Insurance deal

Velux 5 Oceans secure deal for competitors with Fastnet Marine Insurance Services

The Velux 5 Oceans race requires that all competitors have a minimum of Third Party Liability insurance, with a minimum limit of indemnity of £2 million. Clipper Ventures PLC, the race organisers, have therefore introduced specialist yacht insurance brokers Fastnet Marine Insurance Services Ltd., to arrange for Third Party or comprehensive insurance to be available for all competitors who have paid their full race entry fees. This insurance will be underwritten by Lloyd’s and by secure London insurance companies, and will offer competitive rates and packages to all competitors.

Sir Robin Knox-Johnston, Chairman of Clipper Ventures and the Velux 5 Oceans, commented: “With the establishment of the new Eco 60 Class for the Velux 5 Oceans 2010-11, we talked to skippers around the world about key areas where we as a race organisation can provide assistance. Beyond the significant investments we have already committed to prizemoney, accommodation, logistics and communications, it became clear that we need to find a more efficient and valuable insurance package than what is currently on offer within the Open 60 world. Clipper Ventures therefore undertook a number of negotiations with Lloyds of London, the home of the international insurance market, and we are delighted to announce that a very competitive package is now on offer from Fastnet Marine Insurance Services for any boat entered into the Velux 5 Oceans 2010-11.”

Speaking from their headquarters, Director Richard Power concluded: “Fastnet Marine Insurance Services Ltd. are delighted to be involved with this historic race. As specialists in yacht insurance, and in particular, the arrangement of insurance for yachtsman undertaking long distance ocean racing or cruising in remote areas, whether solo, short-handed or fully crewed, we understand the needs of Velux 5 Oceans competitors. A competitively priced, but more importantly, secure and responsive insurance package will be available, covering the yacht herself as well as Third Party Liabilities. We look forward to working with Clipper Ventures PLC, and with Velux 5 Oceans competitors, to assist them in this vital aspect of their race preparation.”

David Adams, Race Director of the Velux 5 Oceans, added, “I am pleased we are now in a position to offer a comprehensive and reliable insurance solution to competitors in the Velux 5 Oceans, whether they are competing in the new Eco 60 Class for third generation boats or in our Open 60 Class for the latest generation of offshore racing yachts. Combined with €500,000 prizemoney for competitors, plus a minimum direct investment of €36,000 to cover accommodation, logistics and communications, I hope that our race will continue to offer a tangible return on investment for sponsors and meet the needs of modern solo racers.”