yacht insurance za

Marine Insurance

Powering your cover.

Maritime Insurance Cover

Stock Throughput Policy

Hull Insurance

Speed boats / Yachts

No matter the size of your speed boat or yacht, don’t leave it to chance, get it covered today.

We work with only the best marine insurers.

Our expert brokers are highly knowledgeable and have deep experience in this unique field. We have a detailed understanding of the risks ranging from Jet Skis and recreational speedboats, sailboats, and yachts through to larger ship damage and maritime construction risks, to natural catastrophes and piracy, to name a few. Our specifically-designed cover is designed to offer maximum protection for your marine needs.

Is Hull Insurance necessary for all types of vessels?

All vessels on open water need to have hull insurance. Even if you own a small boat for personal use, a catamaran, or a large yacht, hull insurance is essential for any vessel going up to cruise...

DOES MARINE INSURANCE COVER ENVIRONMENTAL POLLUTION

Ships are a substantial source of pollution, both in terms of air pollution and marine pollution. Air pollution from ships Air pollution from ships comes primarily from the burning of heavy fuel...

PASSENGER LIABILITY FOR VESSELS USED FOR TOURISM

Many dams, lakes, and other open water have commercialized tourism boats operating on them ("Sunset Cruises" being very popular). There is a massive responsibility for the owners and operators of...

MARINE INSURANCE FOR JET SKIS AND OTHER PERSONAL WATERCRAFT

Marine Insurance for Jet Skis and other Personal Watercraft Nothing is more exhilarating than being outside, on the water, on a jet ski, or on a small boat. It’s even better to know that you have...

HOW PIRACY AFFECTS YOUR MARINE INSURANCE POLICY

As kids, we all read books and comic stories about piracy. (Remember Captain Hook?) Many children’s and young adults’ fancy dress parties had the theme of pirates, considered a fantasy of the past....

JETTISON OF CARGO AND GENERAL AVERAGE

Any vessel in open water is exposed to extreme forces of nature. Because of climate change and global warming, these conditions have become more unpredictable and more severe. Estimates are that the...

WHAT IS MARINE INSURANCE

Marine insurance is a unique form of insurance that covers a variety of risks associated with transporting goods by sea. This type of insurance is vital for businesses that rely on transporting...

IS SHIPPING INSURANCE THE SAME AS MARINE INSURANCE

These two types of insurance can be confusing because the words "shipping" and "marine" both relate to the sea. However, in the context of insurance, the words differ vastly. They have in common...

HULL INSURANCE

The parts of a ship are not commonly known. The hull of a vessel is its framework or shell. It's the main structural component of the vessel, designed to support the weight of the ship, its cargo,...

WHY MARINE INSURANCE POLICIES ARE PERSONALIZED

Marine insurance policies are typically customized for many reasons. This is because the risks and needs of different individuals and businesses differ significantly. Some of the main considerations...

THE ROLE OF TECHNOLOGY IN MARINE INSURANCE

That's not a star - it's a satellite. Some people don't like the idea of our skies being littered with tech hardware. But modern satellites have enabled ships to link to the internet, which can be...

MARINE BIOFOULING

During the first week of January 2023 hundreds of passengers aboard the luxury 930-guest capacity Viking Orion were stranded on board off the coast of Australia for a week, because of “marine...

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Get Covered

Based in Knysna, we’re ideally placed to manage your boating insurance needs for both coastal and inland pleasure craft.

Maintain Your Lifestyle. Call Melissa.

044 382 0550

[email protected]

As boat enthusiasts ourselves, we’re specialists in providing bespoke insurance to meet your exact needs, so whether your pleasure is in a dinghy or jet ski, motorboat or yacht we can help you choose exactly the right insurance policy for you. Having adequate boat insurance can help to protect you against any third party liability for injury or damage caused by you or your vessel.  Third party liability is probably the most frequent claim we receive when it comes to boat insurance. Whether you’re a seasoned sailor or new to boating, there are many considerations for boat owners when it comes to insuring your boat. Let us help you find the right cover and keep you afloat.

