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Nexus Underwriting Management Limited

A member of the mgaa for 13 years.

Founded in 2008 and based in London, Nexus Underwriting is an international, multi-class specialty MGA, with a focus on niche insurance classes of business.

We are represented in eight countries: UK, France, Germany, Italy, The Netherlands, USA, China (Hong Kong SAR) and Malaysia (Labuan FT).

Our unmitigated focus on service and profitable underwriting underpins our strategy.

We invest in people and proven platforms that facilitate efficient online quoting and develop intelligent, bespoke insurance products together with our highly respected underwriting partners. Our perceptive underwriting is key to providing exceptional value to our brokers and policyholder and we continue to search for ways to learn and adapt to market demand.

Each of our product lines stand out within the specialty sector in which they operate, and our talented underwriting teams have expert knowledge in their specialty classes which include:

A&H and Travel

• A&H and Business Travel

• Leisure Travel Schemes

• Pilot’s Loss of Licence

• Airlines

• General Aviation

• Aviation Products Liability

• Aviation Hull War

Credit and Surety

• Surety Bonds

• Trade Credit Insurance

Financial Lines

• Commercial PI

• Financial Institutions

• Management Liability

• Public and Products Liability (EU)

• Specialist Business Insurance (EU)

• Warranty & Indemnity

• Marine Cargo

• Cargo Bonds (ATA, DDG, TIB)

• Rejection Risks (Asia only)

• Yacht Insurance

• Racing Yacht Insurance

• Marinas and Marine Trades

  Reinsurance

• A&H Reinsurance

• General Treaty (Asia only)

• Structured Solutions

For more information please visit: www.nexusunderwriting.com or call us on +44 (0)20 3011 5700 .

• 52 - 56 Leadenhall Street
• United Kingdom

www.nexusunderwriting.com/

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Mhg offices.

Calls are answered in English by our offices in Fort Lauderdale, Hamburg and the Isle of Man.

MHG Services Inc.

Mhg ocean benefits ltd, yachting industry.

Insurance advice, coverage, and service that you can count on.

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Unrivaled expertise and personal service

Going above and beyond for our clients.

The yachting industry is at the core of our business, and our business is at the heart of the yachting industry. In 1997, MHG Insurance introduced Crew Benefits to the industry, and we have led the way since. Today, MHG works with leading international insurers and markets to bring the industry a suite of ‘best in class’ insurance programs that set the industry standard. We’re constantly looking ahead, anticipating Crew Benefit needs and ways we can simplify the insurance experience for our clients. MHG also works closely with charter brokers and travel advisors to help protect their client’s investment in their yacht charter or vacation, in addition to advising shore-based companies on Employee Benefits and Liability insurance.

Read on to learn about our insurance expertise in the yachting industry and how we can assist you.

Crew Health Benefits for groups and fleets.

Finding qualified crew can be a challenge. Retaining the best crew can be even more difficult. Start showing your crew how much you value them by offering Health insurance specific to their needs. Crew Benefits provide owners and captains with a competitive edge in attracting and retaining the industry's top talent while offering significant advantages to yacht owners.

CLICK HERE TO LEARN MORE

Yacht charterers

Insure their vacation. Ensure their fun.

Your client is chartering a multimillion-dollar yacht, and you want it to be a one-of-a-kind experience from beginning to end. However, even with the most carefully planned charter, life can get in the way. Whether it’s an event that forces them to cancel their charter or they cause an accident while onboard, we have insurance policies to protect their financial interests.

Managed charter fleets

We handle your insurance, so you can focus on your guests.

Managing the Hull & Machinery and Protection & Indemnity insurance for a fleet of vessels under your management can be a time-consuming task. With multiple policies and staggered renewal dates, it can be challenging to keep track of it all. At MHG, we have extensive experience in designing fleet insurance programs that aim to take away all the responsibilities related to insurance administration and management of your vessel owners.

Office-based staff

The right Employee Benefits for your team.

A business is nothing without its employees. In this competitive job market, employers should reevaluate their overall package to keep their best employees and attract new members to the team. These days, workers want growth opportunities, flexibility, and a working environment where they feel valued, included, and have a voice. Competitive wages and excellent benefits are also key. Let us create an Employee Benefits package that helps to boost employee happiness, morale, and overall wellness.

Too many options?

Our Insurance Specialists can guide you to the best plan for your needs, and your budget.

Talk To A Broker!

Call +1 954 828 1819 or +44 (0) 1624 678668 to speak with a broker about your specific insurance needs or fill out this form and we will get back to you within one business day.

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Blog | A-Z Guide to Luxury Yacht Insurance

Although in many states, the law doesn’t require owners to carry yacht insurance, most yachts are insured because of the astronomical cost of repairs. Yacht insurance is also typically required by banks, marinas, yacht clubs and the federal government to cover crew-related liabilities (unless the vessel is owner-operated).

