Türk P&I introduces the 'YAT 360' policy, offering yacht owners up to $500 million in coverage, addressing rising market demands and risks.
Turkey-based maritime insurance company Türk P&I Sigorta has significantly raised coverage limits with its new insurance product aimed at yacht owners. The 'YAT 360' policy developed by the company stands out as one of the most comprehensive solutions in the sector by providing liability coverage of up to 500 million dollars for yacht insurance.
The new product developed by Türk P&I was prepared in response to the increasing risks that yacht owners face. Particularly in recent years, the growing yacht market, rising boat values, and congestion in marinas have increased the demand for high-limit insurance coverage.
Comprehensive Protection
The YAT 360 policy goes beyond the classic insurance model that only covers the hull of the vessel. The policy offers extensive coverage for various risks, including:
- Third-party liability risks
- Environmental pollution liability
- Electronic equipment and personal belongings
- Personal accident coverage
- Legal protection and assistance services
The company aims to provide a level of protection that is close to international standards, especially with the liability limit reaching up to 500 million dollars in yacht insurance.
Response to Growth in the Yacht Market
In recent years, the increase in the number of yachts along the Mediterranean and Turkish coasts, the expansion of marina capacity, and the growth of luxury yacht investments have accelerated the development of new products in the insurance sector. Türk P&I’s new policy is positioned as a comprehensive solution for this growing market.
Company officials emphasize that it has become increasingly critical for yacht owners to be protected not only against physical damage to the vessel but also against environmental liability and third-party risks.
Sustainability Initiatives on the Agenda
Türk P&I also plans to implement initiatives such as sustainability discounts for sailing boats in the near future. This step is said to aim at promoting environmentally friendly maritime activities.
With the new product, Türk P&I aims to strengthen its strategy of offering higher coverage and comprehensive insurance solutions for the rapidly growing yacht and marina sector in Turkey.
Source: SeaNews Türkiye