Cover & Benefits

• Accidental damage, including fire, theft and malicious damage, sinking, stranding, collisions and salvage costs
• Road Hauliers Liability
• Goods in Transit within South Africa
• Protection and Indemnity Insurance
• Loss or damage to the vessel, gear and equipment.
• Legal liability for claims made by third parties including passengers and guests on-board, or when embarking or disembarking the vessel.
• Loss of gear and equipment from the exterior following forcible theft.
• Personal accident cover for the owner and guests.
• Outboard motor cover - in case of dropping off and falling overboard.
• Salvage charges and liability - for the cost of raising or removal of wreck.

We’ll talk you through the insurance process, understand more about the type of boat you’re looking to insure and then we’ll scour the local insurance market for the best insurance options which offer you the most competitive pricing.

If you use your boat for your own and your family’s pleasure you’ll most likely be looking for a private pleasure craft policy but for larger yachts, we can organise more specialised insurance in the form of hull & machinery and protection & indemnity to give you all round cover, including crew liability.

There’s no better match for your boat insurance than a brokerage that feels comfortable sourcing your insurance cover because we know how boats run, we also know how to help you when you are faced with a problem or an accident, bringing you full circle to your reason for purchasing the insurance in the first place.

Boat Care Tips

Laying up after the season..

• Service your engine/s before laying up for the winter. This includes replacing the oil, oil and fuel filters, impellers and engine anodes. Check belts and replace as required. If you have an auxiliary outboard motor, service this as well with new oil, plugs and impeller.
• Give the boat a good wash and note any slight damage for attention over the winter.
• Clean the interior and especially the bilges, making sure they are dry.
• Check for any play in rudder and shaft bearings. Also check for pitting or corrosion.
• As far as possible always keep your fuel tank/s full over the winter, to avoid a build-up of condensation.
• Check the battery electrolyte level wherever applicable. Are the terminals clean and corrosion-free? Clean and protect as required.

What you need to know ... These are just some of the most frequently asked questions we receive about our Boat cover.

From a small dinghy to a large super-yacht or personal watercraft, each type of vessel will attract a different level of risk, so just like car insurance - boats are usually categorised according to their vessel type and risk.

In general, the actual size of the boat isn't as important as its value, how easily it could be stolen and the potential for damage. If your boat is trailer-able and spends a large amount of time safely tucked away on your drive, you'll probably pay a different premium than if it was stored at a marina.

Finally, the experience of the boat owner and the type of use i.e. private use, as a charter or racing vessel as well as previous claims experience are all taken into consideration when calculating the premium.

• Damage caused by wear and tear
• Wilful misconduct
• Loss of value due to age of vessel
• Losses caused by corrosion osmosis
• Mast, spars and sails whilst racing unless the policy has been extended
• Theft unless the right security devices or locks are fitted

Trusted. Reliable. Partner.

To request a call back, or to get an obligation free quote with a comprehensive analysis of your existing cover versus other cover options, coupled with expert advice:

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Life passion adventure

CLUB MARINE INSURANCE

To give Boat Owners the peace of mind that their investment is insured in safe hands, we have teamed up with the highly reputable firm, Club Marine Insurance.

Club Marine is one of South Africa's leading insurance brokerage companies, specialising in all short term insurance products. Having set down roots as early as 1985, they are proud to have a long standing history of Client and Insurer satisfaction.

Club Marine's Watercraft insurance, offers one of the widest cover for all types of boating, whether you use your vessel for the pleasure of a Sunday afternoon cruise along the coast, the thrill of a deep sea fishing, fun filled weekend wake-boarding with the family and or fun day yacht racing. They also offer covers for sailing and power Open water hull travel, Charter operators, Commercial fishing operators, Yacht deliveries , Import & export of your vessels and or Goods in Transit – moving your vessels locally.

Leaving nothing to chance their legal liability is one of the most generous and comprehensive in the market today, offering up to R20 Million holistic liability cover for passenger, third party, crew and water sport activity sections.

Club Marine also offers extended specified item cover to ensure the replacement of sporting and electronic equipment both for accidental damage and for theft due to forcible and violent entry. This includes but is not limited to GPS devices, fish finders, autopilot, life rafts, safety equipment, water toys and fishing gear.

For your emergency protection, the Club Assist national call centre operates 24/7/365, providing you with peace-of-mind should you or your family ever become stranded both on land or sea.

To start enjoying the benefits of being covered by Club Marine Insurance simply complete the available online quote form or feel free to contact the Boating World office for more information.

