Soak insure continues to work alongside leading tech companies to manage insurance premiums utilizing new risk management equipment.
The Superyacht industry has seen a trend for Tenders of increasing size, value and range of use. Unfortunately, this has led to more losses of tenders whilst towing. This trend has seen insurers clamping down on the use and activity of tenders. Leaving Captains with increased restrictions on the yachts’ ability to carry out day-to-day activity.
Last year TSM systems developed the Dame nominated TowPro giving direct feedback to the mothership of tender including bilge pump activity, battery health, surging and yawing for example. As detailed in the Superyacht report.
Leading insurers acknowledged the benefits and are keen to work with the industry to ease restrictions on tenders whilst being towed. These include:
- Extend towing from sunset to sunrise
- Extend towing to 300 miles
- Reduce tender excess (in some cases this has grown to 50% of the tender value)
Soak Insure is now offering all owners a 5% reduction on premium for any yacht with the Towpro system installed.
Simon Tonks Founder of Soak stated “as an ex-superyacht underwriter the benefits Towpro gave were immediately recognized. The way insurers are supporting the system show this. By offering reductions to premiums, we hope to encourage more yachts to adopt the system. After all, with reduced restrictions and premium savings, there are few reasons not to”
