BORIS QUIOTEK FROM EIS DISCUSSES THE COMPLEXITIES OF SUPERYACHT INSURANCE AND THE IMPORTANCE OF DEALING WITH AN INNOVATIVE AND FLEXIBLE AGENT
Considering the complexity of a modern day superyacht, from the equipment and technology installed on board, through to the tenders and toys, the personal effects of the guests, the liability of the crew, not to mention any unforeseens such as loss of revenue through charter cancellation or a longer than expected refit and repair stay, its easy to see why Insurance has become big business within the yachting industry.
With an ever changing landscape it is important to keep innovating and providing a broad range of products and services. One such company at the forefront of this innovation is EIS.With an international and bilingual team the business provides cover for more than 25,000 yacht owners specialising in World wide TPL, P&I, Hull & Machinery plus, Accident & Health Care Insurance for the Crew.
EIS represents various insurers as a ‘tied insurance agent’, the work done by EIS is comparable to an underwriting agent and is given extensive powers of attorney by the insurers. This allows EIS to have more control and produce a tailor made policy for the yacht in question. This authority also extends to claims handling by the experienced in house team. Having a claims department that will diligently work on behalf of the client is a vital part of the overall service.
The team treat each client individually and Boris Quiotek, CEO of EIS says, “Superyachts and the industry are fast moving and dynamic – in recent years new legislation and laws have impacted on insurance cover, particularly if the yachts operate commercially, but we pride ourselves by staying on top of any changes in legislation or flag state rules, to provide our many clients with up to date advice and policy updates.”
Above all, it is important to have an open dialogue with the client, and for the owner and representatives to inform the insurance company of any changes in normal operation or any time planned in a refit yard. For example, if the normal Mediterranean cruising pattern changes and the Owners wants a season in the Caribbean, the policy must be adapted and the insurer must decide if the policy needs a change in terms or premium.
Other areas of interest might be sub limits for items such as Artwork/ Object d’Art, which would be included in a standard policy. However, Owners and their representatives must declare specific items that exceed that limit and for very high valued items it is common practice to insure these items separate under a specific Fine Art policy.
EIS as a specialist regarding yacht insurance creating their own insurance concepts and forwarding the benefits directly to the client by offering the following products: Yacht & Super Yachts Insurance, P&I Insurance, Professional Skipper Insurance, Crew Health-Care Insurance & Charter Risk Co-Insurance.
EIS also provide specialist category insurance, and one such area would be Jet Skis. Quiotek explains “As a business, we recognise that this segment is growing and have therefore developed one of the first waters sports packages specifically for these water craft. With our BASIC-cover adapted to jet skis clients will enjoy an insurance cover up to a distance of 12 nautical miles from the coast or the mothership. The insurance cover for theft can be included according to technical preconditions and, if required, be excluded from any deductibles.”
For more details: Tel: +49 (0)30 214 082 – 0
or visit www.eis-insurance.com