Quote: SMS "BW" to the number 44077 CONTACT: 0861 819 219 or +27 11 591 3500 EMERGENCY: 0861 CLUB CARE (258 222)

enquire about our Club Marine Insurance

Specialist marine insurance

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Land, sea, air and rail, we cover all modes of transport

Santam Marine is the largest marine insurer in Africa, with an extensive footprint throughout the continent. We insure against a wide range of marine risks and also boast an array of technical and reinsurance support services.

Why choose Santam Marine insurance

Largest marine insurer.

We are Africa’s largest marine insurer in terms of product range and footprint, providing technical and reinsurance support to various African insurers.

Superior insurance solutions

Our superior, tailor-made solutions cover all modes of transport – by sea, air, road and rail, both locally and internationally. We offer a world-class claims service.

Our specialist network

Our global network of specialised surveyors and loss adjusters is skilled in the assessment of loss and the pursuit of recoveries against third parties, where required.

More about insurance by Santam Marine

Santam Marine is the largest maritime insurer in Africa, with an extensive footprint throughout the continent. Whether you own a small private craft or run a multinational company, we have the expertise to tailor-make and advise you on the most appropriate products for your needs. We offer a wide range of marine insurance products to meet and exceed your expectations.

Our range of solutions

Stock throughput, marine cargo (includes imports and exports), transit and related liabilities (includes goods in transit, hauliers’ liability), hull (includes commercial, fishing and pleasure craft), marine liabilities.

This form of cover combines the insurance provided under marine cargo, goods in transit, as well as storage of stock into a single product offer. The Stock Throughput Policy offers end-to-end cover starting from the supplier’s premises, extending to cover for all modes of transport, including any storage warehouses worldwide, to final delivery.

There are numerous risks associated with marine cargo that could result in partial damage or complete loss. It is therefore essential to ensure that you are covered for this risk. 

What's covered:

Physical loss or damage to all cargo being imported or exported locally and/or internationally

All transit legs locally and/or internationally

Project cargo which can be extended to include delay in start-up under an advanced loss of profit policy

There are numerous risks associated with goods being moved or transported, for both the owner as well as the carrier of the goods.  You therefore need to ensure you are adequately covered for this risk. Our Goods in transit cover is suitable for clients who need insurance for local transit; it covers goods transported via sea, air, road and rail.  This section is suitable for hauliers that are responsible for moving cargo, and who might not necessarily own the goods that are being transported. This provides cover for goods in the care, custody or control of a carrier, either under contract or under common law. This section is set up to cover the risks associated with loss or damage to the cargo.

Vessels of all shapes and sizes are subject to extreme conditions and risks, and therefore at Santam we understand and appreciate the importance of providing adequate cover for such risks.  Santam allows you to select a policy option that covers total loss, and makes provision for adding various extensions, depending on the age and value of the vessel concerned. Damage to your vessel could have devastating effects on your business, which you did not plan for. This policy caters for fishing vessels, diamond recovery vessels, and charter vessels which are used on a commercial basis.

Marine liability covers you in the event that you or  your employees are held legally liable.

Ship repairer's liability

Container’s liability

Marina operator's liability

Stevedore's liability

Charterer’s liability

Freight forwarder’s liability

011 912 8000

[email protected]

[email protected]

marine.santam.co.za

[email protected]

[email protected]

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[email protected]

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Local and International Waters:

Owning a boat represents a major capital investment and a commitment to substantial running and maintenance. Unlike other major investments, e.g. property, a boat moves through two unpredictable elements – water and wind; and it thus has a greater risk to be damaged.

Abromowitz Sharp & Associates offers marine insurance packages both locally and internationally, working with the best marine insurance specialists. All our policies have the highest level of security.

Attractive features of the policy include no monthly debit order fee if you opt for a monthly deduction, simply take the annual premium and divide by 12. In addition, there is a specified items section where, in the event of a claim; your excess is 10% of the value of the claimed item and not the overall excess – a preferential excess structure.

The underwriters are Mutual and Federal.

Watercraft Insurance

As specialists in the boating industry we ensure that your vessel is protected by the widest cover both locally and abroad.

Why choose Watercraft Insurance from CMI?

