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Refitted Yacht Insurance

Refitted Yacht Insurance

Yachts and especially superyachts are more than just vessels - they are lifelong investments that require dedicated care and attention. Regular maintenance and overhauls are essential to ensure their longevity and peak performance. Typically, a comprehensive refit is undertaken every five to ten years, where extensive maintenance and upgrades are performed. This isn’t just about replacing outdated systems; it’s about restoring the yacht to a like-new condition, embracing both innovation and tradition.

Refit projects for superyachts are often transformative. They go beyond the basics, involving significant renovations, modernization, and even structural modifications to align with the latest standards and the owner’s unique vision. These projects may include upgrading interior designs, enhancing cutting-edge technological systems, or completely reimagining the yacht’s structure. Given the complexity and scale of such undertakings, the refit process is a meticulous journey that can span several months, if not years, ensuring the yacht not only meets but exceeds expectations.

Refitted yachts often struggle to secure adequate insurance due to several factors. Many insurance providers have underwriting guidelines that prohibit coverage for older yachts, regardless of their condition. Additionally, trading restrictions and the difficulty in sourcing spare parts for older models contribute to the challenges of insuring these vessels. Insurers also face pressure to swiftly assess documentation, which can lead to rushed decisions. In some cases, discrepancies between a yacht's size and its appraised value further complicate the underwriting process. This conservative stance contrasts sharply with the growing demand for high-standard, second-hand vessels that have undergone thorough refits and meet necessary classification and flag state requirements.

At Sealogy, we are deeply committed to conducting detailed evaluations, carefully reviewing narratives, surveys, mast reports, and refit reports. This meticulous approach enables us to provide insurance for truly unique vessels, such as a motor yacht built in 1905, a 1952 Norwegian high sea trawler transformed into a sailing school ship, and expedition yachts journeying to the Antarctic. For each vessel, we assess management, purpose, voyage planning, classification, flag state compliance, the crew's experience specific to the desired cruising area and many other aspects. Our dedication ensures that even the most distinctive and challenging vessels receive the coverage they deserve.

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Highlights of our Refitted Yacht Cover

Coverage According to Your PrioritiesYou choose between comprehensive All-Risk Cover and cost-effective Basic Cover, protecting you against named perils.
Tailored to Meet Your NeedsTogether, we tailor insurance coverage that aligns perfectly with you, your yacht, and your intended use. Our mission is to provide you with the peace of mind to pursue your dreams with confidence.
Agreed Fixed Value for Total LossIn the unfortunate event of a total loss, our Top Cover ensures you receive the full sum insured as agreed, without any deductions except for residual value.
New for Old for Partial LossesFor partial losses, our Top Coverage replaces damaged parts up to the full sum insured amount, without any deductions. We ensure your yacht is restored with the care it deserves.
No DeductibleFor total loss, theft, transport damage, collisions, and fire damage caused by third parties, as well as post-grounding inspections, no deductible will apply in our Top Cover.
Personal Effects Securely InsuredYour personal belongings, as well as those of your crew, are securely insured if named to us. Whether it’s a cherished watch or a treasured artwork, we ensure that what matters most to you is well-protected.
Free Dinghy CoverageYour dinghy is automatically covered under our liability insurance, up to 60HP in our Top Coverage and 5HP in Basic Coverage.
Your Yacht Manager is Co-InsuredAt your request, we extend coverage to your yacht management company and other firms involved in maintenance or refit works.
Ships Cash Secure Onboard and AshoreYour cash is insured both onboard and during land transport to and from the boat, up to the agreed amount in your policy.
Named Windstorm CoverIn the Caribbean, we offer the option to insure against damages from named windstorms.
War, Strike & Confiscation CoverAt your request, we cover damages from confiscation, war and strikes, ensuring your yacht is safeguarded against all odds.
Worldwide Cruising CoverageWith us, you can navigate the world with confidence. Our global coverage, available upon request, accompanies you wherever the wind may carry you.
Employer Liability ProtectionYou are protected against liability claims from your crew, offering coverage that shields you as both owner and employer.
Crew Liability CoverIn private yacht use, our Top Cover includes liability claims between skipper and crew members, ensuring harmony and safety on board.
Salvage and Wreck RemovalBeyond the sums insured, we cover salvage and wreck removal costs up to 2,000,000 Euro under our Top Coverage and 100,000 Euro under Basic Coverage. When authorities demand salvage or wreck removal, we’ve got you covered. We’ll shoulder the costs up to the full sum insured.

Tailor-Made Insurance Coverage

At Sealogy we believe that Peace of Mind is absolutely essential to thrive in life and business. Our goal is to contribute to your peace of mind on your maritime endeavours so that you can fully embrace your passion.

We achieve that by providing you with insurance coverage that is meticulousy tailored to your needs and priorities ensuring that you can Navigate with Confidence, knowing you're thoroughly protected every step of the way.

Tailoring insurance coverage to your specific needs and priorities begins by understanding your specific set-up and priorities. It involves considering the level of protection you need and want, the importance of premium costs and the deductibles you’re comfortable with. And then to carefully craft insurance coverage to align with your unique needs and specific circumstances.

At Sealogy, every insurance policiy is as unique as the owner that seeks insurance coverage with us.

Send us a Quote Request and we’ll be happy to provide you with a tailor-made insurance quotation that perfectly suits your needs. And if it’s not exactly right the first time, we’ll refine it until it truly fits you.

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Yacht Insurance - Products and Cover-Concepts

Third Party Liability (TPL) Insurance

Third Party Liability Insurance (TPL) provides vital protection against financial liabilities if your yacht causes damage to other vessels, property, or people. It’s the essential coverage that allows you to navigate with peace of mind, knowing you’re protected. Learn more about our Sealogy Third Partly Liability Insurance for your yacht.

Hull & Machinery (H&M) Insurance

Hull & Machinery Insurance (H&M) covers the physical integrity of your yacht, including its hull and onboard machinery. From unexpected accidents to challenging weather conditions, this coverage ensures your yacht is safeguarded and can be promptly restored. Learn more about our Sealogy Hull & Machinery Insurance for your yacht.

Passenger Accident Insurance

Passenger Accident Insurance offers crucial coverage for any injuries your guests might sustain while aboard your yacht. It’s a reflection of your dedication to their safety, ensuring that everyone can enjoy their time at sea with confidence. Learn more about our Sealogy Passenger Accident Insurance for your yacht.

Sealogy BASIC - Named Peril Cover

Our Sealogy BASIC Cover is a named Peril Cover. That means it provides insurance protection only against specific risks or "perils" explicitly listed in the policy and the Terms & Conditions. If a peril isn't named, it's not covered. For example, if your policy lists theft, grounding and collision as covered perils, then damage caused by any other event would not be covered. Our BASIC Cover is a cost effective way to protect against many of the most relevant risks for yacht owners. In some cases - mostly very special risks - BASIC Cover may be the only cover we can provide. Learn more about our Sealogy BASIC Cover for your yacht.

Sealogy TOP - All-Risk Cover

Our Sealogy TOP Cover is an All Risk Cover. It offers comprehensive protection by covering a wide range of potential risks - except those explicitly excluded in the policy and/or Terms & Conditions. Unlike our BASIC Cover, which only covers specific risks listed in the policy, our TOP Cover offers much broader protection. Seeking insurance coverage based on our TOP Cover is the best way to achieve maximum Peace of Mind on your maritime adeventures. Learn more about our Sealogy TOP Cover for your yacht.Get your Quote