Yacht insurance that makes life easier

Published 02 mai 2023

When you need to make a claim, the last thing you need is an insurance policy that creates more problems. Our market-leading insurance expedites payments to facilitate the repair process following a claim.  

Andrew Pearson, Head of Claims at Burgess Yachting Financial Services (BYFS), outlines the benefits to you that set our policies apart from the rest.

Andrew Pearson has been working in maritime law and insurance for over 20 years

‘When a hull claim arises, often the first question raised is “When we will get paid for the repair work which is required?” Given that superyacht repair costs are often very expensive, that is a very valid question.  

‘While many insurers will provide a Payment on Account to cover estimated initial repair costs and assist the owner with their case flow, the insurance collection process often does not match the financial demands made by shipyards. 

Insurance that fits the bill - and fast

‘To circumvent that problem, BYFS has implemented a new Major Claims Funding Process, whereby once insurers agree on an initial Payment on Account, Burgess can have large claims funded and paid to the owner - often within 48 hours - to expedite cash flow. 

Our unique insurance proposition means you can get your yacht repaired and ready for use sooner than you could with other insurers

‘This is a market-leading development that is unique to Burgess, and there is no additional charge for this service. It has been designed with the sole aim of assisting the owner to ensure they get their yacht back on the water and ready to be enjoyed again as soon as possible.’ 

Please get in touch with your usual BYFS contact if you want to make your life easier by switching to a Burgess insurance policy.

To find out more about Burgess’ yachts for sale and yachts for charter, please contact a Burgess broker. Alternatively, get in touch with one of our offices directly: London, Monaco, New York, Miami, Singapore or all other locations.

- Yachts, prices and availability are correct at the time of publication.

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