The Isle of Man Ship Registry has announced a new partnership with Aon, expanding access to tailored marine insurance solutions for Isle of Man–flagged vessels. This collaboration introduces a dedicated insurance offering designed specifically for ships and yachts registered under the Isle of Man flag, combining comprehensive cover with competitive pricing.
Available exclusively through Aon and placed with Intact Insurance, the solution provides owners and operators with confidence that their vessels are protected by insurance designed to meet the highest standards of quality, service, and reliability. This partnership further reinforces the Isle of Man Ship Registry’s commitment to delivering added value and practical support to its global maritime community.
Key Benefits
- Bespoke Coverage – Personalised policy wording, based on America Yacht Form R12, with increased sub-limits and lower inner limit deductibles.
- Complimentary Risk Management Survey – Survey provided within 90 days of policy Inception by Inserve (a third-party surveyor, at underwriter’s expense). Recommendations are tailored to each vessel, supporting improved safety cand compliance.
- Fleet Discounts for Single Vessels – Owners can benefit from fleet discounts even if they only have one vessel – whether it’s a renewal, new business, or a new build. There’s no need for multiple vessels to access improved pricing.
- Guaranteed Appetite – All vessels registered with the Isle of Man Ship Registry are eligible to apply. Final coverage is subject to underwriting review and approval.
- Reputable Insurer – Backed by established and respected insurance providers, ensuring reliable claims handling and financial security.
- Competitive Pricing – Competitive terms for all vessels, especially those that may be underserved by the broader market – particularly smaller-valued yachts.
- Individual Merits – Each vessel is underwritten and rated on its own merits, not penalised for wider fleet losses. Owners benefit from fleet discounts without group penalties.
Coverage Highlights
- Comprehensive Vessel Protection: Covers physical damage, increased value, guest medical payments, personal effects (including ship’s cash and fine art), uninsured boater coverage, and war risks.
- Extended Coverage: includes tenders, toys, small craft and day workers.
- Additional Clauses: (not limited to): small craft/tender/toys clause, Tender Rental Reimbursement clause, Hotel and Additional Expenses clause.
- Flexible Usage: Vessels can be used for business entertainment, private pleasure, charter, boat shows, and demonstrations.
- Tailored Deductibles: Deductibles are matched to the type of claim – lower for smaller items, higher for more valuable assets. No deductible applies to innocent third-party damage if the vessel is stationary and not at fault.
Policy Conditions and requirements will apply to coverage.
Yacht Engaged In Trade Scheme
Last year the Isle of Man Ship Registry announced the launch of its Yacht Engaged in Trade (YET) Scheme for private yachts registered under the Isle of Man Flag. As the global yachting industry continues to evolve, high-net-worth and ultra-high-net-worth individuals and family offices are always seeking greater flexibility in how their luxury assets are managed and utilised. The YET Scheme is an innovative legal framework that facilitates this shift, enabling private yachts to operate commercially in a legally compliant and tax-efficient manner within specific jurisdictions.
Key Advantages for Isle of Man Structures
- Preservation of Private Yacht Benefits – For yachts owned through Isle of Man companies or trusts, the YET Scheme enables access to limited commercial income without altering the vessel’s core private status, preserving owner privacy, control, and operational flexibility.
- Charter Income Potential – Yachts enrolled in the YET Scheme can legally generate income via short-term charters in French or Monegasque waters, typically during peak season. This presents the opportunity to offset operational costs, crew salaries, insurance, and maintenance.
- EU VAT Efficiency – When correctly structured, the YET Scheme supports zero-rated VAT treatment on charters originating in France or Monaco, under the EU’s Temporary Admission (TA) regime. This is particularly relevant for Isle of Man structures, as the island is outside the EU VAT area, making proper customs and fiscal representation essential.
- Asset Value Protection – Maintaining yachts private registrations, while allowing temporary private use, reduces physical wear, insurance implications, and regulatory burden of full commercial status, helping to preserve long-term asset value.
How can Boston Family Office Help?
At Boston, our luxury asset management services make the ownership and administration of assets, including superyachts, simple and secure. We work collaboratively with you and your advisors to design and implement a structure that is built around the needs and goals of the owner, being for simple leisure use, commercialisation of the assets (leasing or chartering), preservation and succession planning and which will be VAT efficient, where applicable.
We are a multi-jurisdictional fiduciary service provider with offices in the Isle of Man, Jersey, and Malta, which implement tailored governance solutions to clients. Should you wish you to learn more about our luxury asset services, please contact enquiries@bostonmfo.com
Disclaimer: This article is for informational purposes only and does not constitute legal, tax, or investment advice. Clients should seek tailored advice from qualified professionals before undertaking any yacht-related commercial activities.