A new underwriting agent, Baiman Marine, has entered the insurance market with the aim of being a “one stop solution for brokers, yacht managers and direct clients in the yacht market”.
The company, which was established in December, is served by knowledgeable, industry specific staff offering a competitive, comprehensive insurance package for yacht owners with the provision of bespoke policy documentation.
The agency reveals that it plans to distinguish itself from competitors by managing all of its client’s yacht insurances. It also has the authority to underwrite the insurance, which means that decisions and changes can be made promptly compared to using the slower traditional methods. This saves valuable time for the yacht owner.
Ross Bailey, underwriting manager of Baiman Marine says: “With our offices in both London and Plymouth, we’re uniquely placed to service both the London insurance market and directly into the sailing community. We ensure our clients experience a fast and efficient service no matter how they choose to attain their yacht insurance.”
The agency has expertise within the yacht industry as well as the insurance industry and benefits from one of the broadest yacht insurance wordings available on the market and is backed by A+ rated security at Lloyd’s.
In recent years the yacht insurance sector has come under scrunity from critics who warn that an influx of new underwriters has created excess capacity and pushed policy prices down. But Bailey explains to SB, “The yacht underwriting market has been dominated by a few specialist companies for the last decade or more. Whilst Lloyd’s syndicates will continue to offer individual insurance covers to brokers, I believe that the specialist market is in need of some new impetus to breathe life into the market.
Whilst it is true that prices are currently very low, the yacht market is beginning to show signs of recovery and as such, now is the right time to start building a solid client portfolio.”