The right flag,
the right policies.
Flag selection and management, annual tender of Hull & Machinery, P&I and War Risks policies, claims handling. Retainer-only compensation, zero commission from the market: your sole interest is our only compass.
Two decisions durably shape the operation of a superyacht: the choice of flag and the design of the insurance programme. The first determines the law applicable to the vessel, the taxation, the ISM and MLC obligations, the social regime of the crew, the international recognition of certificates. The second conditions your financial exposure in case of a loss, a crew claim or an environmental incident. Poorly sized, these two items weigh heavily; properly aligned, they become invisible.
The market offers many flag × broker × insurer combinations. Owners frequently receive biased advice — either through the commissions a broker earns on placement, or through partnerships some management firms maintain with specific registries. Cursorio has built its model on a strict independence: no commission, no referral fee, no steered recommendation. We consult the market openly, compare offers on their true merits, and negotiate as defenders of your sole interest.
For a private superyacht of 50 metres and above, combined H&M and P&I premiums generally reach several hundred thousand euros per year. A rigorous tender, a structured negotiation and disciplined claims handling frequently translate into double-digit percentage savings — and, mirroring that, into a cover genuinely adapted to the vessel's actual usage profile.
Three key moments
where our advice makes the difference.
Acquisition, resale, flag change.
You are about to acquire a yacht and the seller's broker is pushing a flag that does not suit your profile? Your yacht is changing hands and the ownership structure is evolving? You want to challenge an insurance programme inherited from the previous owner? Three moments where an independent view materially changes the outcome.
- —Flag choice at acquisition
- —Motivated flag change
- —Annual H&M and P&I tender
Flag / ownership structure alignment.
The yacht is held via a holding, an SPV or a multi-jurisdictional trust. The flag must align with this structure to optimise taxation, simplify reporting and guarantee legal consistency in case of dispute. Cursorio maps the options with your lawyers and trustees, and recommends the optimal combination.
- —Flag / holding jurisdiction alignment
- —Smooth KYC documentation with bankers and lawyers
- —Consolidated insurance reporting for the family office
A clear flag.
A policy you understand.
The captain is the natural daily interlocutor of the flag and insurers: Port State Control inspections, incident notifications, certificate renewals, reception of H&M surveyors, handling a crew claim with the P&I Club. The clearer the upstream framework — which flag, which policy, which exclusions, which contacts — the cleaner your daily job.
Our work: deliver you a 2-page summary you can consult in one minute before every port call or shipyard, with the key lines (agreed value, deductible, covered areas, exclusions) and the named contacts (your H&M surveyor, your P&I claims handler, your flag registrar). No more unreadable annexes, no more frantic search before an inspection.
The strategic and contractual upstream.
- —Motivated flag choice and change
- —Obtaining and renewal of flag documents
- —Annual H&M, P&I, War Risks tender
- —Negotiation of sensitive clauses and exclusions
- —Claims notification and handling
- —Interface with market surveyors and P&I Clubs
- —2-page summary delivered at each renewal
The framework in daily operations.
- —On-board display of flag certificates
- —Reception of Port State Control inspections
- —Compliance with warranties and cover conditions
- —Consultation of the programme before any atypical port call
- —Immediate incident reporting for notification
- —Operational coordination with the on-site surveyor
- —Maintenance of the log book per flag requirements
“A good insurance policy is one the captain can read in two minutes and the owner's lawyer can defend in two hours.”
Seven steps, from usage profile
to annual renewal.
Usage profile
We start from your actual use of the yacht: operating areas, frequency, type of guests (family, friends, private charter), ownership structure, owner nationality, applicable tax regime.
Flag comparison matrix
We build a comparative grid of the flags relevant to your profile (Cayman, Marshall, Isle of Man, Malta, France, BVI): taxation, MLC/ISM obligations, reputation, operational flexibility, registry cost.
Insurance programme
Design of the Hull & Machinery, P&I, War Risks, Personal Accident, Company D&O and optional Cyber policies. Deductibles and limits calibrated to the agreed value of the vessel.
