caribbean boat and yacht insurance

• Yacht Quote
• Yacht Insurance
• Insurance Glossary

Please use your back button to return

Home | Quote Form | Yacht Insurance | FAQ | News | Insurance Glossary | Marine Links | Email

www. Yacht Insure .com

We Are Yacht Brokers

Welcome to Atlantic Yacht & Ship, Inc. We remain an integral leader in the yacht and ship brokerage industry, serving the yachting community since 1959. Atlantic Yacht & Ship, in Fort Lauderdale, Florida is located in the heart of the “Yachting Capital of the World”. Whether buying or selling a quality motor yacht, center console, or having your luxury yacht built. Atlantic Yacht & Ship is your one-stop resource for the highest quality luxury yacht sales and service in the yachting industry today. The dynamics in buying or selling a yacht are complex and time consuming, but at Atlantic Yacht & Ship, our team of professional yacht brokers are prepared to handle the entire process and create a positive and easy experience for all our clients.

Presenting Our Featured Yachts

The Most Recent Yachting News

See Us At These Yachting Events

The Magaya Digital Freight Platform

A flexible, integrated, and modular logistics software platform.

Magaya Supply Chain

Optimize all your shipping, receiving, warehousing, and freight forwarding workflows with Magaya Supply Chain.

Magaya Customs Compliance

A cloud-based, ACE-certified ABI software solution for customs brokers, FTZ or CFS operators, and self-filers.

Intelligently manage leads, contacts, and accounts, all in a single platform alongside related quotes, customer interactions, and more. 

Magaya Rate Management

A single control tower for searching and comparing rates, managing margins and allocation commitments, filing tariffs, responding to RFQs, and preparing winning quotes.

Magaya Digital Freight Portal

A branded, interactive digital experience with all the functions of a digital forwarder in a single solution.

Carrier Connections

Container Tracking

Customs Connections

Denied Party Screening

Dimensioner

QuickBooks Online

Quote Automation

VIN Decoder

What Every Logistics Provider Needs to Know About Marine Cargo Insurance

by Danya Rielly | Industry

Given the many risks and perils that affect ocean shipping, safeguarding cargo during transit is paramount. Marine cargo insurance stands as a crucial shield against uncertainties that can disrupt fragile supply chains. For logistics providers, understanding the nuances of marine cargo insurance is essential to protect your business and your clients. In this article, we’ll delve into the crucial aspects of marine cargo insurance and explain why it’s a must-have for every ocean shipment.

Ready to digitize and modernize your freight forwarding operations?

See how Magaya can help.

Related Content

Magaya Insurance Services

Magaya Cargo Insurance

Recent Posts

• Navigating Capacity Challenges: How Magaya Solutions Mitigate Increased Transit Times to the Pacific
• 5 Best Practices for Effective Freight Rate Management
• 9 Free Logistics Courses to Optimize Supply Chain Operations
• 5 Success Strategies for Import-Focused Freight Forwarders
• Magaya Announces Strategic VAR Partnership With Finland-Based Right Consultancy
• Press Release

What is marine cargo insurance?

Marine cargo insurance is a specialized form of coverage that shields cargo owners (BCOs) and logistics providers (freight forwarders, 3PLs, NVOCCs, etc.) from financial risk resulting from damages or losses incurred during transit. It typically encompasses protection against a range of perils, from accidents at sea to theft and natural disasters. This insurance provides peace of mind to all parties involved in the transportation process, from manufacturers to distributors to retailers.

Ask Yourself:

• Are you a beneficial cargo owner (BCO) or importer of cargo transporter by ocean?
• Are you involved in the arrangement of transportation of shipments by ocean, as a freight forwarder, 3PL, or NVOCC?

If you answered yes to any of these, then you should consider investing in marine cargo insurance.

What does marine cargo insurance cover?

