Superyacht Insurance
Superyacht insurance is agreed-value hull, machinery and liability cover for large yachts, almost always above $5 million. World Yacht Insurance arranges it as a bespoke programme placed at Lloyd's of London through London Marine Insurance Services Ltd, a Lloyd's-accredited broker, layering hull, crew, protection & indemnity, war risks and fine-art cover. Indicative premiums run 1 to 1.5% of agreed value.
Cover placed at Lloyd's of London for yachts above $5M: agreed-value hull, crew, P&I and war cover, quoted from the Lloyd's market in about 48 hours.
- Lloyd's
- Placed via a Lloyd's-accredited broker
- $5M+
- Placed at the Lloyd's market
- Worldwide
- Including the Caribbean
- 48h
- Typical quote turnaround
What Is Superyacht Insurance?
Superyacht insurance is agreed-value hull, machinery and liability cover for a large yacht, almost always one worth more than $5 million. Owners also call it super yacht insurance, megayacht insurance, mega yacht insurance, luxury yacht insurance or large yacht insurance. The product behind those names is the same: one bespoke programme built around a very high-value vessel.
Here is what separates this tier from the rest of the market. World Yacht Insurance arranges cover up to $5 million in-house through London Marine Insurance Services Ltd. A superyacht sits above that line, so the programme goes to the Lloyd's of London market instead, through LMIS, a Lloyd's-accredited broker, FCA firm reference 308599. Neither World Yacht Insurance nor LMIS carries the risk at these values. Lloyd's underwriters do, and Lloyd's underwriters pay valid claims.
World Yacht Insurance is a yacht-insurance introducer arranging hull and liability cover up to $5M for sail and motor yachts worldwide, including the Caribbean, placed at Lloyd's of London through London Marine Insurance Services Ltd, a Lloyd's-accredited broker.
Own a powered yacht under the $5M line? Start with our motor yacht insurance page, or the worldwide yacht insurance pillar, instead of this one.
How Much Does Superyacht Insurance Cost?
Superyacht insurance runs about 1 to 1.5% of agreed value a year as an indicative anchor. It is the same band LMIS uses across yacht-grade risks, applied here to superyacht values. A $10 million yacht, then, points to roughly $100,000 to $150,000 a year on the base hull and machinery layer.
The table below works the band across common superyacht values. These are indicative examples, not a quote.
| Agreed value | About 1% / year | About 1.5% / year |
|---|---|---|
| $5,000,000 (entry superyacht) | $50,000 | $75,000 |
| $10,000,000 | $100,000 | $150,000 |
| $25,000,000 | $250,000 | $375,000 |
| $50,000,000 | $500,000 | $750,000 |
One caveat matters more than the numbers. A superyacht programme is a bespoke Lloyd's placement, not an off-the-shelf policy. The base hull and machinery percentage moves with the vessel, how it is managed, its flag, and where it cruises. Then, on top of that hull layer, cover for crew, war and kidnap & ransom, and fine art is priced separately. There is no single all-in figure, and we won't invent one for you.
The named-windstorm deductible is a separate line worth planning for. Cover during hurricane season carries a 10% deductible on named-windstorm claims and requires a signed hurricane plan. We cover that in the war and navigation section below.
These figures are indicative only and are not financial advice. Underwriters set the final terms after they see the vessel, and the exact premium comes back with the quote.
What a Superyacht Insurance Policy Covers
The lists below come from the LMIS policy wording we hold, read alongside standard Lloyd's-market superyacht programmes. We can show you the coverage boundaries before you apply, which is more than most broker pages do.
Covered (core)
- Agreed-value hull & machinery (all-risks)
- Third-party liability / P&I
- Salvage & wreck removal
- Tenders, toys & jet-tenders (scheduled)
- Personal effects & fine art (scheduled)
- Pollution liability
- Medical & passenger liability
Conditional (endorsement)
- Named-windstorm (10% deductible + signed hurricane plan)
- War risks (hull war + war P&I)
- Kidnap & ransom (arrangeable via Lloyd's)
- Chartering the yacht out
- Racing
- Nairobi Wreck Removal endorsement (foreign waters)
Not covered
- Gradual wear, corrosion and age
- Wear-and-tear machinery failure
- Unseaworthiness
- Cruising outside the declared area without an extension
- Ineligible vessel types (trimarans, ferro-cement hulls, cigarette boats)
P&I is the liability backbone of the programme. High liability limits are available in the Lloyd's and P&I market for superyacht owners, set to the vessel and its use rather than a fixed figure.
The ineligible vessel types rarely appear at superyacht scale, but we publish them anyway: no trimarans, no ferro-cement hulls, no cigarette boats. We'd rather say so now than after you've filled in a form.
What underwriters need to quote
- Agreed value, plus a recent condition survey and photos
- Flag and registration
- Cruising area and season itinerary
- Who manages the yacht
- Crew numbers and roles
- Claims history
Once a programme is bound, claims are handled around the clock. A superyacht incident rarely waits for office hours, so the response cannot either.
Crew Cover and MLC 2006 Obligations
A fully crewed superyacht makes the owner an employer, and the programme has to answer for that. It layers in crew protection & indemnity, captain and crew personal accident, emergency medical and repatriation, and crew-welfare benefits. No competitor page we researched explains this layer plainly, so here it is.
The legal backdrop is the Maritime Labour Convention 2006, the ILO instrument often called the seafarers' bill of rights. MLC 2006 sets standards for wages, repatriation, medical care, shipowner liability and financial security for the people who work aboard. For a flagged, crewed large yacht, those are employer duties, not optional extras, and the insurance programme is built to sit behind them.
