PRODUCT: Ahoy! Yacht Insurance

COMPANIES: The Ahoy! Yacht Insurance product is a Lloyd's-backed offering underwritten by Lloyd's underwriters, including GreenlightRe.

BEST RATING: A

AVAILABILITY: Available on an open-brokerage basis. Call 855-289-2469 or email Ahoy! Insurance.

FOCUS: Ahoy! Insurance recently launched a new yacht product to add to its watercraft offering, expanding its underwriting appetite to boats that are 95 feet and $2.5 million in value. Ahoy!, which already operated an admitted program, is now also an excess & surplus lines insurer and brings extensive experience to providing tailored insurance solutions for recreational boaters. Built on comprehensive, customer-centric coverage that addresses the unique needs of the boating community, Ahoy! was built by boaters, for boaters.

“Ahoy! Yacht Insurance responds to a critical gap in the marketplace created by recent events that have led many general-purpose insurers to exit the boat insurance space, particularly in the larger boat segment," says Kaenan Hertz, chief insurance officer and co-founder, Ahoy! Insurance. “Ahoy! not only provides a superior product with an enhanced user experience but also fills a significant market void."

Ahoy! Insurance's yacht underwriting product is available to agents and brokers through an open brokerage model, making it accessible without the need for a prior appointment. This E&S product enhances Ahoy!'s flexibility in serving unique risks in the yacht market. If a broker doesn't hold an E&S license, Ahoy! can act as the broker of record while still ensuring the original broker receives a commission from the sale.

COVERAGE DETAILS: Ahoy! Yacht Insurance provides protection against common boating risks, accidents unique to watercraft, theft and environmental damage. The yacht product extends coverage to vessels up to 95 feet in length and $2.5 million in value, a significant increase from the 50-foot and $500,000 limits on the admitted watercraft product.

UNDERWRITING: Rating is based on the age, type, length, value and location of the vessel, as well as usage patterns, such as frequency, purpose and cruising area, and the owners experience and claims history. Other key underwriting considerations include safety equipment and features, navigation limits, storage and mooring arrangements, and professional survey requirements for higher-value and older vessels.

TARGET: Recreational boat and yacht owners.

COVERAGE AVAILABILITY: All 50 U.S. states. Worldwide coverage can be added to the policy.

CONTACT: Bob Jones, head of distribution and new business development, Ahoy! Insurance, 615-556-6699; Kaenan Hertz, chief insurance officer and co-founder, Ahoy! Insurance, 917-288-2530.

Will Jones is IA editor-in-chief.