Concept Special Risks Rating Guide V5

Last Amendment: 10 January 2018

This rating guide includes our Core Business (CB), Non-Windstorm Business (NWB) and Catamaran/Sailboat Fleet Business (FB)

General Rating Principle

Any vessel that generates a rate less than 1% should be discussed with a senior underwriter. 

For example a $1,000,000 valued vessel that generates a premium of $9,000 should be referred 

to a senior underwriter. For each risk the underwriter must determine the underlying rate that 

is being applied.

Base Hull Rates

Base Hull Rates

The base rates appropriate to the Non-Wind Program, Fleet Program and Main Program are 

found in the accompanying Excel Spread Sheet. The same rates are applicable to all three programs.

Base Liability Rates

Medical Payments for CB and NWB

Each limit is subject to a $100 deductible.

Limit COM Limits PPO Limits

$1,000 60 40

$2,500 91 60

$5,000 119 80

$10,000 175 125

$25,000 400 200

$50,000 600 300

Medical Payments for FB

Fleet Vessels no longer receive a credit for this cover

Liability Premium

Private and Pleasure Revised Rates

Private and pleasure rates are always at 0.73 of the commercial rate e.g. 30’ at $100,000 is 

$176 on commercial vessels but $128 on private vessels (176x0.73)

Plaintiff's

2

Beric Anthony Usher

a CONCEPT 

SPECIAL RISKS 

Concept Special Risks Ltd 

+44 (0) 1943 882 700 · www.special-risks.co.uk 

Unity House • 2 Station Court • Station Road • Guiseley • LEEDS • LS20 SEY • United Kingdom 

Registered in England and Wales • Company no 009S27S6 

Authorized and regulated by the Financial Conduct Authority • Firm no 312098 

Case 1:20-cv-22865-EGT Document 69-12 Entered on FLSD Docket 08/20/2021 Page 1 of 11
Length (ft) $50,000

0-30’0” 112

30’1”-35’0” 128

35’1”-40’0” 144

40’1”-45’0” 188

45’1”-50’0” 224

Over 50’0” 252

Commercial Rates

Length (ft) $50,000 $100,000 $300,000 $500,000 $1,000,000

0-30’0” NA 176 240 320 440

30’1”-35’0” NA 204 304 368 520

35’1”-40’0” NA 232 348 420 600

40’1”-45’0” NA 304 460 540 780

45’1”-50’0” NA 380 540 640 900

Over 50’0” NA 460 620 740 1,040

Crew Coverage

Limit COM Premium PPO Premium

$1000,000 475 365

$300,000 600 475

$500,000 725 580

$1,000,000 1,060 800

Passenger Liability

Average Passengers$100,000 $300,000 $500,000 $1,000,000

0-6 75 100 110 135

7-20 60 80 100 120

21-50 50 75 85 110

51-100 35 55 75 95

Over 100 25 40 55 75

The maximum liability limit for Cat C vessels is $500,000

The maximum liability limit for Cat D vessels is $300,000

Rating Adjustments

The +/- denotes whether a debit/credit is to be applied; or where applicable both. Where no 

adjustment is shown, see the appropriate additional section below.

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D/C Hull D/C Liability

+ Age

-10 Diesel Credit +20 SNUBA

+ Speed

+ Construction +20 Hawaii

+15 Bareboat Usage

+ Claims + Claims

-10 Experience -10 Experience

-10 Crew (full/part time)

+/- Location -15 Occasional Charters

- Lay-up - Lay-up

-10 English Law -30 English Law

-30 CSR -30 CSR

-10 GPS Tracker (max 

$500)

-20 Sail Credit

+/- Deductible -5 Deductible

-20 Fleet Credit -20 Fleet Credit

+5 Single handed overnight sailing+10 Liveaboard (treated as 

such if 4 months or 

more)

The Concept Discretionary Credit and the Fleet Credit may be used on either the Hull or Liability section, but must not exceed the maximum limit stated in total.

Age and Standard Deductibles

Vessels up to five years are subject to an imposed minimum deductible of 2% where there is 

windstorm exposure. NWB up to five years is subject to a minimum 1% hull deductible. The 

use of a 1% hull deductible must be approved by a senior underwriter. Fleet accounts may be 

considered under both of these categories depending on windstorm exposure.

Vessel Age CB/FB Base Deductible NWB/ FB Base Deductible

0-5 2% 1%

6-10 2% 2%

11-15 3% 3%

16-20 4% 4%

21-25 5% 5%

26-30 6% 6%

31+ Refer to Senior Underwriter Refer to Senior Underwriter

When reviewing a vessel in excess of 30 years of age, ensure that you have a survey valuation 

and if possible replacement cost for review. If a survey is not available please research the BUC 

value of the vessel and/or use internet based valuation tools.

