Florida Yacht Group uses a cost effective fleet insurance policy that is geared to cover yachts in charter service provided by Concept Special Risks Ltd. through its local agent, Brown& Brown Insurance. All coverage is via A.M. Best “A+” rated companies.
Concept Special Risks Ltd is specialized in chart yacht fleets in South Florida and the Caribbean and has provided insurance to Florida Yacht Group since 2003. For FYG, they have successfully handled 20 claims for us related to 489 policies. In the event of damage, an adjuster is retained by the insurance provider to assess the damage its repair costs.
Yachts under this policy are insured at full hull value after a 2% deductible. In the event of damage requiring a claim, FYG’s charter owners are fully covered with respect to the 2% deductible, as well, through the the sum of charterer’s damage deposit plus and coverage provided within a daily fee (paid by the charter customer) for the remaining delta amount up to the 2% deductible.
For hurricane caused damage, there is a higher deductible of 4% which is typical for such policies.
Beyond this, the fleet policy provides the following coverage levels: