Italy recently experienced weather conditions that wrecked over 100 yachts, so the Aon insurance broking service could be timely for Nautor's Swan customers
One of Nautor Swan's luxury yachts Credit: Nautor Swan
Superyacht owners can now get tailored insurance cover after consultancy and broker Aon plc launched the service for customers of luxury boat manufacturer Nautor’s Swan.
The partnership was formed after Nautor’s Swan approached Aon when it realised its customers needed cover beyond what was initially available in the market.
Aon’s yacht specialist Paolo Mascino said: “This agreement was devised in order to offer Swan’s owners a tailor-made consultancy service, analysing the different risk scenarios according to the type of boat and its intended use, and the relative insurance coverage for the best mitigation of the risks identified.
“We are talking about high-value yachts that today can also incur a growing number of unpredictable catastrophic events, such as natural ones, deriving from adverse weather conditions, as the recent Italy cases have shown.
“As a result of the recent natural events, the re-insurance market has tightened and, from our point of view, with framework agreements it is possible avoid the increasing of the costs and the limitations of the guarantees.”
Aon luxury yacht insurance details
Aon’s insurance package covers several different scenarios, and includes assistance and rescue services in the event of boat crashes, fire, robbery, earthquakes, vandalism and natural disasters.
Yacht owners are covered for these when the boat is docked, actively sailing, or taking part in a race.
A representative from Nautor’s Swan Group told Superyacht News: “This was an agreement that needed to happen as we would like to give our owners a direct line with Aon, as there will be a proper team that will be dedicated only to our owners.
“The agreement was devised to offer our owners the chance to have a dedicated insurance broker that could give feedback on a timely basis and personalised according to the yacht model and use.”
Nautor’s Swan CEO Giovanni Pomati added: “Aon offers a highly-qualified and diversified service for the boats that are part of our three product lines: Maxi Yachts, Swan Yachts and ClubSwan Yachts.”
Italy’s risk landscape for yachts
On 31 October, 2018, Italy experienced storms that brought 10ft-high waves into contact with yachts both on the water and moored at the docks of several coastal cities.
One of the worst hit was Carlo Riva Marina in Rapallo, a town on the Ligurian coast famed for the presence of luxury yachts.
Over 100 were destroyed by the waves, including one owned by former Italian Prime Minister Silvio Berlusconi.
The port had recently rebuilt upon the existing damn by 1.3m, taking it up to 6.5m, but it wasn’t enough to cope with the waves – with the harbour break wall crumbling under the pressure, allowing the storm surge through into the docked boats.
Coastal areas like Rapallo are at the highest risk of storms like this, according to Italy’s Civil Protection Department.
The department identified Abruzzo, Liguria, Lombardy, Veneto, Friuli-Venezia-Giulia and Trentino Alto Adige as the other areas that are most likely to suffer from extreme weather conditions.