Additional Deductible Considerations

If the vessel is wooden/kevlar hulled 1% increase on standard deductible

If the vessel is capable of 56mph plus 1% increase on standard deductible

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The minimum hull deductible allowed is $500.

A 5% hull credit can be applied for each one percent increase in hull deductible to a maximum 

of a three percent increase.

A 5% debit can be applied for each one percent decrease in hull deductible. Such an adjustment 

must not result in a deductible below 2% or be less than 50% of the standard deductible for that 

age of vessel. 

Age Loading

Vessel Age Loading (%)

2018 -5

2017 -4

2016 -3

2015 -2

2014 -1

2013 0

2012 2

2011 4

2010 6

2009 8

2008 10

2007 12

2006 14

2005 16

2004 18

2003 20

2002 – 1998 25

1997 – 1993 30

1992 and older Refer

When reviewing a vessel in excess of 30 years of age, ensure that you have a survey. If a survey 

is not available please research the vessel and be sure to secure adequate details on the actual 

vessel itself before referral.

Diesel Credit

This credit is available on Category A and B vessels.

Speed

Speed loadings will vary in accordance with the table below. Category B vessels exceeding 

55mph must be written as such only if they are sport fishing centre console vessel. If the vessel 

is a true category C vessel it should be rated as a C/D.

Cat A Debit Cat B/C Debit Cat C/D Debit

0-25 NA 0-35 0 61-65 0

-

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26-30 NA 36-40 +5 66-75 +10

31-35 NA 41-45 +10 76-80 +15

36-40 NA 46-50 +15 81-85 +20

41-45 NA 51-55 +20 86-90 +25

56-60 +25

61-65 +30

Theft Deductible

The theft deductible must apply to all category B vessels located in the following locations:

Monroe County - Big Pine, Islamorada, Key Colony Beach, Key Largo, Key West (County 

Seat), Layton, Marathon, Sugarloaf Key, Tavernier 

Dade County - Aventura, Bal Harbour, Bay Harbor Islands, Biscayne Park, Coconut Grove, 

Coral Gables, Cutler Bay, Doral, El Portal, Florida City, Golden Beach, Goulds, Hialeah, Hialeah Gardens, Homestead, Indian Village, Islandia, Kendall, Key Biscayne, Leisure City, Medley, Miami (County Seat), Miami Beach, Miami Gardens, Miami Lakes, Miami Shores Village, 

Miami Springs, North Bay Village, North Miami, North Miami Beach, Opa-Locka, Palmetto 

Bay, Pinecrest, Pinewood, Princeton, Richmond Heights, South Miami, Sunny Isles Beach, 

Surfside, Sweetwater, Virginia Gardens, West Miami, Westchester, Westwood Lake 

The Bahamas

Hawaii

The theft deductible must apply to ALL category C and D vessels and ANY vessel with triple 

or quad engines, regardless of location.

The theft deductible should also be considered on vessels capable of 50mph+ and those that 

have suffered previous theft losses. 

Construction

A construction loading of +20 is applied for wooden. There is no loading for metal, Kevlar, 

carbon fibre or fiberglass vessels.

Motor Sailors and Power Catamarans

Motor Sailors (whether catamaran or sailboats) that use both sail and motor should be considered to be category A vessels. Power catamarans which use only motors should be classified 

as category A vessels.

Claims

Claims loadings vary depending on each individual loss. Three or more losses must be reviewed with a senior underwriter in all cases.

Experience Credit

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This is a standard credit and does not vary. It is only offered where an operator has sufficient 

(two years or more) relevant experience with type of vessel and clean loss record.

Fleet Credits

A 10% credit is applied to all vessels within a fleet of more than five vessels. An additional 

10% credit may be available to each fleet vessel where the fleet demonstrates that additional 

measures are in place to prevent loss and to actively manage risk. A fleet management plan 

would represent an appropriate document. Fleet credits may be applied on either the hull or the 

liability, but must not exceed the 20% credit in total. 

Commercial Fleet Loadings

Where we have vessels within a fleet that is described as Captain/Bareboat we need to establish the primary usage of that vessel. If it is over 51% bareboat use the +15 hull loading and 

if it is 51% Capt Charter load for passengers; we do not need to apply both. 

Crew

This is a standard credit for both full and part time crew and is applied only on Private and 

Pleasure risks. Contingent crew is charged at 20% of the base crew premium, but only for 

commercial vessels. Trip / Delivery crew are to be charged at 25% of the base crew premium; 

the minimum premium for one trip crew should be $125.

Location Debits and Credits

When vessels are located in West Palm Beach or Naples the area of navigation should be assessed when making determinations regarding the debit/credit to apply for navigation.

