Falvey signs with Amlin, expands yacht policies to $10 million
Falvey Yacht Insurance
May 17, 2013
Filed under News
In a move that brings together two of the biggest players in the yacht insurance market, Falvey Yacht Insurance has established a relationship with Amlin, one of the world's largest megayacht markets. Falvey now offers up to $10 million in luxury yacht coverage, worldwide, providing one of the most expansive forms in the industry.
With this new agreement, Falvey launched its own luxury yacht product, the Falvey Freedom Form. It covers affiliated assets ranging from tenders and personal watercraft to motorized yacht toys such as motorcycles and mopeds. This new offering can also reimburse sportfishing tournament entry fees and lost dockage expenses in the event of a claim. It provides options for substitute charter vessels should a loss occur, and guarantees repairs resulting from a claim. Other options in Falvey Freedom include coverage for fine art onboard and stored equipment onshore.
Falvey Freedom clients benefit from the company's My Yacht secure online service, a personalized yacht documentation and information center. All Falvey customers have 24/7 access to policies, certificates, surveys and vessel registrations in one convenient location. Emailing proof of insurance to a bank or marina is nearly instantaneous, claims and repair updates can be monitored in real time, and policy renewals are hassle-free.
"We now have one of the most comprehensive coverage offerings in this arena. We are excited to offer clients an unsurpassed package of customized services with instant online access to information and real-time data," said Shawn Kucharski, Falvey Yacht Insurance president.
Industry-leading specialist insurance and reinsurance underwriting group Amlin, listed on the London Stock Exchange, provides cover for commercial risks around the world. A member of the Lloyd's of London market, Amlin insures many of the world's largest companies including ownership of Lead Yacht, a global leader in superyacht insurance.
Rhode Island-based Falvey had previously since 2010 provided up to $2.5 million luxury yacht policies in over 40 countries. It still also offers charter fleet coverage, with clients such as Tortola Marine Management, Catamaran Company, Moorings of New Zealand, Island Yacht Charters, Marina Sailing in California and MarineMax.
The company is part of Falvey Insurance Group, which includes Falvey Cargo Underwriting, a global provider of cargo insurance and service solutions for the technology and life science industries for 18 years. The newly-formed Safe Harbor Pollution Insurance division offers up to $5 million policies for marinas, shipyards and third parties.