Market tender
Targeted consultation of the London market (Lloyd's), P&I Clubs (Britannia, NorthStandard, Steamship Mutual, Gard, Skuld) and yacht-specialist insurers (Pantaenius, AON, Marsh, Howden). Premium / exclusion / service comparison.
Terms negotiation
We defend your interests on the sensitive clauses: geographic exclusions, warranties, survey requirements, agreed value vs indemnity, cyber extension, guest charter coverage where applicable.
Placement & setup
Flag declaration, registration, issuance of certificates (CSR, Radio Licence, Tonnage), binding of insurance policies, coordination with the captain for on-board display and crew briefing.
Annual renewal
Three months before expiry, exposure analysis, claims review, premium renegotiation, deductible arbitrage. Flag maintained or changed according to tax or regulatory developments.
Everything the flag & insurance mission covers.
Included in the Cursorio management mandate, or available as a one-off mission (flag change, annual tender, claims support). Available for a yacht already managed in-house that only wishes to outsource this scope.
- Strategic advice on initial flag choice or on motivated flag change
- First registration or deregistration / re-registration dossier with the chosen flag
- Obtaining and renewal of flag documents: Certificate of Registry, Continuous Synopsis Record, Radio Licence, Tonnage, Carving Note
- Annual tender of Hull & Machinery and P&I policies with the London market and specialist brokers
- P&I placement with an International Group Club (Britannia, NorthStandard, Steamship Mutual, Gard, Skuld, West, UK P&I Club)
- War Risks management for transits in sensitive areas (Red Sea, Persian Gulf, Caribbean in certain seasons)
- Claims handling: notification, survey, settlement negotiation, recourse where applicable
- Compensation strictly through the Cursorio retainer — no commission, referral fee or rebate received from brokers or insurers
- Strict confidentiality: systematic NDA with all market counterparties
What you have in hand, flag and insurance.
Flag framing note
Decision-grade document comparing 2 to 4 relevant flags for your profile. Advantages, constraints, costs, motivated recommendation.
Complete flag file
CSR, Registry, Radio, Tonnage, Carving Note centralised in Cursorio Manager. Automatic alerts before expiry.
Annual insurance programme
2-page summary: policies, premiums, deductibles, limits, key exclusions. Readable by the owner, usable by the captain.
Market comparison
Table of the offers received from each broker / insurer with explanation of the gaps and final recommendation.
Claims matrix
Claims history on the vessel, impact on the loss ratio, recommendations for the next renewal.
Annual review
Executive document: flag, insurance, costs, trade-offs considered for the coming exercise.
Two recent missions, anonymised.
Client details withheld by ethical obligation. Figures and flags indicative.
M/Y 58 m · shipyard delivery · KY vs MI vs IM arbitrage
Context. 58-metre new build delivered by an Italian shipyard, held via a Luxembourg holding, Swiss-resident owner. Strictly private use, planned crew of 14, Mediterranean summer / Caribbean winter navigation. The shipyard broker by default recommended a Marshall flag, justified by its registration speed.
Cursorio work. KY / MI / IM comparison matrix on 18 criteria (Swiss taxation, recognition by European banks, ISM obligations for private yacht > 500 GT, annual registry cost, registration delays, registrar service quality in the Mediterranean) · H&M/P&I premium simulation per flag (8 to 12 % gap between MI and KY on the same broker's initial quote) · coordination with the owner's lawyers and the Luxembourg trustee · final recommendation: Cayman Islands (KY), better fit for the banking profile and documentary rigour of the family office.
Outcome. Registration completed in 5 weeks, H&M + P&I + War Risks + D&O programme placed with 3 insurers through tender (~18 % savings vs the first offer of the habitual broker). Yacht delivered on time, maiden voyage without administrative incident.
M/Y 52 m · Malta → Cayman Islands transition · family office
Context. Second-hand yacht acquired by a new owner (European UHNW) through his family office. Historical Maltese flag had become inappropriate: the previous owner used it for commercial charter, the new owner will have strictly private use and did not want the Maltese commercial obligations. Also a desire to align the flag with the documentary standards expected by private banks.
