Lloyd’s is insuring the youngest person to attempt to sail single-handed and non-stop around the world.
Underwriting Risk Services Ltd (URSL), a subsidiary of Talbot, is providing 16 year-old Michael Perham with cover for all physical and liability risks to his yacht, as well as personal accident, medical and death cover.
Paul Miller, Underwriting Director at URSL, said, "URSL is delighted to be involved in Michael’s latest sailing challenge which will no doubt prove to be another British achievement to inspire the world. This is an exciting opportunity for us to support the youngest sailing talent of our time in the true spirit of the Great British maritime tradition.”
Perham is currently the world record holder for being the youngest person to sail across the Atlantic single handed. Perham’s Open 50 racing yacht set sail on 15 November on a voyage scheduled to take five months.
Miller acknowledged that the perils associated with the voyage are numerous and wide-ranging, from the average bout of sea sickness to encounters with whales and stray containers.
But he emphasised that Perham has had solid training to deal with some of the most likely risks. For example, he has learned how to maintain and repair diesel engines as well as the electronic components on board.
The rigging of the yacht has been designed to take into account his age and experience.
URSL has provided coverage to Perham utilising its ‘Racecover’ insurance product. This product was designed specifically for high risk yachts and events and aimed at the 'difficult to place' racing vessels that participate in particularly challenging racing campaigns, regattas, transatlantic or round-the-world events.
It’s currently insuring yachts participating in the nine month long Volvo Ocean Race, and nearly a third of the boats competing in the Vendee Globe Race, which started on 9 November.
URSL also provided pre-event cancellation coverage in the event that Michael couldn’t undertake the race with the risk of being beaten in his attempt to hold the ‘world’s youngest’ title. Happily for Perham that’s one challenge he’s already faced down.