While each policy is unique and it’s important to review your specific coverages and exclusions, marine cargo insurance typically covers a broad and diverse range of risks. These may include physical damages caused by collisions, capsizing, sinking, cargo jettison , fires, and even piracy. Theft and loss due to unforeseen events such as adverse weather conditions, accidents, mishandling, or demurrage and detention may also be part of the coverage. By understanding the spectrum of risks covered, logistics providers can better assess their vulnerabilities and determine the most suitable coverage for their operations.

Why do logistics providers need cargo insurance?

For logistics providers, marine cargo insurance is more than just a protective measure; it’s a fundamental business strategy. It safeguards against financial burdens that could otherwise arise from unexpected incidents during transit. This, in turn, can boost the reputation of logistics companies by assuring clients that their shipments are in safe hands. Moreover, for some shipments, compliance with international trade regulations may require having adequate cargo insurance, making it an indispensable asset in the global logistics landscape.

What are the key benefits of marine cargo insurance?

Protection against financial loss.

The primary benefit of marine cargo insurance is its ability to shield logistics providers and shippers from the financial ramifications of damaged or lost cargo. Should unfortunate events occur during transit, insurance coverage steps in to mitigate the monetary impact, ensuring the continuity of business operations and maintaining profitability.

Minimization of Liability

With shipments that inevitably involve multiple parties and complex routes, pinpointing the responsible party in the event of loss or damage can be a challenge. Marine cargo insurance alleviates the burden on logistics providers by reducing their liability, allowing them to focus on delivering impeccable services without excessive legal entanglements.

Enhanced Client and Carrier Relationships and Trust

Clients seek reliability and trustworthiness in their logistics partners. By offering comprehensive cargo insurance, logistics providers demonstrate their commitment to safeguarding clients’ interests. This not only fosters stronger client-provider relationships but also attracts new clients who prioritize security and professionalism. Plus, it is easier to manage getting everything for a shipment from one vendor rather than dealing with multiple parties.

What’s more, in the event of a general average loss, or cargo that is voluntarily sacrificed to preserve the remainder of the property from destruction, having adequate insurance to cover your portion of the loss helps you protect your reputation with the carrier – an invaluable asset to any freight forwarder.

Compliance with International Trade Regulations

Crossing international borders requires shippers and their logistics partners to adhere to various regulations, including insurance requirements. Many countries demand proof of cargo insurance coverage as a prerequisite for importing certain types of goods or coming through certain ports. Logistics providers with a sound understanding of marine cargo insurance can ensure compliance and streamline their global operations.

What are the most common types of cargo insurance policies?

All risk coverage.

All risk coverage offers the broadest protection, encompassing a wide range of risks, making it a very popular choice. It offers more extensive protection than named peril coverage, which only covers specific risks explicitly listed in the policy. It typically provides financial protection for damages and losses caused by accidents, theft, natural disasters, and other unforeseen events that may cause loss or damage to the cargo.

Free of Particular Average (FPA) Insurance

FPA coverage protects against substantial damage or losses that exceed a predetermined threshold. It’s more limited in scope than all risk coverage but can be a cost-effective option for low-risk and/or low-value shipments.

How much does marine cargo insurance cost?

There are a number of factors that will influence your marine cargo insurance premiums including, but not limited to:

• Nature of the Cargo: Perishable or high-value goods may incur higher premiums due to their susceptibility to damage or theft.
• Mode(s) of Transportation: Different modes of transportation (air, sea, road) carry varying degrees of risk, impacting insurance costs.
• Route and Destination: High-risk routes or destinations prone to natural disasters or political instability may increase insurance costs.
• Insured’s Historical Loss Data: The insured’s past history of claims can influence the premiums they are quoted.

How to Pick the Right Marine Cargo Insurance for Your Business

• Assess Your Specific Needs: Insurance is not a one-size-fits-all business. Understanding the nature of cargo, routes, and the potential risks faced is essential to determining appropriate coverage levels. Working with a trusted insurance advisor is a great way to ensure your coverage is adequate for your specific requirements. With decades of industry-specific experience, the licensed advisors at Magaya Insurance Services understand the needs of logistics service providers and will conduct a comprehensive risk assessment to determine your best line of coverage.
• Balance Coverage and Cost: Striking a balance between comprehensive coverage and cost efficiency is crucial. Tailoring coverage to the unique needs of the logistics provider ensures maximum protection without unnecessary expenses.
• Explore Additional Coverage Options: Exploring supplementary coverage, such as war risk or terrorism coverage, can provide extra security for high-risk shipments.

