23.04.01 - Yachtsure.com, part of the Alleghany Underwriting composite syndicate (376) at Lloyd’s has launched a fully interactive website ( www.yachtsureinteractive.com ) for approved brokers.

This is the sixth interactive website set up by Alleghany Underwriting Ltd (AUL), the other five covering hull war risks, total loss only reinsurance, freight, art and sports cover. The website has been designed and constructed by the market leading developer of commercial insurance trading websites, Wildnet New Media Group and marks their 15 website to date.

Paul Miller, Alleghany’s yacht underwriter commented, “We believe this is the first interactive website dedicated to the broker market for yacht insurance for high values. It brings a significant saving in real time for intermediaries.”

Users’ ID and password are still valid for those brokers who previously used the yachtsure.com website. With yachtsureinteractive.com, brokers can obtain a quote indication in seconds, a full quote in minutes, bind immediately, receive monthly statements and report claims – all online. A further advantage is that, in the event of a claim, brokers can access information about local surveyors and make their own selection. Policy wordings, which are clear and unambiguous, can be viewed alongside the quotation.

The website caters for boats valued at up to $3m and accepts risks worldwide (apart from USA) and in different currencies. In fact, about 85% of Yachtsure.com’s business stems from overseas.

Nick Hales, Managing Director of Alleghany Underwriting Risk Services Ltd, said, “Yachtsure.com, launched in April 2001, has been one of our most successful new ventures, which will now advance further thanks to the benefits which e-commerce brings to our broker relationships. We anticipate a substantial increase in the number of brokers trading in this way.”