Our watercraft insurance offers extensive cover for all types of vessels. Whether you prefer the thrill of a jet ski, are more at home on your pleasure yacht for a Sunday afternoon cruise, or want to explore the azure waters of the Mediterranean, we can offer you the best cover for your water sport choice.

In addition, to make sure we leave nothing to chance, our legal liability is one of the most generous in the market today offering up to R50 million holistic liability cover locally for passenger, third party and water sport activity sections.

Our watercraft cover does more than just insuring your vessel of choice. We have extended the cover to insure the replacement of sporting and electronic equipment, optional excess waiver and a newly added trailer - wheel bearing cover.

CMI's Watercraft Insurance Covers

Private Pleasure

Charter Operators

Commercial Fishing

Fun Day Yacht Racing

Ocean Hull Travel

Repatriation Cover

Excess Waiver

Extended Liability

Yacht Deliveries

Trailer On-Road

24/7 call centre assist.

Emergency Assistance When You Need It!

In the event of an accident or breakdown, CMI clients can contact 24/7 Call Centre Assist for emergency assistance. Simply save the following number to your cellphone:

+27 11 285 5790

Needs Analysis

Watercraft insurance quote.

At Club Marine we strive to simplify the take-up process as much as possible. We are able to offer you, peace of mind that your insurance is in place once we’ve received your completed proposal form. It is also very easy for you to request a quotation online and one of our specialist consultants will get back to you shortly thereafter.

Get a Comparative Quote

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Office Hours Monday - Friday 07:30 - 16:30

General Enquiries 0861 819 219

WhatsApp 082 568 9344

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ENGINEERING

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Marine Insurance

Home » marine insurance.

Undercover Insurance Brokers provides our clients with the ideal solution for protecting their maritime assets and property, with specialised offers for marine insurance that provides comprehensive coverage for boats and yachts.

These services include different types of coverage depending on the needs and challenges faced by our clients, and service both businesses and individuals.

WHY GO UNDERCOVER?

Undercover Insurance Brokers has an extensive track record of service excellence, thanks to the quality services delivered by our diverse team of highly experienced and skilled insurance experts.

We work closely with our clients to provide comprehensive insurance services that meet their specific needs and challenges, whether those clients are corporations or individuals.

Our extensive selection of specialised insurance services have provided our team with a diverse and specialised skillset that can applied to the needs of our customers with professionalism, expert advice, transparency, and trust.

OUR OFFERS FOR MARINE INSURANCE

We provide several types of coverage as part of our offers on marine insurance to ensure that your maritime assets are adequately covered across various contexts. This coverage expands to protect assets during import and export, for transportation by land, as well as general coverage for boats, yachts, and other marine vehicles.

• Imports & exports
• Inland transit
• Boats, yachts, etc

CONTACT UNDERCOVER INSURANCE BROKERS FOR DETAILS

If you would like to know more about our offers for marine insurance and policies, be sure to get into contact with a representative from Undercover Insurance Brokers today. For additional details about our complete range of insurance solutions, feel free to continue browsing our website for details.

011 450 1414 Underwriting: [email protected] Claims: [email protected] 28 Lucas Lane, Bedfordview Office Hours: Monday to Friday 08h00 to 16H30

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Marine Insurance

What Marine Insurance offers

If you are involved in the movement of goods – either domestically or internationally – then you are forced to contend with a multiplicity of risks.

Moving cargo – whether by ship, road, air or rail – is laden with risks and poses a unique set of challenges for importers, exporters, professional hauliers, ship repairers, shipbuilders, charterers, project managers, financial institutions and stevedores alike.

Marine insurance exists to mitigate these risks. Hollard is one of South Africa’s leading insurance companies when it comes to sourcing and securing cargo insurance covers.

Our experienced specialist Hollard Marine team has the technical skills to analyse and assess the most complex shipping cases. This allows us to provide you, the insurance broker, and your customers with appropriate risk management advice and shipping insurance solutions for imports and exports of cargo, goods in transit and commercial hulls, as well as marine liabilities for ship repairers, charterers, shipbuilders and stevedores.

To keep costs to a minimum and an unparalleled focus on recoveries, we provide your customers with insurance that is tailored to their risk needs.

