Carefree sailing holidays

Yacht charter insurance

Carefree sailing holidays with tailored charter insurance packages

Essential part of a good sailing trip planning process is an open discussion between skipper and crew about potential trip risks and their mitigation. The harmony within the crew should not suffer from an external event that might cause damage to property or even people. Charter insurances can cover some of the major risks and therefore are highly recommended. The most common insurances are:
- Travel cancellation costs insurance
- Guarantee insurance for security deposits
- Skipper third party liability insurance
- Skipper passenger accident insurance
- International health insurance

Travel cancellation costs insurance

If, for an insured reason, the skipper is unable to go on the charter trip, the cost for the entire charter cruise is refunded, sometimes with a predefined deductible. If a crew member can't join in, the prorated charter fee will be refunded. If the trip is interrupted for an insured reason, the insurance will pay for the unused portion of the charter fee. It should be noted that the full tour price must be insured. Some insurance providers offer coverage for the insolvency of the charter operator as an additional option to this package.

Guarantee insurance for security deposits

Charter yacht sarefully insured by the operator.However, the charter company and its insurers have typically agreed on a deductible for the charter company if a damage should occur. This payment is the financial risk of the charter companies that they ask their customers to cover through a deposit payment. If a loss occurs, the deposit will beforfeited as a whole or partially. This financial risk for the customer is covered by the guarantee insurance for security deposits. The insurance fees forthe deposit insuranceare moderate and not significant for the individual crew member. Someinsurers offer lower fees combined with deductibles.

Skipper third party liability insurance

Skipper third party liability insurance

As a skipper, you are fully liable with your personal property for all damages that might occur. This includes damages to crew members.Any private third party liability insurance does not cover these risks. The yacht insurance of thecharter company may have significant coverage gaps that you may be unaware of. In many cases (often in Greece and Turkey) coverage is limited to theactual value of the yacht. The liability of the skipper, however, is unlimited. Skipper third party liability insurances usually cover the following risks::

  • Closure of a coverage gap of the charter yacht insurance in case of property damage and personal injury.
  • Coverage of crew member claims in case of damage.
  • Coverage for damage caused due to gross negligence of the skipper. As definitions of this term are handled very differently from country to country, this is an important area to be insured.
  • Claims of the owner about charter breakdown due to a yacht damage. Support in case of yacht seizure in a foreign port.

Skipper passenger accident insurance

insured are all accidents involving skipper and crew, including accidents on the dinghy, during diving or as a result of warevents. Regattas or race participation require a separate premium agreement. Coverage includes medically necessary transport back home and recovery costs, also in case of a heart attackor stroke..

International health insurance

The international health insurance provides protection in case of accident and disease abroad. If those risks are not covered through your existing health insurance, we recommend an addition, to be purchased for a small annual fee of around 10 € yearly.