AIG’s Private Client Group has launched a new yacht insurance product in Australia, which up until recently, was only available in the United States, the United Arab Emirates, Hong Kong and the United Kingdom.
The insurer is making it available in Australia as either standalone product for new clients, or as an optional extension of existing home and contents policies.
“We saw a significant opportunity with the introduction of a specialist yacht insurance solution to the Australian market, given so many high net worth clients want comprehensive cover across all of their assets including; home, jewellery, art, wine collections and, of course, watercraft,” said Neil Shackleton, head of private client Group AIG Australia.
AIG’s Yacht policy provides world-class coverage for all types of yacht and watercraft risks including no automatic deduction for depreciation on the value of a client’s yacht. Additional product features include the capability to provide worldwide property and liability coverage, large limit coverage capacity and access to AIG Private Client Group's concierge level claim services.
“Insurance needs vary considerably across different types of vessels. A super yacht should not be assessed in the same way as a family cruiser. Our clients may own either, both or anything in between, so in our yacht practice we consult with our customers to provide the best coverage to meet their needs,” added Chris Lotz, regional private client group yacht underwriter – AIG APAC.