Area Debit/Credit

Florida (West Palm Beach to Naples) +40

Gulf Coast USA and Florida +30

East Coast USA (Cape Hatteras to South Georgia Border) +10

Cape Hatteras and above -10

West Coast USA and above -10

The Mediterranean -10

East Coast Mexico +40

The Bahamas +65

The Caribbean Sea (The Leeward and Windward Islands, 

The Virgin Islands, Dominican Republic, The Turks and 

Caicos Islands, Jamaica, Cuba, East Coasts Mexico, Belize, 

Honduras and Nicaragua

+65

West Coast Central America, Colombia, Venezuela, Trinidad, Tobago, Grenada, the ABC Islands, East Coasts Guatemala, Costa Rica and Panama.+25

Non-windstorm exposed inland navigation -20

Hawaii +20

Lay-Up -

Case 1:20-cv-22865-EGT Document 69-12 Entered on FLSD Docket 08/20/2021 Page 6 of 11
This limit varies in accordance with the tables below. It is imperative to determine for how 

long the vessel will remain unused. 

If you have layup of 2 months (for example) and any number of days less than 16, 2 months 

credit should apply as normal. If you have layup of 2 months and any number of days greater 

than 15 you can apply credit for that part of the month, rounding up to 3 months in this example.

Ashore In Water

Non Windstorm 

Area

5% credit each full month 

(max 30% credit)

Non Windstorm Area 2.5% credit each full month 

(max 20% credit)

Windstorm 

Area

5% credit each full month 

(max 30% credit)

Windstorm Area No credit if laid up during 

hurricane season

Lay-Up Year Round

In the event that a vessel is laid up year round without any navigation the following hull and 

liability loading should be applied only.

NWB

Ashore Afloat

Hull Liability Hull Liability

-40 lay-up -40 lay-up -20 lay-up -20 lay-up

+ x age

CB

Ashore Afloat

Hull Liability Hull Liability

-30 lay-up -30 lay-up -15 lay-up -15 lay-up

+ x location loading + x age

+ x location

Vessels used for Demonstration

Where a vessel is being demonstrated for the purpose of sale all usual loadings are applied, 

including an experience credit. In addition to this a 20% demonstration credit is to be applied 

to these risks.

Vessels under Repair

Vessels laid up ashore for repair or renovation work should be referred to a senior underwriter 

and they must not be considered to be laid up.

A vessel used as a “liveaboard” cannot be offered lay up credit.

English Law and Practice

This is a standard credit and does not vary. 

I I 

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CSR Credit and Additional Credits

This is a standard credit and does not vary; the maximum credit to be applied in this instance 

is 30 percent. Any amount up to 30% may be offered, but any amount considered in excess of 

20% must be reviewed with a senior underwriter prior to quoting.

Limited Charters

This is a standard credit and does not vary. In order to qualify for this credit the vessel must be 

restricted to not more than twelve one week charters per policy period.

Sail Credit

This is a standard credit and does not vary.

PYP Rates

All vessels up to the age of five years receive no additional premium for the inclusion of PYP 

coverage. There is no lower hull value applied to this provision. Once the vessel has reached 

six years of age, in order to receive PYP the vessel must not be over 15 years of age but there 

is no longer a lower value restriction. An additional 0.1% charge is applied for catamarans. 

Category B/C and C/D vessels are only permitted PYP coverage up to an age of 10 years. 

Age of Vessel Rate (% Hull Value) Rate (% Hull Value)

Cat A, E, F Cat B/C, C/D

2018 0 0

2017 0 0

2016 0 0

2015 0 0.05

2014 0 0.1

2013 0.05 0.15

2012 0.1 0.2

2011 0.15 0.25

2010 0.2 0.3

2009 0.25 0.35

2008 0.3 Refer

2007 0.35 Refer

2006 0.4 Refer

2005 0.45 Refer

2003 0.5 Refer

Trip Rates

Each rate shown is for a ‘one way trip’; return trips are to be charged at an additional 50% of 

the rate shown. The charge for each trip also applies in the opposite direction to that stated.

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Voyages involving navigating around Cape Horn may not be quoted unless specifically 

agreed by a senior underwriter.

Liability only trips are to be agreed with the underwriting manager or above prior to quoting

Caribbean Sea Charge : If a vessel is receiving a location credit of -10 for being above Cape 

Hatteras July to November but is also navigating all the way down to the Caribbean Sea then 

we require more premium for this increased risk.

Trailers

A rate of 3.50% is used and the deductible is $100 or 10 percent, whichever is the greatest. 

Extended trailering beyond 250 miles is charged at a rate of 0.15% of the hull value and the 

minimum premium is $75. 

Personal Effects

A rate of 3% is to be used and the deductible is $100 or 10 percent, whichever is the greatest. 