Products include:

•    Marine cargo policies for imports, exports and domestic transit. •    Marine stock throughput. •    Advanced loss of profits (ALOP) linked to the movement of cargo. •    Marine legal liabilities, such as liability for the charterer, the stevedore, the shipbuilder and the ship repairer.

#WeAre WhereYouAre

We’ll never underestimate the power of a specialist. It’s why we work with brokers who make it their business to know your business.  

Read more about our commitment to brokers.

Get in touch with one of our business development managers in your region today

• +27 10 056 5335
• 071 994 5122
• [email protected]  
• +27 10 056 4128
• 083 564 2441
• [email protected]  
• +27 10 056 3395
• 082 731 9061
• [email protected]  
• +27 01 056 5827
• 082 751 1993
• [email protected]  
• +27 01 056 4282
• 072 283 5897
• [email protected]

Western Cape:

• +27 10 526 5719
• 079 513 5837
• [email protected]  
• +27 10 056 5664
• 083 264 7500
• [email protected]

KwaZulu-Natal:

• +27 10 056 5211
• 082 656 3109
• [email protected]

Eastern Cape & Northern Cape:

• +27 10 056 5221
• 072 040 1930
• [email protected]

Search for a trusted Hollard broker

Looking for an adviser to assist and advise you in choosing the best products for your needs?

Related products

Commuter taxi & bus insurance, specialist sector insurance.

As specialist insurers for the minibus taxi industry, Clarendon Transport Underwriters provide a range of taxi insurance, ranging from comprehensive to basic cover against theft, hijacking or accidents.

Risk Finance Insurance

Think of this as an alternative to conventional insurance, providing affordable, accommodating and sustainable risk finance solutions that work for your specific business.

Trucking Insurance

We provide simple, customized, quality insurance products for the logistics industry. We have developed high-level fleet management solutions which include vehicle monitoring and consulted bureau service. 

Why choose Hollard?  

More than 6 million people trust us to protect what matters, we're s.a's largest private insurance group, we empower entrepreneurs through our many csi initiatives, find us in 18 countries across 4 continents, related articles, the importance of commercial insurance.

We all know the importance of insuring your car, your house and even your life. However, you also need to have your business insured.

Even Small Businesses Need Public Liability Insurance

If you own a business you are more than likely interacting with members of the public on a daily basis.

Affordable Liability Insurance For Your Small Business

As a small business owner, you would have many responsibilities to ensure that your business is functional.

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Yacht Insurance

Finding the perfect coverage has never been easier.

Insurance doesn’t have to be boring. That’s why we hired Sara East to be our BA insurance writer. Maggie specializes in making mundane subjects hella-entertaining.

Yachts are a luxurious way to be on the water, but owning a yacht means having the right insurance in the event of damage or being destroyed. Because of their price, repair or replacement is likely to be very expensive making the proper coverage crucial for boat owners.

Before using your yacht, an independent agent can work with you to create a customized yacht insurance policy to your specific watercraft, its value, and how you use it. 

Boating Statistics

No one likes to think about the dangers of boating, but accidents can happen and it's best to be prepared in the event that you face unexpected hardship. Whether you hit another boater, have an incident with a passenger, or your boat is damaged while being transported or docked, lots of things can lead to a financial headache for you.

Here are some statistics about boating accidents.

• Cabin motorboats, which include yachts, accounted for 14% of all boating accidents
• Only about 20% of all boaters who drowned were on vessels larger than 21 feet
• Operator inattention was cited as the leading cause of accidents involving cabin motorboats

What Is Yacht Insurance and What Does It Cover?

Yacht insurance is a specialized type of boat insurance for luxury boats. Yachts can be used for personal as well as commercial use, so insurance policies must be created to accommodate each of those needs. 

While yachts, like most boats, depreciate over time, they still generally have a much higher than average value. Because of their high values, a standard boat insurance policy may not provide enough coverage for your vessel.

The components of yacht insurance are similar to standard boat insurance coverage.

• Bodily injury and property damage liability: Covers the costs associated with injuries or property damage you cause to another person, as well as legal fees. If the liability limits in your yacht insurance policy are not adequate to protect your assets from a lawsuit, you may want to consider buying an umbrella liability policy , which provides a much higher liability limit.
• Collision coverage: Pays for damage to your boat after a collision with another boat or object.
• Comprehensive coverage: Covers non-collision damage or loss, including theft, fire, vandalism, or damage caused by an object other than another boat.

