Carrier Name: Certain underwriters at Lloyd’s led by Managing Agent MS Amlin Underwriting Ltd, Syndicate 2001.

Product Name: Tide Yacht Product

Class of Business: Marine – Yacht

Manufacturer Information: MS Amlin and its capacity partners.

Contact Information:

• Tide Insurance, 70 Fenchurch Street, London, EC3M 4BR
• T: +44 (0)204 866 0545
• E: [email protected]
• W: www.tideinsurance.com

This insurance is provided by Tide Insurance MGA. Tide Insurance MGA is a trading style of Tide OpCo Limited, which is registered in the United Kingdom. Tide Insurance MGA is a specialist MGA with a particular focus on the yacht sector. Our underwriters have significant experience underwriting yacht business for a broad profile of yacht owners.

Our tight-knit underwriting team has a clear and consistent appetite within their chosen sectors and territories and work closely with the Compliance function to ensure that all local regulatory requirements are met. Tide Insurance builds long-term relationships with its customers that highlights the deep understanding our underwriters have for the risk needs of our target customer groups. All products are designed with this fundamental customer focus in mind, which is supported by regular client interaction and the involvement of colleagues in the Compliance, Conduct (fair treatment of customers) and Wordings functions.

All consumer products offered by Tide Insurance are placed via brokers and intermediaries who are specialists in the sectors and territories that match our appetite.

All Consumer products are subject to an extensive Product Governance due diligence and review process to ensure that the product meets the reasonable expectation of the target market, the wordings are fair, clear and not misleading and written in plain English, there are no post sales barriers for customers needing to make mid-term adjustments, or make a claim or a complaint and that the complaints process and those handling complaints are experienced in complaints handling and operate independently of the Underwriting and Claims functions to ensure that the complaints review and decision are fair and based on what the local Ombudsman’s Service would expect and decide themselves.

The product governance review process ensures that the price paid for the product is consistent with the market average. The product is also sold via short distribution networks to ensure that as much of the premium as possible is used for the purchase of the product. Product value is demonstrated through the ease of use by the Consumer and that it meets the reasonable expectations of policyholders.
This collectively leads to consistently better customer outcomes, lower complaints volumes and a product that the Consumer can use and that it will respond as expected.

Product Information:

This product provides protection against physical loss or damage to your yacht, machinery, fixtures & fittings, contents, tenders, personal watercraft, water toys. When noted in the policy schedule, cover also includes Your legal liability for third party bodily injury or third party property damage.
The scope of cover has been reviewed by Tide Insurance’s Product Oversight Group (POG) and approved as representing fair value to customers.

Target Market:

This product is designed for yacht owners whose yachts are either owner operated / managed or professionally crewed and no longer than 60 metres in length.

Types of customer for whom the product would be unsuitable:

Owners of yachts which are less than NZD 250,000 in value.

What Key Items are Covered? (Please refer to full policy wording for a complete list of items that your policy will cover.)

Coverage includes:

• Yacht & property damage
• Machinery breakdown for yachts up to 10 years of age
• Liability to others (if coverage is available)
• Personal Items and valuables cover
• Personal accident & medical expenses
• Crisis assistance

See our policy wording for the full list of covers and features.

Cover is subject to the full terms, conditions, limits and exclusions of the Tide Yacht Insurance policy wording

What are the Key exclusions or circumstances where the product will not respond? (Please refer to full policy wording for the complete list of exclusions.)

• War between United Kingdom, United States of America, France, The Russian Federation, People’s Republic of China, Ukraine
• Civil war, rebellion, revolution, insurrection, military coup, usurped power, piracy or terrorism
• Any weapon or device employing atomic, nuclear fission, fusion, chemical, biological, bio-chemical electromagnetic
• Restraint, detainment, confiscation or expropriation
• Computer virus or loss of or damage to electronic data
• Fines and punitive damages.
• Deliberate breach of any statute, rule or regulation.
• Not maintaining the yacht in good seaworthy condition
• Commercial use unless with our prior written agreement
• Racing or time trials unless with our prior written agreement

See our policy wording for the full list of exclusions.

Other information of relevance to Consumers

We aim to provide an excellent level of service at all times. However, if you have a complaint about us please contact us on:

Phone: +44 (0)207 866 0545

Email: [email protected]

Post: 70 Fenchurch Street, London, EC3M 4BR

We will acknowledge your complaint within 5 working days of receiving it and respond in full within 8 weeks. If this is not possible for any reason, we will write to you to explain why.

As your insurance is provided by underwriters at Lloyd’s, you can refer the matter to Lloyd’s New Zealand who will determine whether it will be reviewed by their office or the Lloyd’s Complaints team in London. Lloyd’s contact details are:

Lloyd’s General Representative in New Zealand

Email: [email protected]

Telephone: + 64 4 472 7582

Post: c/o Hazelton Law PO Box 5639 Wellington New Zealand

A final decision will be provided to you within 2 months of the date on which you first made the complaint unless certain exceptions apply. You may refer your complaint to the Insurance & Financial Services Ombudsman (IFSO), if your complaint is not resolved to your satisfaction within 2 months of the date on which you first made the complaint or at any time:

IFSO can be contacted as follows:

Telephone: 0800 888 202 or +64 4 499 7612

Email: [email protected]

Post: PO Box 10-845, Wellington New Zealand

Website: www.ifso.nz

Your complaint must be referred to IFSO within 3 months of the final decision. If your complaint is not eligible for consideration by IFSO, you may be referred to the Financial Ombudsman Service (UK) or you can seek independent advice.

Total remuneration:

Appropriate commissions near/at market average as agreed between the underwriter and the placing broker. This has been considered appropriate for the product and its distribution chain whilst still providing fair value to the product purchaser.

Total fees:

As agreed between the underwriter and the placing broker.