In this latest Digital Dialogue, Martin Redmayne speaks to Paul Miller, Director of Underwriting at Hiscox MGA, which is one of the largest Yacht and Marine Leisure Underwriting Agencies in the London and European Markets.
Miller is one of the most respected figures in the superyacht insurance sector, and has been a long-time commentator and contributor to the evolution of more diligent risk management.
The industry remains plagued by an asset value/coverage disparity, and one of Miller’s most longstanding projects is in his work with the ICOMIA Refit Group to increase the liability yards are prepared to take on when undertaking works on vessels.
“[We’re working together] to improve communication between all parties involved, because it still tends to happen far too late in the day. If you have a 100-metre boat that you’re going to refit, you’ve probably been negotiating that refit or maintenance period for a reasonable amount of time. And the insurance factor still tends to be a bit last-minute… we’re trying to get into that process a bit earlier, so part of the reason for working with the shipyards is to [address this].
“This last winter, and then the COVID situation actually exacerbated the problem because boats were in yards for longer, so we had larger aggregations that grew very rapidly. And in [Mediterranean hotspots] like Barcelona or Toulon, we had aggregates running to billions of dollars, and that’s a concern.”
To learn more about the risks surrounding liability coverage and why this is the case, watch the full video here.
The One to One series is a collective campaign for change and industry improvement, and we welcome participants from all sectors. (If you would like to take part, or contribute your thoughts, please contact Research Editor, Clare Sidwell.
You can view the ever-growing archive of Digital Dialogues here.
And remember, there is still a limited number of spaces left for the industry’s One face-to-face appointment in 2020. The Superyacht Forum will take place 16th – 18th November in Amsterdam, in partnership with METSTRADE. Top secure your spot, click here.
If you like reading our Editors' premium quality journalism on SuperyachtNews.com, you'll love their amazing and insightful opinions and comments in The Superyacht Report. If you’ve never read it, click here to request a sample copy - it's 'A Report Worth Reading'. If you know how good it is, click here to subscribe - it's 'A Report Worth Paying For'.