The races are on and Bermuda is bursting with excitement and pride. On Saturday, May 27th, the 35th America’s Cup officially kicked off with fanfare, attracting a sell-out crowd of more than 8,000 people at the America Cup’s Village at the Royal Naval Dockyard. The much anticipated, highly acclaimed international racing spectacle is underway on Bermuda’s Great Sound, culminating in the America's Cup Match presented by Louis Vuitton starting June 17th. Ironshore is fully engaged in the competition as the designated Official Insurer of ORACLE TEAM USA.
ORACLE TEAM USA is the title holder of the America’s Cup as the victor of the last event held in San Francisco in 2013. The team, led by Skipper Jimmy Spithill, will be defending their title against qualifying teams from around the world. Named the Official Insurer of ORACLE TEAM USA, Ironshore has been providing specialty insurance coverages surrounding all the Louis Vuitton America's Cup World Series racing activities and the 35th America’s Cup, beginning with the World Series event in Bermuda in October 2015. Ironshore specialty insurance programs for the event include marine, cargo, travel, umbrella liability, property, casualty and personal accident insurance, but excluding physical damage to the boat.
Team risks surrounding a superior level of global competition are decidedly unique to this racing event, thereby requiring an innovative yet flexible approach to underwriting. Insurance challenges demanded that coverage protect against myriad exposure to risk as the team traveled to qualifying matches at venues around the world. Personal coverage was required for this team that push themselves to the limits on a daily basis. Ironshore also insured the team operations based in the Royal Naval Dockyard, where priceless equipment is housed in event structures. To address complex coverage needs, Ironshore found that having direct access to the team’s risk management leadership in Bermuda proved invaluable.
According to Grant Simmer, General Manager and Chief Operating Officer for ORACLE TEAM USA, “Ironshore has tailored its coverage to protect our risks both on and off the island, giving us peace of mind as we prepared and now ready to defend our title at the 35th America’s Cup 2017 right here in Bermuda.”
The America’s Cup showcases Bermuda on an international stage. Ironshore has always strived to contribute to the island’s prosperity and to promote the best of all that is Bermuda. Ironshore sponsorship reflects the intentions and commitment of the Bermuda Government as an historical opportunity to host this thrilling, rigorous event, which is the oldest and considered the most esteemed international sports trophy in the world. We at Ironshore believe that Bermuda as Host of the 35th America’s Cup is a glowing achievement with legacy benefits to our island home for years to come. It’s an exciting time to be in Bermuda.
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