Some sponsorships try to use the properties of sailing to give a brand characteristics that make it appealing to those who recognise those qualities. Other sponsorships are more straightforward.
Marine insurance is an old game! As long as there have been ships to carry cargo from port to port, there has been the need to protect the investment – the ship and its cargo.
The Velux 5 Oceans race requires that all competitors have a minimum of Third Party Liability insurance, with a minimum limit of indemnity of £2 million. Clipper Ventures PLC and specialist yacht insurance brokers Fastnet Marine Insurance Services Ltd., will arrange for Third Party or comprehensive insurance to be available for all competitors who have paid their full race entry fees.
Sir Robin Knox-Johnston, Chairman of Clipper Ventures and the Velux 5 Oceans, commented:
“With the establishment of the new Eco 60 Class for the Velux 5 Oceans 2010-11, we talked to skippers around the world about key areas where we as a race organisation can provide assistance. Beyond the significant investments we have already committed to prizemoney, accommodation, logistics and communications, it became clear that we need to find a more efficient and valuable insurance package than what is currently on offer within the Open 60 world.”
Speaking from their headquarters, Director Richard Power concluded:
“Fastnet Marine Insurance Services Ltd. are delighted to be involved with this historic race. As specialists in yacht insurance, and in particular, the arrangement of insurance for yachtsman undertaking long distance ocean racing or cruising in remote areas, whether solo, short-handed or fully crewed, we understand the needs of Velux 5 Oceans competitors.”
David Adams, Race Director of the Velux 5 Oceans, added,
“I am pleased we are now in a position to offer a comprehensive and reliable insurance solution to competitors in the Velux 5 Oceans, whether they are competing in the new Eco 60 Class for third generation boats or in our Open 60 Class. I hope that our race will continue to offer a tangible return on investment for sponsors and meet the needs of modern solo racers.”