Following on from SuperyachtNews.com's report on 23 March regarding the buy out of R&Q Marine Services (Yachtsure24), I caught up with Paul Miller, the director of underwriting at Hiscox for an update on the new management in place and some of the recurring issues the superyacht insurance sector is seeing.

While it's still early days for the re-organisation, it appears the team is benefitting from the new brand. As Miller shares, "we were certainly bought for a purpose and that's to connect us all to a wider range of UHNW clients". Looking to expand the brand and services more globally, the aim of Hiscox is to be able to offer their clients a one stop shop for all of their insurance needs - whether that be in terms of cars, art, or yachts.

Looking to the wider sector of the industry, the insurance world continues to see similar claims come through in terms of insuring carbon fibre masts and rigging - who's at fault when something goes wrong? When a yacht is built to class, and they check the hull, inspect the yacht, etc. why is the mast not put under the same examination? Unfortunately, this area remains reactionary and will only be properly seen to after something goes wrong and it's too late. While crew claims, however, are currently high profile in the mainstream press, it will be interesting to see what impact, if any MLC has on these.

Miller acknowledges they are kept at arms length for various reasons, he enjoys when he's able to get that one on one time with the end client. "When we do get the opportunity to speak with an owner, we come away having very positive meetings as we're able to go into more detail, explain things more clearly and ensure everyone is on the same page".

As for their goals moving forward, the Hiscox team are looking forward to being able to offer their clients everything in one place. "We're strong in Europe at the moment and looking to be able to offer more services worldwide to ensure peace of mind when a client has multiple investments and insurance queries the world over" he concludes.


Paul Miller speaking at the
Global Superyacht Forum 2014

Yachtsure24, under the Hiscox umbrella, will be sponsoring the 2015 edition of the Global Superyacht Forum.

Profile links

Global Superyacht Forum

HIscox (Yachtsure24)