Racers encouraged to adopt tech to cut insurance premiums

Specialist marine insurance broker, Soak, says it has joined forces with Noble Marine, Millstream Underwriting and Cyclops Marine to offer a potential solution for racers facing spiralling insurance costs.

According to Soak, one of the main causes of insurance claims is rig failure. This comes from sailors at all levels of the sport pushing their boats hard, leading to rig failures due to a lack of understanding of rig loads.

Utilising Cyclops Marine’s wireless load sensing technology, the aim is to address the ‘seemingly perpetual rise’ in insurance premiums for race boats, by giving sailors a practical way to understand the limits of their rig.

Soak has secured a 10% premium discount with with Noble and Millstream for owners who install a Cyclops Marine Load Sensor to their rig. In some cases, says Soak, this discount will cover the cost of the sensor within a short period.

“The yacht insurance market has faced challenges over the last couple of years with significant premium increases as insurers look to recoup some of their losses,” says Soak’s Simon Tonks. “Race boats are perceived to be the greatest risk when it comes to claims. The knock-on effect is increased premiums and restriction in cover. We are approaching the point where some owners are struggling to get insurance.”

The Cyclops range (smartlink and smarttune) has already been readily adopted by sailors looking to improve performance, with the company reporting rapid growth as top level sailors use the data to consistently win races.

“It’s become clear that as sailors become more aware of the data, they begin to understand the limits of the rig and when to ease back when the rig limits are being reached, reducing failures, and ultimately finishing the race,” says Tonks.

“It’s important that as a sport we work in partnership with insurers, show we understand their concerns and look to take a common-sense approach to risk management of the rig. Otherwise, there is no end in sight to the spiralling premium for race boats.”

“Our sensors offer sailors dependable data they can rely on to win races, protect rigs over long periods of time, and now save money on their insurance,” says Cyclops Marine’s sales director Tom Pickles. “We believe this is a game-changing offering that can benefit all kinds of sailors. We are thrilled to be part of it.”

Smartlink and smarttune come in a range of sizes, suitable for boats of any size. Sensors can be used on anything from forestays/backstays/shrouds to any soft stay or sheet from mainsheets, to code sail tack lines, to runners, so almost any sailor can benefit from this discount, says Cyclops.