group (SYIG) is the trade name for Yacht
and Crew Insurance Inc. and was founded in 2012. We previously operated under
the name Crew Insurance Services, Inc. which was founded in 2003. The reason
for the corporate name change was to incorporate that we also provide yacht
insurance, (Hull & P&I), and not only crew medical insurance.
I used to work for a private boat club here in Florida,
called Florida Powerboat Club and when leaving the employment I wanted to focus
more on sales. I came across an advert in the local newspaper, wanting to hire
health insurance agents. I acquired my Health and Life license in 2002 and my
P&C license in 2007.
Living in Fort Lauderdale, the “yachting capital of the
world”, I was exposed to luxurious and big yachts daily and like many crew I
was an “international citizen”, (born and raised in Sweden), it was a natural
and suitable fit for me to start working with the yachting industry. I truly enjoy
being a part of the exciting yachting industry and meeting adventurous and outgoing
people from all over the world!
In your own words how
would you describe the business and how has it developed?
In addition, we are able to arrange tailored insurance coverage
for the yacht through most of the leading, top-rated US and European underwriters.
Furthermore, we provide a wide range of additional crew insurance coverage,
included but not limited to: travel insurance, disability insurance (income
protection), life insurance and personal accident insurance (AD&D).
In 2002, we started selling strictly US domestic health
insurance plans for US Citizen’s, but the agency has then evolved into working
with the international market and the yachting industry as a niche. Lately we
have also extended our insurance offerings to the commercial shipping industry,
(merchant marines). With offices conveniently located on the Middle River in
Fort Lauderdale and walking distance to Sunrise Harbour Marina, we are truly in
the heart of the yachting industry.
What makes you
different from your competitors? How are you unique?
Superyacht Insurance Group provides insurance coverage to
both the crew AND the yacht, whereas most competitors focus on either coverage
for the crew OR the yacht. This is a true advantage since we can avoid policy
gaps and/or overlaps between the crew medical and the yacht insurance policy,
making sure the client has sufficient coverage, or is not covered twice for the
same benefits. 
SYIG is truly taking pride in our personalised and
dependable customer service, 24/7/365. My cell is always on, since the clients
are all over the world, in different time zones. We spend time with our
clients, assisting from “application to claims” and going the extra mile, making
sure they understand the policy. We visit the yachts and speak to the captains and
crew on a regular basis, or invite them to our office.
What are the biggest
challenges that you face in the superyacht industry at the moment?
The biggest challenge presently is “Obamacare”.
Interestingly enough, it’s actually affecting the international marine
industry, in that we now have to cope with tighter guidelines regarding time
spent “in-and-out of the US” waters. Most underwriters require that the yachts
spend at least six months outside the US in a 12-month period. It doesn’t
matter that the yacht is registered outside the US and the crew are non-US.
Some underwriters can’t even provide coverage for US Citizens,
or limit the coverage inside the US. Since the yacht’s programmes are usually changeable,
it makes it really hard to place the coverage for certain yachts.
I’m dealing with a challenging “case” presently concerning a
large US registered yacht with 10 US Citizen crew members. The yacht doesn’t
leave the US much, just incidental trips to the Bahamas and back.
They don’t qualify for the international plans that are specifically
designed for yacht crew, because they don’t spend six months per year outside
the US. However, US domestic insurance carriers are reluctant to offer group
coverage to the crew since the crew members are from different states.
How is business? Were
you affected by the recession?
Surprisingly enough, the business hasn’t been affected by
the recession. Insurance is a necessity even in bad economic times.
Furthermore, with MLC 2006 being in effect as of August 2013, it’s more essential
than ever for the owners to offer insurance, since they are financially
responsible for the crew.
Do you have any top
tips or advice regarding insurance for both the yachts and crew?
1.
Make sure you’re working with a prodigious and independent
insurance agent, who has access to a wide array of options to suit your needs
and the yacht’s programme. It’s a plus if the agent has strong experience in
both yacht insurance (Hull, P&I) and crew medical, to avoid over- insuring
or under-insuring.
2.
Make sure that the underwriters or insurance
carriers are top-rated.
3.
Make sure to provide the insurance agent with
accurate and detailed information regarding the yacht and its programme so that
it gets quoted correctly from the start.
4.
Make sure the crew medical insurance coverage is
PRIMARY to the vessel’s P&I insurance, so that work related accidents and
injuries are covered under the medical, to avoid claiming on the yacht’s P&I
insurance. It’s pertinent that the insurance covers crew 24/7/365, while
working AND during time off as well.
5.
Make sure the crew medical policy offers
sufficient benefits and coverage limits, especially important if the yacht
comes to the USA, where the cost of the medical care is the highest in the
world.
6.
Make sure to read the policy “fine print” and
definitions before applying for coverage, please take notice of any benefit
waiting periods and how pre-existing conditions are being handled.
Can you explain some
common requests/issues you receive from clients?
Common issues are that it’s hard to predict the yacht’s
programme for the upcoming year. The insurance requires that the yacht spend a
significant time OUTSIDE US waters and it’s often hard to have knowledge of,
since the programme can change rapidly.
Are there any
bizarre/strange requests you’ve received from clients/prospective clients?
One bizarre incident included a prospective client, who was
an older gentleman in his 80s. After seeing a picture of me, he developed a
“crush” on me and calling me “foxy lady”. He ended up having open heart surgery and
wanted me to come and visit him at the hospital, even though we’d never met
before and he was still only a prospect… a very strange request!
We offer excellent personalised customer service, but this
was a little extreme and he wasn’t even a client yet!
What superyachts/big
clients have you worked with that you can share?
The yachting industry is very exclusive and private and I’m
not going to share my clients. My current book of business consists of yachts
up to 250’, (bigger yachts are welcome!). One of my clients in particular is a
very famous sports star, whom I have provided insurance to his yacht crew for
years.
What do you enjoy
most about your job?
I enjoy the nature of the marine industry; it’s very
exciting, competitive and fast-paced. Additionally, I have the benefit of
dealing with captains and crew from all over the world. It’s fun and exciting
to meet and work with an international crowd. Conducting meetings and
presentations on luxury yachts is irreplaceable! I also enjoy traveling to the
yachting destinations and going to the boat shows.
Why do you enjoy boat
shows? Which shows have you recently attended or plan to attend?
Attending boat shows is a great part of what I do. It’s
important to “show your face” to other industry professionals and to your
clients. I normally don’t work out of a “booth”, as I’m more effective “walking
and talking” on the docks. Boat shows are very social events and I try and
attend as many after hour networking functions and parties as I can.
The last boat show I went to was the Fort Lauderdale Boat Show
at the end of October 2014. The next boat show will be the Miami Boat Show in
February and then the Palm Beach Boat Show in March. I have also been to the
Monaco Show, which is pretty spectacular, showcasing some of the largest, most
expensive and luxurious yachts in the world.
Who would be your
dream client?
A dream client would be to provide the crew medical
insurance to a large fleet of vessels, perhaps providing coverage for 500 +
crew members, or providing the yacht insurance (Hull, P&I) for a 400+ foot
vessel.
For more information, visit superyacht insurance on Yachting
Pages or SYIG.
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here.
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