Pen Underwriting, a specialist managing general agent (MGA) operating across multiple insurance classes and territories, has increased the yacht hull insurance capacity available through its marine division, raising limits by 50% to USD/EUR 15 million with immediate effect.
The enhanced capacity is being delivered through Vessel Protect, Pen Underwriting’s specialist yacht insurance brand. The company said the increase strengthens its ability to support brokers and clients in the global mid-value yacht market, a segment it entered in 2024 with hull insurance capacity of USD/EUR 10 million.
At launch, Vessel Protect focused on an area of the market where available underwriting capacity had traditionally been more limited.
Under the revised arrangement, Pen Underwriting can now offer worldwide yacht hull cover with stamp capacity of up to USD/EUR 15 million, supported by A-rated Lloyd’s and London market insurers.
The increase follows a series of developments within Pen Underwriting’s yacht portfolio. In November 2025, the company introduced liability cover of up to USD/EUR 10 million, including protection for US-based insureds, US-flagged vessels and operations in US waters. The enhancement also incorporated crew liability cover of up to USD/EUR 5 million, further extending the scope of the offering alongside the yacht hull product.
Paul Wood, Product Lead – Yachts at Vessel Protect, part of Pen Underwriting’s marine practice, commented: “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.”
Pen Underwriting said Vessel Protect’s specialist yacht insurance solutions are designed to safeguard high-value maritime assets through cover for hulls, engines, equipment, tenders and war-related risks. The company’s policies also include third-party liability, crew liability, uninsured boater protection, pollution-related liabilities and medical expenses, providing comprehensive protection for yacht owners and operators worldwide.
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