Additional yacht insurance options to consider

• Uninsured/underinsured boaters insurance:  Covers any damage or injuries from an accident with an uninsured or underinsured boater. Since boat insurance is rarely required by law, if you have a significant amount invested in a vessel, this is a good insurance option to discuss with your agent. 
• Medical payments coverage: Covers medical expenses and funeral expenses for anyone on that is injured, entering, leaving or while on your boat.
• Equipment and personal effects coverage: Pay to repair or replace damaged or lost items such as gear, fishing equipment, cameras, and other personal belongings.

An independent agent can work with you to determine the appropriate coverage for your needs. Because these agents work with multiple insurance companies, they can help protect all of your interests with a broad range of insurance coverage, all from one agency office.

Is Yacht Insurance Different from Standard Boat Insurance?

Yacht insurance provides similar types of coverage as standard boat insurance . However, yachts have some specific differences from standard boats, and yacht owners generally need certain protection that regular boat insurance does not provide.

For example, a yacht policy tends to restrict hauling on a trailer to only a few hundred miles, while boat insurance tends to provide coverage for trailering over longer distances. 

Also, deductibles for yacht policies are very flexible, instead of having set amounts like $250, $500 or $1,000. In addition, yacht policies can include coverage for raising and removing a sunken yacht, while boat policies generally do not include this coverage.

Is Yacht Insurance Required?

Yacht insurance is not typically required by state law. However, sailboats often do have insurance requirements. So, if you have a sailing yacht, insurance may be required by law. 

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You will also need to buy insurance to protect your investment in your vessel if you finance the purchase of your yacht through a lender.

Many marinas require that you have insurance in order to slip your boat at the marina. Check your local marina's guidelines, and be sure to learn about your state’s laws and regulations. 

Do I Need Yacht Insurance?

A yacht can range in price from $300,000 to several million dollars. Purchasing one is a big investment and having the ability to insure your investment can ease your mind if there's an accident or your yacht needs repairs or replacement.

Insuring your yacht is also not just about the boat. In the event that an injured party files a liability claim against you, you will want to have enough coverage in place to protect your boat, home, savings, investments, and future income.

Assessing your financial situation will help you to determine how much yacht insurance you need.

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How an Independent Insurance Agent Can Help with Yacht Insurance

A local independent agent will talk with you, free of charge, to learn about your yacht and insurance needs. They'll gather multiple quotes for you from several different companies and help you compare options and rates. Your agent can assist you with every aspect of your insurance and will be your point of contact if you need to file a claim.

An independent agent can help to prevent gaps in coverage that leave you exposed to risk. You will know you are getting the right coverage for your needs, and that you are not paying for any unnecessary coverage. 

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Understanding the Unique Needs of Marine Insurance

Marine insurance is crucial for businesses involved in international shipping, as nearly 90% of global trade is transported by sea, according to OECD research. This demand for maritime transport is particularly significant in South Africa, where shipping supports 70% of the country’s trade and is a major contributor to the economy, as noted by Statista . As international trade expands, so do the associated risks, making comprehensive marine insurance more essential than ever to protect these vital operations.

The Complexities of Marine Insurance

Marine insurance covers the diverse risks faced by vessels and cargo during transport, but it’s not a one-size-fits-all solution. Challenges like unpredictable weather, piracy, and geopolitical tensions, such as recent attacks on merchant vessels in the Red Sea, highlight the importance of comprehensive coverage. These complexities must be considered when choosing the right insurance policy. Marine insurance is a crucial safety net for South African businesses engaged in international shipping.

Risks in Marine Transport

South Africa’s shipping sector faces risks ranging from natural disasters to cyberattacks. The vulnerability of international shipping routes, including those impacted by piracy in regions like the Gulf of Guinea, underscores the need for tailored insurance.

Given the country’s reliance on maritime trade, businesses need coverage that addresses both traditional and emerging threats.

Cargo Coverage

Cargo coverage is vital to protect businesses from the financial impact of lost or damaged goods. As South African companies rely heavily on imports and exports, ensuring adequate coverage for cargo in transit is critical. This is especially true when shipping through high-risk regions or handling valuable goods.