The maximum limit that can be written is $50,000 and any limit exceeding $25,000 must be 

offered only on vessels with a hull value exceeding $1,000,000.

Tenders

Location $0 - $499,999 $500,000 -

$999,999

$1,000,000 –

$1,499,999

$1,500,000 -

$2,000,000

Rate Min Rate Min Rate Min Rate Min

Trans-Pacific 0.25

%

$500 0.2% $1000 0.15% $1500 0.15% $2250

Trans-Atlantic 0.2% $375 0.15% $750 0.1% $1000 0.1% $1500

Trans-Indian 0.2% $375 0.15% $750 0.1% $1000 0.1% $1500

West Coast US to Hawaii 0.15

%

$250 0.1% $500 0.075% $750 0.075

%

$1125

East Coast USA to Bermuda 0.1% $250 0.075

%

$375 0.05% $500 0.05% $750

East to West Coast USA via Panama Transit 0.1% $250 0.075

%

$375 0.05% $500 0.05% $750

West Coast USA to West Coast Central/South 

America 

East Coast USA to East Coast Central/ South 

America/Caribbean Sea

West Coast South America to Galapagos Islands

Cuba 0.15

%

Min 

$250

Max 

$500

Caribbean Sea Charge 0.15

%

$150 Max 

$750

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A rate of 3% is to be used and the deductible is $100 or 10 percent, whichever is the greatest. 

The maximum limit that can be written is $50,000 and any limit exceeding $25,000 must be 

offered only on vessels with a hull value exceeding $1,000,000.

Replacement Tender Coverage

A rate of 3% of the value of the tender insured on the policy will be charged for this coverage. 

The maximum charge for this coverage is $180 and therefore if a tender is based above $6,000 

the AP will not exceed $180.

Breach of Warranty Coverage

A rate of 0.20% of the hull value or the outstanding loan balance, whichever is the lesser, is 

used for this coverage. 

Jet Skis

A rate of 5% is used and the deductible is $100 or 10 percent, whichever is the greatest. An 

additional liability premium is charged for Jet Skis:

Limit of Liability Premium Applicable

$300,000 $250

$500,000 $300

$1,000,000 $500

Higher limits may not be applied for Jet Ski coverage and there is no additional premium for a 

liability limit of $100,000. Jet skis may only be added to private and pleasure policies, unless 

specifically agreed by referral to senior underwriter. 

Non-Emergency Towing

Coverage Limit Deductible Level Premium Charged

$500 No Deductible No Charge

$1,000 No Deductible $30

$1,500 $50 $75

$2,500 $50 $100

Loss of Charter Hire

The maximum limit for this coverage is $500 per day and for a maximum period of 60 days. 

The maximum limit of indemnity is $30,000 (each vessel) and the rate is charged at 3% of the 

limit of indemnity. The deductible is 30 days. The maximum charge for this coverage is $900.

Dinghy Rental Endorsements (FB only)

This endorsement covers the cost of hiring a replacement tender, up to a maximum limit of 

$6,000 and is charged at a flat per vessel fee of $100.

Where a tender is shown as insured under Section A of the Declaration Page of the insuring 

agreement, coverage is extended to include the cost of renting a replacement tender if the one 

shown on the schedule of insurance is lost due to a an event that would result in a claim 

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normally recoverable hereunder. The limit of indemnity hereunder to be the cost of temporary 

replacement rental vessel for the period while a permanent replacement is being found but in 

any event to not exceed US$6,000 or the insured value of the original tender shown on the 

declaration page whichever is the lower. No payment to be paid under this endorsement in any 

event, for the first five days of rental.

Surveys (FB only)

Surveys are usually required for vessels in excess of five years old. Hauled inspections are 

valid for three years and in-water inspections are valid for two years. We propose that surveys 

may be delayed until the vessel exceeds ten years, only when the fleet management provides 

details of ongoing vessel maintenance and safety plans. This must be agreed by a senior underwriter. 

Automatic Acquisition Clause (FB only)

We propose that each policy automatically provides coverage for newly purchased vessels 

providing that they are declared to underwriters within 10 days of purchase and that an appropriate premium is subsequently paid.

Total credits to be applied on either the Hull or the Liability Sections is 60%

Minimum Premium for any single Hull and P+I PPO policy is $1000.

Minimum Premium Liability only PPO is $750 up to 35 feet

Minimum Premium Liability only PPO is $1000 up to 49 feet

Minimum Premium Liability only PPO is $1500 over 50 feet

Minimum Premium for any single Hull and P+I COM policy is $1,250

Minimum Premium for Liability only COM is $1,000 up to 35 feet

Minimum Premium for Liability only COM is $1,250 up to 49 feet

Minimum Premium for Liability only COM is $1,500 over 50 feet

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