Marine cargo insurance isn’t merely an option for logistics providers; it’s a cornerstone of responsible and efficient operations. By understanding the intricacies of marine cargo insurance, logistics providers can navigate the unpredictable seas of global trade with confidence.

From safeguarding against financial loss to enhancing client relationships, this line of insurance serves as a pivotal asset in the logistics providers’ arsenal. 

• THE PRINCESS PASSPORT
• Email Newsletter
• Yacht Walkthroughs
• Destinations
• Electronics
• Boating Safety
• Ultimate Boating Giveaway

• Cruising and Chartering

Cruising Made Easy with The Moorings

• By Herb McCormick
• September 13, 2024

David Burgess says he grew up with a fishing rod in his hand on forays with his dad to North Carolina’s Outer Banks. Over the years, he’s owned a variety of vessels from builders including Carolina, SeaCraft and Fountain. As an equity-fund manager, he can work from anywhere. These days, he keeps his 30-foot center-console on a river near his home off Chesapeake Bay, and his 26-foot twin V-drive cat at his Florida condo. But the jewel of his current fleet, for rambling through the British Virgin Islands with family and friends several times each year, is his Moorings 464PC My Wish Too . It’s at the charter company’s base on Tortola.

The 464PC is the second power catamaran from South African builder Robertson & Caine that Burgess has purchased through The Moorings’ yacht-management program. He’s happy to rattle off several of the program’s benefits: Dockage, maintenance and insurance are all covered; he receives a monthly check from The Moorings, which charters the vessel when he’s not aboard, giving him guaranteed revenue that exceeds his regular finance payment and puts cash in his pocket; and he can enjoy a number of cruises each year while having access to charter vacations on power cats (and sailboats, for that matter) at any Moorings destination. For Burgess, this way of owning a power cat is a win-win-win.

There is, however, one caveat that he wishes to make clear: “If you’re just going to go once a year, or every other year, just charter a boat, don’t buy it. But if you’re going to go three or four times every year, on trips that can cost up to $25,000 apiece, this is a great program.”

The program has been around for a long time, initially with sailboats, says Franck Bauguil, senior vice president of yacht ownership and product development at The Moorings. “We first started getting involved with powerboats around 2003,” he says. “Some private owners buy a boat and put it in charter for a few weeks to offset expenses. That’s not what we do. We’re an established company with multiple bases globally, and we operate out of fully staffed bases with mechanics, technicians and boatbuilders. As with our sailboats, we offer bareboat charters where you drive your own boat, but we also have fully crewed options with a skipper and chef.

“Our fleet of boats, including the three power catamarans in the program, are all privately owned, but we take care of operations and management,” he adds. “You buy the boat, you own it and name it; it’s very much a regular purchase. But with that purchase comes a management agreement where we maintain the boat on behalf of the owner and charter it to a third party when they’re not using it. We take all the issues out of the owner’s hands and incur most of the expenses. We make sure the maintenance is done, the warranties are checked, the vessels are clean, the batteries are topped off—there’s nothing for owners to do except enjoy it when they’re aboard.”

As with any boat purchase, owners can lay down the cash or go the finance route. According to the boat-show special at last fall’s Fort Lauderdale International Boat Show, when it comes to the Moorings 403PC, most owners put down 20 to 25 percent of the cost of the yacht (about $1 million). The down payment is just shy of $200,000. At an 8.25 percent interest rate on a 20-year loan, the monthly payment of about $6,700 is offset by a guaranteed income of just under $7,500.