However, because each yacht is highly unique in size, systems, crewing and operational geography, buying yacht insurance is much more complex than insuring a car, for example. Yacht insurance policies are tailored to individual vessel needs, and owners can benefit from dissecting the elements of a policy so they know what questions to ask and what exclusions and inclusions to pay attention to.

YACHT INSURANCE 101

All yacht insurance policies offer two key coverages – physical damage and liability. Physical damage coverage includes repairs of the hull, machinery and equipment, but exceptions apply and they vary from one insurer to another. Ask your broker in detail which physical elements and systems are covered and which are not.

Liability coverage protects you from claims of damage to persons or property. The scope of these claims can be quite extensive and include damage to other vessels, port equipment and facilities, as well as injury or death. Your coverage must include environmental damage remediation, such as cleaning up oil contamination or removing a wrecked vessel from the water, and it must cover incidents involving onshore marine workers and crew members, as per federal law.

Yacht insurance can include many types of protection for policyholders, but insurers vary in what risks they will and will not cover. That’s why it’s so important to review exclusions in detail. You don’t want to discover something isn’t covered after the fact.

WATER CRAFTS AND ‘TOYS’

Personal water crafts and ‘toys’ – from jet skis and seabobs to submersibles – are expensive assets that should also be insured. Review your vessel policy with your broker to see if yacht insurance covers these water toys and equipment. If this is not the case, you may need to get a separate policy for each of these items.

INSURANCE COVERAGE DURING LAND STORAGE OR TRANSPORTATION

If you have to transport your yacht by land or on a yacht delivery ship, you will need a policy that extends to those cases. Under the U.S. Carriage of Goods at Sea Act, the steamship line liability for damages to your yacht can be as low as $500, so you may need to supplement that with further coverage. Similarly, if you keep your yacht on land during the off-season, you will need to cover fire and other natural perils, as well as theft and vandalism. 

UNINSURED BOATER COVERAGE

Although most yacht owners carry comprehensive insurance, some owners still do not. An uninsured boater policy protects you in the event that you or someone on board your yacht sustains injuries during an incident with a vessel that has no insurance.

EMERGENCY TOWING AND WRECK REMOVAL

Whenever you need fuel delivered at sea or towed to a place of repair, you want to have these costs covered by yacht insurance. Review your policy to check if there is a limit on these costs or a limited number of towing services per year. Similarly, if the yacht is wrecked as a result of a major accident or disaster and becomes an environmental or navigational hazard, you want coverage that will pay for salvage and disposal.

WHAT IS TYPICALLY EXCLUDED FROM YACHT INSURANCE?

Although many yacht insurance policies are quite comprehensive, there are always certain types of damage or liability either not reimbursed or categorized as “extras”. Here are some issues typically excluded from normal wear and tear coverage:

Insects, Mold and Marine Life Encounters

Mold and pests can cause costly damage to the hull, decks, interior or equipment, but they are not covered by insurance. For example, if a shark sinks its teeth into the stern (unlikely) or bugs eat through soft goods during winter storage (more likely), you’ll need special coverage to pay for those repairs.

Negligence, Boating Under Influence and Racing

Like other insurance policies, yacht insurance excludes losses through negligence or willful misconduct. If your yacht is involved in an incident due to someone operating it under the influence, your insurer may reject the claim outright or only the liability portion. Racing may be another excluded event and require its own dedicated policy.

Geographical Limitations

Most yacht insurance plans extend to specific cruising areas and deactivate when a yacht sails beyond these navigational limits. Yacht owners must ensure their navigation area is covered by insurance. In addition, many policies require yachts to be stored above certain latitudes during hurricane season. Owners should be aware of these requirements or have their insurance plans extended to where the yacht is moored. 

AGREED VALUE VS. ACTUAL CASH VALUE

In addition to the scope of coverage, most owners are concerned with the amount of insurance compensation, insurance premiums and their impacting factors. How an insurer values your claim is a big factor in determining both compensation and premiums.

If you elect to carry an ‘agreed-value’ policy, you get the exact amount shown on the policy when it is signed, minus your deductible. This option comes with higher premiums, but it’s preferred by many owners. Your other option is an ‘actual cash value’ (ACV) policy, where the insurer factors depreciation into the claim value, resulting in lower annual premiums.

BEST OPTIONS TO BUY YACHT INSURANCE

While smaller boats can be insured by your home insurance, owning a mega yacht always calls for a tailored insurance plan. A comprehensive yacht insurance policy should cater to specific risks associated with navigating a larger vessel on high seas, including the liability to your crew or other boaters, damage to water toys or other property aboard or sailing in certain geographic regions.