Selecting the Right Marine Insurance Policy

Choosing the right policy requires understanding the specific needs of a business and its trade routes. Whether it’s protection against piracy, natural disasters, or cyber risks, companies must consider add-ons such as war risk insurance to ensure comprehensive protection.

At RBS, we understand the unique challenges South African businesses face in marine transport. We offer expert guidance to help you select the right coverage and protect your operations in this complex environment.

Risk Benefit Solutions, better known as RBS, originated as an entrepreneurial-focused services business in 1998 and today is one of the largest fully-fledged black-owned insurance brokers in South Africa and a Level One BBBEE contributor. Celebrating 25 years in business this year, our growth has contributed to offering clients a unique approach to risk management by positioning our skilled resources as an extension of our client’s risk management team. Our company covers various services, including Insurance Broking, Risk Management, Commercial and Corporate Risk Advisors, and Corporate Vehicle Hire Services. With its head office in Cape Town, RBS has offices in Gauteng, the Eastern Cape and globally, represented through its board membership with WING (Worldwide Insurance Network Group).

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Leaving nothing to chance we are insurance approved dealers for Club Marine Insurance, a leading South African marine and watercraft brokerage.  Owning a watercraft is a big investment for anyone, Club Marine make sure it is protected with the best insurance cover so that you can enjoy your time on the water knowing your vessel is comprehensively covered against most eventualities.

Whether you prefer the thrill of a jet ski, are more at home at sea, Club Marine can offer you the best cover for your water sport of choice. leaving nothing to chance, Club Marine’s, legal liability is one of the most generous and comprehensive in the market today. Offering up to R20 Million holistic liability cover for passenger, third party and water sport activity sections.

Club Marine’s pleasure craft cover goes further than simply insuring your watercraft of choice by extending the All-risk cover to ensure the replacement of sporting and electronic equipment damaged while in use and for theft. This includes but is not limited to GPS devices, fish finders, CD/MP3 Players , safety equipment, water toys and fishing rods.

Watercraft includes;

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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

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This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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Positive market growth buoys marine insurance – underwriter

Global cargo premiums rose by 6.2% in 2023, reaching $22.1 billion, according to the International Union of Marine Insurance (IUMI).

This sustained growth reflects several consecutive years of positive market development.

Additionally, cargo loss ratios – the difference between claims paid divided by total premiums –improved across many regions.

Although loss ratios typically increase over time, 2023 began with a notably lower baseline compared with previous years but, combined with stable and relatively low claims, this has created a favourable environment for cargo underwriters.

This increase demonstrated positive market development that has been sustained for a number of consecutive years.

In general, loss ratios tend to develop (ie increase) over time but the starting point for 2023 was significantly lower than in previous years.

This, coupled with relatively low and stable claims, has created a positive environment for cargo underwriters. 

“In general, the cargo market is healthy and in a good place,” said Mike Brews, chair of the IUMI cargo committee. 

“We appear to be in a good part of the cycle. Losses have improved over the past five years with major losses down year-on-year. It appears that carriers and operators are focusing much more on loss prevention which is good for all concerned, particularly those serving at sea.”

Brews, however, said a number of areas required careful monitoring, notably the change in global weather patterns.

Major storms were becoming a concern for all insurance classes but with marine bearing the brunt.

Marine cargo losses due to extreme weather events were no longer localised and resultant losses were starting to increase – this included static and in-transit cargoes.

Similarly, containers lost at sea were also on the rise.

International conflict also continued to be a concern with cargoes being affected as they transit high-risk areas such as the Red Sea and the Russia-Ukraine war zone.

Hijackings were also reported to be on the increase globally. 

The accumulation of risk on single vessels or in ports or other shoreside facilities was another issue underwriters needed to remain aware of.

“Multiple consignments will always gather in single locations and ever-larger vessels will always carry large high-value cargoes,” said Brews.

“But today, the market is much more aware of stocks and values and is cognizant of the potential risk. Our knowledge of the issue is so much better and so we can take steps to mitigate that particular risk.”

He added that insurance companies were paying more attention to their marine business than in recent years.

“Although marine is usually a small part of the overall portfolio, losses can be significant. Underwriting discipline is improving and companies are focusing on their loss ratios and not chasing business based on premiums alone. 