Bauguil says The Moorings continued those guaranteed payments after Hurricane Irma decimated the fleet in 2017, and during the height of the pandemic, when chartering essentially ceased. Management contracts generally run five to six years, after which the owner can keep the boat, trade it in, or have The Moorings’ brokerage operation place it for sale.

As far as usage is concerned, owners receive 84 points per year, with the cost of trips equating to two points per day. Of those 84 points, 42 can be used to reserve trips in advance, and 42 can be employed on short notice. (Owners can’t sublease their vessels, but they can offer them to friends or donate the time.) Generally, this breaks down to four to six weeks per year of in-season cruising, or up to 12 weeks per year in the offseason. Yachts are standardized across the company’s destinations, with identical engines, watermakers, electronics and so on, so if an owner chooses to charter a boat in a distant location, no surprises await.

Burgess generally divvies up his journeys among his pals, his family or other couples. With his retirement on the not-too-distant horizon, as well as that of one of his boating friends, he’s gone in half on a partnership for the new boat. And while he’s always used his boat in the BVI, for the first time he’s planned his next adventure on a sistership in the Bahamas.

It’s always good to have options, and with The Moorings’ yacht-management program, he’s found plenty.  

The Destinations

The Moorings has 18 worldwide destinations, including six islands in the Caribbean, a trio of bases in the Mediterranean, and locations in the Seychelles, Tahiti and Thailand. The 403PC and the 464PC are available at the Bahamian bases in the Exumas and the Abacos, as well as the BVI, Greece and Croatia. In addition, the 403PC is available in the Seychelles. 

The Alluring British Virgins

Perhaps the most popular of all of The Moorings’ cruising bases is the original location on Tortola, where the bareboat charter industry was basically launched in 1969. With Tortola’s easy navigation and protected anchorages, this spot remains the company’s crown jewel. Currently, there are seven 403PCs and two dozen 464PCs in the BVI charter fleet.

As of this writing, The Moorings has a pair of flybridge power catamarans available in its yacht-management program, both built in South Africa by Robertson & Caine, which also produces the Leopard line of sail and power cats. The Moorings 403PC is powered by a pair of 320 hp Yanmar diesels with a cruising speed of 15 knots and a top hop of 17-plus knots. The Moorings 464PC is also powered with a pair of twin Yanmars and has a four-stateroom, four-head configuration. 

Take the next step: moorings.com

• More: Boat Ownership , Charter , Cruising & Chartering , July 2024 , The Moorings , Yacht Ownership
• More Cruising and Chartering

Top Bar Harbor Maine Sights For Visiting Cruisers

Spend Thanksgiving on a Yacht

Cruising into Adventure: Discover Nantucket

Unforgettable Caribbean Voyage: Sailing Through St. Maarten and Dominica

Always In Style: Ocean Alexander 85E For Sale

Sunreef Yachts and North Sails Champion Eco-Friendly Build Materials

Recently-Refit: 100-foot Hatteras Motoryacht For Sale

• Digital Edition
• Customer Service
• Privacy Policy
• Terms of Use
• Email Newsletters
• Cruising World
• Sailing World
• Salt Water Sportsman
• Sport Fishing
• Wakeboarding

Sunrise Yachts Sponsor 2011 Moscow International Boat Show (MIBS)

• Inspiration

Related News

Popular news this week, popular news this month, latest news.

• Yacht Charter & Superyacht News >

Written by Mike Smith

Sunrise Yachts, a luxury yacht building company which is based in Turkey, has been made a main sponsor of next year’s 2011 Moscow International Boat Show (MIBS). The four-day Russian yacht show event is currently scheduled to run from April 14-17 at the Moscow’s Crocus exhibition centre.

moscow boat show

MIBS is organised by the ITE Group and it is one of Russia’s leading boat shows and is an internationally recognised superyacht event. The show covering everything from small parts and accessories to large superyacht with over 9,000 people and 178 exhibitors attended the last year show.

The Paolo Scanu-designed Sunrise 45 yacht is an ocean-going cruising yacht that was released in 2009 to much acclaim at this was the group’s first-ever model.

