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.
To receive breaking news notifications, download our free app.
Add a comment
Other Business News
Reports of a 220-million-euro investment in the construction of a superyacht marina in Ayia Napa have been confirmed, increasing the appeal of the benefits that long-term berthing in Cyprus has to offer. More
The discounted offer on The Superyacht Intelligence Annual Report has now ended... More
Christensen shipyard remains closed, and despite attempted correspondence from SuperyachtNews.com, there is still no clarification on its status. However, more details have emerged in local media reports. More
With the introduction of the UAE Yacht Code (TASNEEF), and developments at the second Dubai Mare Forum, could the region have the potential to become a 'centre for excellence'? More
Superyacht Intelligence Data
Evac designs, manufactures and markets environmentally friendly vacuum toilet and wastewater treatment systems for the yacht and shipbuilding industry. With the latest advanced technical innovations we provide quality, reliability and design.
ASEA POWER SYSTEMS
ASEA POWER SYSTEMS is the Marine Industry Leader for Shore Power Conversion equipment ranging in power from 8kVA - 1000kVa.
Professional Integrated Navigation Systems based on cutting-edge technology and decades of experience. Ultimate knowledge and flexibility in system integration. Dedicated customer care throughout the whole project and beyond.
Ocean World Marinas
Ocean World Marina is the only full-service marina located between the heavily traveled Florida/Bahamas area and the Puerto Rico/Eastern Caribbean region.
is the leading online portal provider of career and recruitment resources for professionals in the superyacht industry. This includes yachts as well as shore-based companies. Take control of your recruitment and advertise your jobs direct to 30,000+ registered crew, 23,000+ unique monthly visitors and 10,000+ social media followers.
Jets Vacuum AS
Jets Vacuum has for over 25 years been the leading innovator in vacuum sanitation technology. With over 9000 Jets systems in operation on all types of ships, Jets are known for high quality, flexible cost efficient solutions backed up by first class word wide service