Pacific Underwriting has entered new territory with the launch of a luxury pleasurecraft policy. The Stardex subsidiary claims the policy will be underwritten by “one of Europe’s largest superyacht insurers”, but has refused to divulge its name, citing commercial confidentiality.

Pacific is confident the policy will fall under the exemptions to the new direct offshore foreign insurer (DOFI) regime, which comes into force on July 1.

A Stardex spokesman told insuranceNEWS.com.au policy features such as crew personal accident insurance is “not cover anyone is offering in Australia” and would therefore fall under one of the three “limbs” of the exemption regime.

“In some circumstances, it would fit in the high-value insured [limb] and, if not, it would always fit in customised risks,” she said.

The regional policy will cover ships valued at more than $US3.5 million ($3.8 million) operating out of Australia, NZ, the Pacific Islands and Asia.

Pacific Marine Manager Brett Jackson says the coverage stacks up well against its competitors in the cut-throat marine market.

Pacific branched out from its core offerings of complex industrial and higher hazard manufacturing a year ago and the agency is actively “pursuing individual clients and corporate clients for whom we presently insure their cargo interests,” Mr Jackson said.

He claims the policy inclusions such as artworks, jet skis and helicopters provide a point of difference from standard hull and liability policies.