Navium Marine’s Innovative Insurance Exclusive to the IGY Trident Collective
As the hectic Mediterranean summer yachting season comes to an end, this year has also heralded some major news for the industry: the launch of the IGY Trident Collective, an exclusive membership program for superyacht owners.
Representing the first-ever global community of superyacht owners, The IGY Trident Collective is available by invitation only and aims to simplify and enhance the ownership experience by offering specialised, next-generation benefits.
The success of the IGY Trident Collective is assured by the power of its collaborations. Their best-in-class partners provide exclusive benefits including guaranteed global dockage, fuel bunkering, yacht management, crew service training, comprehensive health and wellness solutions, captain and crew benefits and proprietary hull insurance.
To understand the significance of the benefits of the hull insurance available to IGY Trident Collective members, we spoke to Clive Washbourn, CEO and Director of Navium Marine.
Shaking up hull insurance
He begins by offering a refreshingly straightforward definition of what a hull insurance policy is. “In short, it is an all-risk policy that covers all accidents and damages that might occur to your yacht.”
However, there are some important differences between hull insurance and other types of insurance, as Washbourn explains: “It is really on the liability side. A lot of the big superyachts are part of a P&I (protection and indemnity) club for their crew and third-party legal liability, because they tend to buy very big limits from £500 million.
“In these P&I clubs they are able to pool together and mutualise the risk. For example, if your crew member gets hurt, or your yacht hits another yacht and you are at fault, that could be dealt with as part of the P&I club, but it does vary. Some people have that totally covered by their hull policy, some have it with the P&I club. It entirely depends on what the owner is looking for from their policy.”
Exclusive benefits for superyacht owners
For those owners who are fortunate enough to be members of the IGY Trident Collective and therefore able to benefit from this partnership with Navium Marine, there are numerous advantages.
Vessels engaged with the program enjoy coverage terms that meet or even exceed their current coverage and are also able to participate in a tranche of capacity which is reserved for themselves and fellow IGY Trident members.
Finally, as a major bonus for members, a profit share is issued annually across the portfolio, if available. “We will have a profit commission of 10% that goes straight back to the owner,” explains Washbourn. “Of course, this means that, in the end, they will be paying less for their insurance, and this is a truly unique and exclusive benefit which is reserved for IGY Trident Members.”
Tom Mukamal, CEO of IGY Marinas comments on the unique benefits of the policy: “Together with Navium, we set out to build something that doesn't exist, a customised insurance program that offers the owners profit sharing and a small claims sum to allow de minimis losses to be settled quickly, where coverage terms can be focused on each individual superyacht with discounted pricing. It's only available through this program.”
Clive Washbourn has over 35 years’ experience working in the marine and speciality markets - most recently as Head of Marine at Beazley - and has a solid reputation for building balanced portfolios and delivering upper-quartile results in the Lloyd's Market.
Since establishing Navium Marine in May 2021, the company’s growth has been, quite frankly, outstanding. As Washbourn explains: “We have been on an incredibly steep trajectory of growth, but we are still able to be selective within that. We have grown from a team of two to 12 and have been offered about 3.5 billion dollars’ worth of income, but we have declined around 1.7 billion of that – a fact I am very proud of.
“Because of my team’s experience, our clients can also be assured that we are a truly safe pair of hands, which is also why we were selected as a partner for the exclusive IGY Trident Collective.”
The team at Navium Marine also demonstrates an acute understanding of the importance of customer service. “We tend to be able to turn things around very quickly and very efficiently compared to our competition,” Washbourn says.
“I think a lot of other businesses still don’t fully comprehend the importance of the customer interface in terms of the speed of giving answers and so on, whereas our brokers are very conscious of this. I’m very proud of our team and we will continue to ensure that we stay ahead of the game in delivering the best possible service alongside our partners at IGY.”
About The IGY Trident Collective
To discover more about the IGY Trident Collective, its carefully curated partnerships and the many significant benefits available to participating superyacht owners, visit their website, or explore our previous coverage here and here.
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