Two more points tie the crew layer to the vessel. Commercially operated or coded superyachts of 24 metres and over are certificated under the REG Yacht Code, administered by the MCA and the Red Ensign Group, which superseded the older LY3 code. And a US-based crew injury can fall under the Jones Act, the US seaman-injury remedy. Owners with American-based crew should read our crew liability and the Jones Act page before they set terms.
War Risks, Kidnap & Ransom, and Navigational Limits
Superyachts cruise internationally, so the programme layers in war cover: hull war and war P&I, with exclusions that track the itinerary and tighten around political hotspots. Where the yacht goes shapes what stays covered. Kidnap & ransom is arrangeable through the Lloyd's market for owner and crew exposure, though it sits outside standard LMIS wording rather than inside it.
Then there is the hurricane box, and we state it honestly. The Atlantic hurricane season runs June 1 to November 30, with the peak around September 10, per the NOAA National Hurricane Center. Cover for a yacht kept or cruising inside the named-storm area during that season requires a signed hurricane plan and carries a 10% named-windstorm deductible. That 10% named-windstorm deductible is the answer to the "10% rule" owners ask about.
A few grounds carry constraints we won't soften. Croatia doubles deductibles under LMIS terms. Cuba, Haiti and Venezuela are restricted cruising areas. If a passage plan touches any of them, raise it before you sail rather than after a claim. For cruising in foreign waters, a Nairobi Wreck Removal endorsement may also be required. Owners planning Caribbean hurricane-season cover or Mediterranean cruising cover should flag the full itinerary early.
Hurricane season dates: NOAA National Hurricane Center
In-Build, New-Build and Refit (Builder's Risk)
A superyacht is a risk long before it is delivered, and the cover starts there too. Builder's risk insures the hull while it is under construction at the yard. Refit and restoration cover protects an existing vessel during major works. Pre-delivery and transit cover the maiden voyage or a shipment to the owner.
These are placed at Lloyd's alongside the operating programme, and lenders often require the in-build cover before they release funds. Competitors flag builder's risk on their pages but rarely explain it for the owner who is actually writing the cheque, so if you are building or refitting, tell us the yard, the contract value and the delivery date and we'll place the exposure at the right desk.
Why Place Superyacht Cover at Lloyd's Through World Yacht Insurance
World Yacht Insurance is a specialist introducer, a trading name of Costas Matheou, a licensed insurance agent in Cyprus. We arrange superyacht cover placed at Lloyd's of London through London Marine Insurance Services Ltd, a Lloyd's-accredited broker, FCA firm reference 308599. World Yacht Insurance is not an insurer, is not a broker, and is not FCA-regulated. The FCA firm reference 308599 belongs to LMIS, and we state it plainly because no competitor publishes their placement chain this openly.
That transparency is the point. We publish the honest terms from the LMIS policy wording we hold: the 10% named-windstorm deductible, the signed hurricane plan, the restricted regions, the ineligible vessel types. You see the boundaries before you apply. Add Lloyd's-market access for $5M-plus bespoke programmes, worldwide cruising including the Caribbean, and a pre-qualifying quote returned typically within 48 hours, and you can see how our Lloyd's placement works end to end.
Verify the broker: FCA register, firm reference 308599
None of this is financial advice, and underwriters set the final terms. What we do is get your superyacht in front of the right Lloyd's desk, fast.
Superyacht Insurance FAQ
How much is insurance on a superyacht?+
Indicative cover runs 1 to 1.5% of agreed value a year as an anchor, so a $10 million yacht points to roughly $100,000 to $150,000 on the base hull layer. A superyacht programme is a bespoke Lloyd's placement, though, so the figure moves with the vessel, its flag and where it cruises, and layered covers for crew, war and fine art are priced separately on top. Not financial advice; underwriters set the final terms.
Who insures superyachts?+
Superyacht cover is placed at the Lloyd's of London market. Superyacht values exceed a single broker's in-house authority, so the programme is placed with Lloyd's underwriters through a Lloyd's-accredited broker, London Marine Insurance Services Ltd, FCA firm reference 308599. World Yacht Insurance introduces and arranges the cover; Lloyd's underwriters carry the risk and pay valid claims.
What is the "10% rule" for yachts?+
It is the 10% named-windstorm deductible. Cover for a yacht kept or cruising in the named-storm area during the Atlantic hurricane season, which runs June 1 to November 30 per the NOAA National Hurricane Center, requires a signed hurricane plan and carries a 10% deductible on named-windstorm claims.
Does superyacht insurance cover the crew?+
Yes. A crewed superyacht programme includes crew protection & indemnity, personal accident, emergency medical and welfare benefits. These sit alongside the owner's employer duties under MLC 2006, the Maritime Labour Convention. A US-based crew injury can also invoke the Jones Act.
Can I insure a yacht that is still being built?+
Yes. Builder's risk covers the hull in build, refit and restoration cover major works, and pre-delivery and transit cover the maiden voyage or shipment. These are placed at Lloyd's before the operating policy begins, and lenders often require the in-build cover.
Do you cover war risks and dangerous cruising areas?+
War cover, hull war plus war P&I, is layered into the programme, with itinerary-driven exclusions for political hotspots. Kidnap & ransom is arrangeable via the Lloyd's market. Some regions are restricted, including Cuba, Haiti and Venezuela, and Croatia can double deductibles.
Reviewed by Costas Matheou, licensed insurance agent (Cyprus).
Coverage terms, premiums and deductibles on this page are indicative and not financial advice. Cover is subject to underwriting, survey and the policy wording.
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