Managing general agent Pen Underwriting has increased the yacht hull limit available through its Vessel Protect brand to $/€15m. The 50% increase is available immediately and on a worldwide basis. Pen began covering global yacht risks in 2024. The increased hull limit follows the introduction of liability covers towards the end of last year.

Paul Wood, product lead – yachts at Vessel Protect, said: “Servicing and supporting the mid-value section of the global yacht market, where capacity has historically been more limited, remains our sweet spot. But increasing our hull limit by 50% gives us, as underwriters, and our brokers even greater flexibility and scope to support their clients.

“Our focus is on providing sustainable risk solutions tailored to the specific needs of clients’ individual assets alongside data-driven underwriting and first-class customer service – even in complex scenarios. So, we’re delighted to now be able to accommodate an even more diverse portfolio of yacht risks in the mid-section of the market.”

Vessel Protect also offers cover for marine war risks and kidnap and ransom (piracy). It is backed by A-rated Lloyd’s syndicates and London market insurers.