Cursorio intervention. 6-week Malta deregistration plan (documentary audit, closure of Maltese tax obligations, return of certificates) · simultaneous Cayman Islands registration (full KY file, nomination of Cursorio DPA, new CSR / Tonnage / Radio certificates) · insurance programme transition (H&M transfer within Lloyd's without discontinuity, P&I Club change from West to Britannia in line with KY standards) · full briefing of the new crew on the obligations of the new flag.
Outcome. Transition run out of season (October-November), with less than one week of administrative latency between the two flags. Lighter annualised insurance programme (-12 % at identical cover), documentation aligned with family office KYC requirements. Zero operational incident or cover interruption.
What owners and family offices ask us.
01 How is a superyacht flag chosen?
How is a superyacht flag chosen?
The choice of flag is an arbitrage between several criteria: taxation applicable to the owner and to the operation, regulatory obligations (ISM / MLC imposed or not depending on tonnage and use), reputation of the registry (a white-listed flag at the Paris MoU eases Port State Control inspections), operational flexibility (ease of crew changes, international recognition of certificates), and annual registry cost. For a European private superyacht, Cayman Islands and Marshall Islands are the two most frequent choices. Isle of Man offers a recognised British alternative. Malta is competitive for commercially chartered yachts. France is relevant if the owner seeks direct European legal anchoring.
02 Can the flag be changed mid-operation?
Can the flag be changed mid-operation?
Yes, and it happens more frequently than one might imagine: change of owner, evolution of the ownership structure, tax optimisation, commercial repositioning. The procedure requires precise coordination: deregistration from the former flag, transfer of certificates (SMC, ISSC, Radio, Tonnage), re-registration under the new flag, update of insurance policies, display of the new documents on board, crew briefing. We run these operations end to end, typically over a 4 to 8-week window scheduled outside the operating season to minimise impact.
03 What is the difference between Hull & Machinery and P&I?
What is the difference between Hull & Machinery and P&I?
Hull & Machinery (H&M) covers physical damage to the vessel itself: total loss, hull damage, machinery breakdown, collision, grounding, fire. It is an asset-side cover. Protection & Indemnity (P&I) covers your civil liability as owner toward third parties: damage to crew (injury, illness, death), damage to guests, pollution, collision liability, wreck removal, non-criminal fines. It is a liability-side cover. Both are inseparable on a superyacht and are typically placed with different insurers (Lloyd's for H&M, an International Group Club for P&I).
04 Is Cursorio an insurance broker?
Is Cursorio an insurance broker?
No, and this is a deliberate choice. We are not a licensed broker, we receive no commission, no referral fee and no rebate from any insurer or broker. Our role is that of an independent adviser running your insurance programme as any other budget line: tender, negotiation, placement via the broker you choose (or that we recommend on the basis of their quality, not their compensation), claims handling. This independence is explicitly contractualised and guarantees that each arbitrage is made in your sole interest.
05 Have H&M and P&I premiums risen sharply in recent years?
Have H&M and P&I premiums risen sharply in recent years?
Yes, the market has hardened significantly since 2020, with several concurrent drivers: shipyard cost inflation (more expensive reconstruction in case of loss), increased crew claims (stricter MLC 2006 application), geopolitical tensions weighing on War Risks, and insurer consolidation. For a 50-metre superyacht, H&M premiums typically rose 25 to 45 % over the period, and P&I premiums 15 to 30 % depending on individual claims history. A rigorous annual tender contains this drift; we observe 15 to 30 % spreads between best and worst offer on the same file.
06 What happens in the event of a claim?
What happens in the event of a claim?
In case of a claim, our role is to absorb the administrative complexity so that the captain and owner can focus on operational management. We immediately notify the concerned insurer(s), coordinate the surveyor's visit appointed by the market, prepare the evidence file (photos, captain's reports, invoices, certificates), negotiate the indemnity within policy limits, and secure payment. On a crew claim via the P&I, we interface directly with the Club so that the seafarer is taken care of without delay. Our 24/7 on-call line is active for claim opening, day and night.
Let's audit your flag and insurance programme together.
A one-hour diagnostic is enough to assess the relevance of your current flag and identify savings on your next H&M / P&I renewal. Confidential, no commitment.
Get in touch