Ahoy! Insurance Announces Yacht Underwriting Offering

Independent Agent magazine - 14 October 2024

The new program expands Ahoy! Insurance’s offering to cover all 50 states, and up to $2.5 million in value for boats up to 95 feet.

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

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.

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.

Ahoy! is a tech-driven insurance company transforming the recreational boating insurance industry from being a financial hedge into becoming a proactive asset that protects and extends the joy of boating. Built by boaters for boaters, Ahoy! combines its proactive, risk-reducing technology with its founders' deep knowledge of boating and insurance to create innovative insurance policies for the 21st century. Using on-board Internet of Things (IoT) technology, as well as AI and Big Data, Ahoy! offers a proprietary risk reduction solution to prevent boating mishaps proactively, therefore increasing the time boaters can enjoy their vessel. In times of need, Ahoy! ensures swift, modern, and non-intrusive assistance and claims processing support so that boaters can be back on the water in no time. Co-founded in 2021 by a team of naval veterans, insurance experts, and experienced high-tech executives Amit Nisenbaum, Kaenan Hertz, and Shachar Segev. Ahoy!, which is licensed to sell property-casualty insurance products, has offices in New York and Israel.

Media Contact:

Will Jones

william.jones@iiaba.net