+356 277 80 226

info@yachtsecure.eu

Suitable policies for yacht owners

Because there is always the risk of doing damage to another property with a yacht, boat liability insurance should always be acquired.

If the skipper causes a culpable accident or even a crew member (insurance permitting), whereby co-sailors are harmed, the boat liability insurance usually comes into effect, except for when the skipper or the yacht is harmed, this is usually then excluded.

Boat breakdown insurance is also recommended. This insures damages that are inflicted on one's own boat, for example when the mast suddenly bends or when water damages the electronics because of a penetrating leakage.
Owners of classic yachts can get special classic policies that, for example, meet the specific insurance needs of special models or craft services.

With breakdown insurance it is recommended to make sure that not only the value of the yacht is covered but also the original acquisition/market value of the yacht. It should also be agreed with the insurance company that no new for old deductions are made with part-damages. Here it should be ensured that unlimited replacement value cover is agreed in the contract. In this way, damaged parts would be fully reimbursed by the boat breakdown cover or, should the opposing insurance only refund the value, then the boat breakdown cover would make up the difference.
When making sailing trips abroad, adequate protection against diseases should be considered, particularly the additional costs that may be incurred for medical treatment. Here, foreign health insurance is recommended.
Passenger personal accident insurance also could be acquired. This insures risks to the policyholder, friends, strangers or relatives against the financial consequences of an accident on board. It also pays out providing the skipper has not acted negligently. However, passenger personal accident insurance is only valid on board, possibly also on shore, but not in everyday life.

This is particularly recommended for sailing tours abroad, because it may become difficult to claim liability damages against third parties.
Regardless of the insurance referred to here, everyone should insure themselves with good accident/disability insurance.
For sailors in the Mediterranean, confiscation insurance is recommended. Particularly in the sailing territories of Greece, Turkey, Cyprus and Croatia, there is a risk that the yacht could be chained up due to violations of the law or involvement in an accident.