10 Feb 2014
New underwriting agency enters the superyacht market
By Bryony McCabe | Other articles by this author
Baiman Marine is a new underwriting agency to enter the superyacht market. It has announced its aim to offer a complete solution for brokers, yacht managers and direct clients in the yacht market. SuperyachtNews.com speaks to Ross Bailey, underwriting manager, to find out more about the decision to enter the superyacht market.
“Having worked in the marine insurance market for over ten years now, with the last three years specifically in the yacht insurance market, I have gained a solid foundation within the industry,” explains Bailey. “The yacht underwriting market has been dominated by a few specialist companies for the last decade or more. Whilst Lloyd’s syndicates will continue to offer individual insurance covers to brokers, I believe that the specialist market is in need of some new impetus to breathe life into the market. Whilst it is true that prices are currently very low, the yacht market is beginning to show good signs of recovery and as such, now is the right time to inject some new ideas into the industry.”
“This being the case, I have teamed up with C J Coleman, an established Lloyd’s broker with over 40 years experience and established underwriting security of first class Lloyd’s Underwriters, in order that we have the capacity to offer a high quality service, backed by knowledgeable professionals,” Bailey continues. “The global scope of the superyacht insurance market requires tailored and specific management and insurance packages, covering every aspect of risk. The partnership between C J Coleman and Baiman Marine creates a wealth of knowledge and experience to offer comprehensive, tailored cover for every client.”
“As an agency with the authority to provide insurance coverage for yachts, their crew and guests, our approach is to allow clients to select the insurance options they require, delivered to budget and cover requirements in one complete package,” Bailey adds.
SuperyachtNews.com spoke to several insurance brokers in the industry to ask about their knowledge of the new agency and whether they would be putting any business their way. While many were aware of the new project, all were reluctant to comment on any future plans to do business with the agency, or on the need for another underwriter in the industry.
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