Sunrise Yachts was founded in 2007 by the German entrepreneur Herbert P Baum along with the French-British yacht builder Guillaume Roché. The luxury yacht group is based in Antalya, Turkey and utilises a 10,000sq m shipyard facility. Sunrise has two sheds measuring 100m (328ft) x 16m (53ft), as well as a 70m (230ft) x 16m (53ft) fully acclimatized paint shed that can accommodate new-build and refit projects up to 65m (213ft) in length and 1,200 tonnes displacement.

The sunrise 45m superyacht by Sunrise Yachts

Along each side of the yacht-building facility, space is available for long-term sub-contractors with the latest equipment and logistics capabilities, along with air-conditioned storage, ventilation and extraction plants. The shipyard is organized as an “assembler,” based loosely on the car industry’s model, with a small, yet powerful project management team charged with running all the in-house long-term sub-contractors.

Please contact CharterWorld - the luxury yacht charter specialist - for more on superyacht news item "Sunrise Yachts Sponsor 2011 Moscow International Boat Show (MIBS)".

• Charity & Fund Raising
• CharterWorld News
• Classic Yachts
• Coronavirus
• Cruise Ship
• Ecological Yachts
• Expedition Yachts
• Expert Broker Advice
• Feature Superyachts
• Interior Design
• Legal & VAT Yacht Issues
• Luxury Catamarans
• Luxury Gulet
• Luxury Phinisi
• Luxury Trimarans
• Luxury Yacht Design
• Luxury Yachts
• Marinas & Harbours
• Marine Ecology
• Marine Electronics
• Marine Equipment
• Mega Yachts
• Modern Yachts
• Motor Yachts
• New Launch Yachts
• New To Charter
• Open Style Sports Yachts
• Private Jets
• Sailing Yachts
• Social Media
• Sports Yachts
• Superyacht Crew
• Superyacht Photographers
• Superyacht Products & Supplies
• Superyacht Refits
• Superyacht Reviews
• Superyachts
• Uncategorized
• Yacht Builders
• Yacht Charter
• Yacht Charter Destinations
• Yacht Charter Picks
• Yacht Charter Specials
• Yacht Delivered to Owner
• Yacht Designers
• Yacht Events & Boat Shows
• Yacht Fashion
• Yacht Industry News
• Yacht Photos
• Yacht Racing
• Yacht Racing & Regattas
• Yacht Safety Equipment
• Yacht Support Vessels
• Yacht Tenders
• Yacht Videos
• Yachting Associations
• Yachting Awards
• Yachting Business
• Yachts For Charter
• Yachts For Sale

Quick Enquiry

Superyacht news:.

Email Your Yachting News to: news @ charterworld.com

Sunrise Yachts

63M CUSTOM SUPERYACHT

Recently delivered 63m Sunrise Super Yacht IRIMARI to make world premiere at MYS 2015

New Savings and Benefits for Russian Yacht Owners in 2014 announced by Karpaz Gate Marina

5th Moscow Boat Show, March 20-25, 2012

5th International exhibition of boats and yachts Moscow Boat Show a Huge Success

10 sensational superyachts with spectacular swimming pools

Superyacht KAŞIF on route to the 2024 Cannes and Monaco Yacht Shows

45m custom superyacht SAN will debut at the 2024 Monaco Yacht Show

Leapher Yachts unveils 49m luxury explorer yacht NAVIX50

Inaugural CROYA Charter Show announced for 4th to 6th October 2024 in Split, Croatia

31m luxury yacht CARPE DIEM available for charter in the Bahamas

OCEA delivers 33m motor yacht ARAOK II to her new owner

39m sailing yacht LINNEA AURORA launched by SES Yachts

A luxury charter yacht is the perfect way to encounter New England’s fall foliage display

Charter yachts offering citizen science opportunities around the world

55m superyacht YN20555 is launched by Heesen Yachts and named superyacht SERENA

Late summer special offer on board 72m superyacht ARBEMA in the Western Mediterranean