For the past several years, a significant number of yacht insurance underwriters and carriers have been operating in the red —
essentially paying out more to cover claims than they have received in premiums — well over 200 percent more in 2017, for example.
This is due in part to damage to yachts caused by recent major storms, notably Hurricanes Harvey, Irma, and Maria, which cut a
destructive swath through yachting hotspots in the Caribbean and U.S., damaging or destroying literally thousands of boats.
While the 2018 hurricane season was relatively mild, in late October, a storm with gusts of more than 100 knots and high
seas pounded Italy’s Ligurian coast, which includes yachting playgrounds San Remo and Portofino, as well as yachtbuilding center La Spezia. Roughly 400 boats were damaged or destroyed.
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