Lex Group: Leading The Way In Marine Insurance
Q&A with a Marine Racing Insurance Broker with 40 years of experience.
Richard Henry is a passionate sailor born in Ireland, based in London, traveling globally. Richard and his team have intricate knowledge of marine insurance, especially racing yachts. He has been involved in the last 4 America's Cups and has insured yachts racing around the world. He founded the RC44 Class with Sir Russell Coutts, which he is still involved with.
William Arthur Ward
Richard, how do you differ from other marine insurance brokers?
The Lex Group is a boutique insurance broker that offer clients a sophisticated personal service as Trusted Advisor and Partner. All our clients have my mobile number to contact me whenever needed. I believe my principal skill is to make insurance easily understood by the boat owner.
How does Lex Risk deal with claims?
We handle all claims from start to finish. Having dealt with countless loss adjusters, I don't suffer fools gladly. Our clients find it incredibly reassuring that my team and I represent them. These claims can be very complex and time-consuming, which is a critical part of my role.
Can you often save clients' money?
The key point is to ensure that we have a detailed knowledge and understanding of each potential client, so the required cover can be obtained from A-rated insurers. If the yacht is U.S. flagged, we have found that changing the flag can save a significant sum in the long run. We guide clients with the utmost care in doing this from start to finish.
Jean-Sébastien Chénier Proteau
CEO - Canada SailGP Team
Do you have access to markets for racing yacht insurance, which is increasingly difficult to find?
Due to the loss ratio, there is a limited capacity to insure racing yachts; often markets come and go. We have access to A- rated insurers that will provide terms for racing yachts. Racing yachts cover a broad range of craft, and some types of boats (i.e., Offshore Catamarans) are hard to obtain terms for.
What is the target market for Lex Risk?
50 feet plus - values £200K-£10 M Racing yachts.
Lex are specialist providers of superior products to the sailing industry. Lex has insured most of the world 's top sailors and racing classes, including many of the America 's Cup teams over the last 4 cups along with TP 52 and RC 44 classes and many more. With 30 + years' experience, Lex has exclusive access to A -rated insurers at Lloyds of London and internal markets.
We look forward to your request for a pro bono assessment, so we can understand how we can work together.
Email: Web: www.thelexgroup.co
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