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Protecting Passions

Charting new waters with our Yacht team

Changing tastes of experience-seeking wealthy individuals as well as optimism for the future have resulted in changes and growth in the yacht industry.1 Just as the yacht industry as a whole has evolved over the last several years, so has our Yacht program at PCG. We continue to build out our practice to capitalize on market changes and leverage the overall strength of AIG’s relationships, while increasing our capabilities as a lead line of business.

With targeted marketing efforts like strategically-located events, boat show sponsorships and partnerships with key producers, we’re driving a unified vision and segmentation strategy that’s focused on growth. In addition, we are expanding our new mono-line yacht solution for yachts 26 feet and larger of all values. This has allowed us to broaden our reach and expand our footprint in the yacht insurance marketplace.

The cumulative effect of our efforts has kept us very busy. Our business has grown and so has our team. We’ve added additional yacht professionals to help capitalize on opportunities, develop yacht-specific educational programs to bolster the knowledge of internal and external partners, and make product revisions to support the strategic direction of the yacht segment.

As we grow to meet the needs of our clients, our Yacht Loss Prevention department will continue to provide invaluable services to our clients. Just a few months ago, we assisted several policyholders, captains and agents as they prepared for Hurricane Irma. At a time when so many boat owners were seeking protection for their vessels, it was difficult for many to find safe harbor. With our guidance, dockage was secured for one client’s two boats, a 150 foot motor yacht and a 300 foot motor yacht—a total value of $350,000,000.

 

1 https://www.forbes.com/sites/douggollan/2016/04/13/the-superyacht-industry-is-poised-for-growth/#3d1af0af1511