SKULD\YACHT, a new insurance market dedicated exclusively to the P&I needs of superyacht owners, was presented by Skuld, a leading marine insurance provider, last month. Skuld is committed to delivering innovative insurance products as well as services and SKULD\YACHT will further strenghten this by offering an exclusive and competitive ‘yachts only’ service. SKULD\YACHT will work closely with Skuld 1897 at Lloyd’s which also offers hull insurance to the yacht market.

There are more than 5,000 yachts in the world; Skuld believes that a market of this size and importance creates the need for a specific product to handle the specialist needs of yacht owners. By creating SKULD\YACHT the concerns and requirements of yacht owners will be handled by a dedicated and bespo ke team.

SKULD\YACHT will also give the yacht community a forum for discussion for the first time, as well as provide a think tank for product development and a dedicated market operating solely in their interest.

Skuld already has a long-standing agency relationship with yacht insurer Pantaenius in Hamburg and this will remain unchanged.

Skuld has recruited highly experienced yacht liability professionals to manage the insurance. The underwriting team will be led by Nigel Oakley who, together with Robert Johnston, as executive chairman of SKULD\YACHT will oversee the strategic development.

Johnston founded the yacht practice at British Marine in 2002, and supported by Oakley, they successfully built the business over the following 10 years.

Douglas Jacobsohn, president and CEO of Skuld, said: “SKULD\YACHT is an exciting product for us and also represents our commitment to have a P&I presence in London. The yacht community is a new market for Skuld and represents a significant opportunity for the company. SKULD\YACHT will provide a dedicated product for owners in which yachts are a prime concern and yacht owners can have an influential voice.”

Robert Johnston, executive chairman of SKULD\YACHT, added: “SKULD\YACHT will focus on the needs and concerns of the yacht community alone. We want to be the obvious home, the first point of call for yacht insurance. We intend to be more than a market, we want to be the first club dedicated to yacht insurance.”