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Managing the unique risks of yacht ownership

Yacht owners face unique perils, including thorny risks associated with the fast growing trend of fractional ownership.

By Kathleen Tierney | Updated on April 15, 2015

For individuals of substantial net worth, few pastimes offer more pleasure than cruising the oceans in the family yacht. With an onboard crew taking care of the actual sailing, and the ship’s quarters as posh as a Manhattan penthouse, relaxation is the sole order of the day.

There is one responsibility that the captain and crew will not take care of, however. And that’s ensuring that the complex risks of yacht ownership are carefully managed and expertly transferred to a specialized insurer. For this, one needs access to a savvy insurance broker like John J. Gaffney, who has spent his entire life around fine boats.

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