Many owners turn to yacht brokers or professional maritime insurance providers, like Oversea Insurance Agency, who leverage a worldwide network to offer 24/7 assistance all over the globe. By having a comprehensive yacht insurance plan from industry experts, yacht owners can rest assured that they will receive the most comprehensive insurance coverage and full support from initial consultation to insurance claim resolution.

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The NEXUS program allows pre-screened travelers expedited processing when entering the United States and Canada. Program members use dedicated processing lanes at designated northern border ports of entry, NEXUS kiosks when entering Canada by air and Global Entry kiosks when entering the United States via Canadian Preclearance airports. NEXUS members also receive expedited processing at marine reporting locations.

Trusted Traveler Programs: Nexus

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• If arriving by sea, reporting arrival into the U.S. and Canada by calling a marine telephone reporting center

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Nexus Venture Partners Sells 5.97% Stake in India Shelter Finance for INR 482 Cr Nexus Venture Partners sold 64 lakh ISFC shares via two bulk deals on BSE, fetching INR 481.95 crore at prices between INR 752.35 and INR 753.27 per share.

By Entrepreneur Staff Sep 17, 2024

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Venture capital firm Nexus Venture Partners has divested a significant portion of its stake in India Shelter Finance Corporation (ISFC), marking a notable shift in its investment strategy. On Monday, Nexus offloaded 5.97% of its holding in the Gurugram-based housing finance company for INR 482 crore through open market transactions.

ISFC primarily caters to first-time home loan buyers in India's low- and middle-income groups, focusing on Tier II and Tier III cities.

Nexus Venture Partners, a US-based firm, divested its stake through its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd. The firm sold 64 lakh shares in ISFC through two bulk deals on the Bombay Stock Exchange (BSE). The shares were sold at prices ranging between INR 752.35 and INR 753.27 per share, culminating in a total transaction value of INR 481.95 crore.

This divestment has reduced Nexus Venture Partners' total stake in ISFC from 21.32% to 15.35%. Nexus had been a significant backer of ISFC since 2012, accumulating a stake of 28.2% through multiple funding rounds. This move comes after a decade of sustained investment, underscoring a partial exit strategy while retaining a notable share in the company's future.

Simultaneously, financial institutions like Goldman Sachs and SBI Life Insurance have capitalised on the opportunity to increase their stakes in ISFC. Goldman Sachs acquired 7.42 lakh shares, representing a 0.69% stake, while SBI Life Insurance picked up 6.70 lakh shares, or 0.62%, at an average price of INR 752.35 per share.

Combined, the two institutions increased their holdings by 1.31% for a total of INR 106.26 crore. Post-transaction, Goldman Sachs' stake in ISFC stands at 1.78%, and SBI Life Insurance's holding has grown from 1.94% to 2.56%.

Additionally, ICICI Prudential Life Insurance purchased 7.70 lakh shares, representing a 0.72% stake, for INR 57.93 crore, further reflecting institutional confidence in ISFC's market potential.

Despite these transactions, ISFC's shares saw a sharp decline of 7.81%, closing at INR 730 per share on the BSE.

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What is Marine Cargo insurance?

Marine Cargo insurance covers goods that are being bought, or sold, either domestically or internationally. International law and the terms of sale/purchase will determine the extent to which responsibility for loss or damage to the goods is vested with the seller, buyer or the carrier. This includes coverage against loss or damage to a ship and in-transit cargo. 

Pleasure Crafts or Yacht Insurance

It is a comprehensive policy, which generally includes cover for loss, theft, damage, or the unforeseen effects of violent weather. This insurance policy covers all pleasure craft such as motorboats, jet skis and sailing boats.

Marine Liabilities (Liabilities related to various marine operations, primarily)

• Ship Repairer's Liability
• Charterer's Liability
• Haulers' Liability
• Terminal Operator's Liability
• Protection and Indemnity Liability

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Optional Cover

• Property Insurance – This optional cover could protects your business from adverse financial consequences that may arise from damage to buildings, contents and loss of business.
• Workmen’s Compensation – provides wage replacement and medical benefits to your employees if they get injured during the course of employment.
• Insurance of equipment – indemnifies you for loss or damage to equipment owned or rented by you.
• Public Liability – if your business deals directly or indirectly with the public, then this cover is mandatory to help protect your business operations.
• Property Insurance – protects your business from adverse financial consequences that arise from damage to buildings, contents and consequential loss of business.

What Are the Mandatory Covers?

Fines and Penalties  This covers your liability to pay fines and penalties to any authority or a third party.

Professional Indemnity  Covers you for breach of duty, errors, and omissions in your professional capacity. 

Liability to Cargo    Covers your liability for damage or loss of cargo in your custody. 

Third Party Liability    Covers you for third party bodily injury property damage arising out of your insured services. 

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