Case Study:
Navigating unique coverage needs for a yacht owner

OVERVIEW:

An existing client of PWI who already insure their home and motor vehicles with us, recently found themselves facing a significant challenge regarding their £800,000 yacht, which they had transferred into their company’s name. The yacht’s unique usage—including both personal and charter operations—posed a dilemma that their previous insurer was unable to address.

CHALLENGE:

The client’s yacht was no longer eligible for cover under their existing insurance policy due to its dual use for personal leisure and commercial charter activities. Additionally, the provider required liability cover for bringing a skipper on board. As if this wasn’t enough, the client was unaware of the yacht’s renewal date, as their personal assistant had recently left the business, leaving an admin gap. By the time the renewal date approached, their existing insurer declined to offer continued cover, leaving the client in a stressful position.

SOLUTION:

PWI stepped in to provide a tailored solution. Understanding the client’s immediate need for appropriate cover, we:

1. Provided dual-use coverage: Provided a policy that covered both personal and charter usage, ensuring the yacht’s commercial operations could continue uninterrupted.

2. Included liability for a skipper: Included liability protection for hiring a professional skipper, addressing the client’s onboard operational needs.

3. One Renewal Date: Streamlined the renewal process by aligning the renewal date with his other insurance policies, giving the client one common renewal date for all of their needs and to avoid future lapses in cover.

OUTCOME:

With PWIs assistance, the client was able to secure seamless coverage for their yacht, tailored to their specific needs. The policy not only restored their peace of mind, but also enabled them to maintain both personal enjoyment and commercial operations of the yacht without disruption. Furthermore, the One Renewal Date ensures the client will never face a similar issue again.

TESTIMONIAL:

“PWI went above and beyond to understand my unique needs and provide a solution when my previous insurer couldn’t. Their expertise and personalised approach made all the difference. I’m grateful for their support in protecting such an important asset.”