“This is good news and, as a result, the market appears to be moving in a positive direction.”

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Marine insurance sector overview and trends in 2024

The International Union of Marine Insurance (IUMI) held its 150th annual conference in Berlin, Germany, marking a significant milestone in its history. The conference, chaired by various industry leaders including Frédéric Denèfle and Ilias Tsakiris, shed light on the evolving landscape of marine insurance amid global changes and challenges.

Frédéric Denèfle, IUMI President, inaugurated the conference with a reflection on the organization's 150 years of facilitating global trade through marine insurance. He underscored the profound changes sweeping across the marine insurance sector, driven predominantly by geopolitical tensions and technological advancements.

Denèfle highlighted the emerging risks from ongoing war, sanctions, and trade embargoes, which are rerouting traditional shipping lanes and pushing marine operators towards longer and riskier sea routes around Africa. This shift raises concerns about navigational challenges, increased operational costs, and heightened environmental impacts.

He also pointed out the necessity for insurers to adapt to the evolving global market dynamics and the nearshoring trends reshaping cargo shipments and logistic chains.

Ilias Tsakiris, chairing the Ocean Hull Workshop, reported a 7.6% growth in global ocean hull premiums in 2023, totaling USD 9.2 billion. This increase was attributed to heightened shipping activities and the escalating value of vessels driven by technological advancements.

Tsakiris emphasized the industry's adaptability and the need for responsiveness to the fast-evolving external environment. Despite the positive growth, he cautioned about the influx of new market players and the increase in claims frequency and cost, which posed potential challenges for the future.

The geopolitical tensions, particularly in the Middle East and the Red Sea region due to Houthi rebel activities, were noted as significant factors disrupting global trade routes, prompting insurers to reassess risks associated with longer detours around conflict zones.

The conference revealed a broad uplift in marine insurance premiums across all lines of business, with a total increase of 5.9% in 2023, reaching US$38.9 billion. This growth was seen across cargo insurance, ocean hull, and offshore energy sectors, with cargo insurance experiencing a 6.2% increase, reflecting continued global trade expansion.

Astrid Seltmann, Vice-Chair of IUMI’s Facts & Figures Committee, explained that the rise in premiums was linked to increased insurable volumes and values, particularly in cargo and hull values. The geopolitical landscape and market conditions like capacity and pricing dynamics were significant influences on the insurance premiums.

Leaders at the conference were optimistic about the sector's ability to navigate future uncertainties, despite the evident challenges. The shift towards more sustainable shipping practices, including the adoption of dual-fuel vessels and alternative fuels, was discussed as a crucial strategy in response to international environmental regulations.

The industry is also bracing for the impacts of climate change, technological shifts in vessel operation, and cyber risks that are increasingly pertinent.

In conclusion, the 150th IUMI conference underscored a year of growth tempered by significant challenges. The marine insurance sector continues to show resilience and adaptability in an environment characterized by complex geopolitical dynamics and rapid technological changes.

• International Union of Marine Insurance (IUMI)

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Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said.

The opaque nature of the ownership of those vessels makes it hard to identify who would be at fault in the event of a collision, Ilias Tsakiris , chair of the hull committee of the International Union of Maritime Insurers.

“This so-called ‘dark fleet’ presents significant risks for marine insurers,” he said at the organization’s annual conference on Wednesday. “These ships are often operated by questionable entities and their lack of transparency makes it difficult to assess liability in case of accidents or pollution. This is a growing concern for marine insurers.”

Russia assembled a shadow fleet of about 700 vessels in order to help keep its oil exports moving in the aftermath of western sanctions following its invasion of Ukraine. Danish pilots that board such ships have described them as old piles of junk, underscoring the risk they pose to the wider environment.

Photograph: Bulk carriers offshore from Singapore, on Monday, Feb. 19, 2024. Photo credit: SeongJoon Cho/Bloomberg

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Marine insurance premiums up across board in good year for underwriters

Insurance industry benefits from increased trade and low claims — but concerns over fires on ships remain

Premiums increased across the board in 2023 in a good year for marine underwriters, according to new figures published on Monday.

Global marine insurance premiums were up 5.9% from the previous year to reach $38.9bn, a meeting of underwriters in Berlin was told.

An increase in premiums reflects a rise in global trade and increasing values for ships.

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