Yacht insurance

A boat that ran aground

If you seriously reflected on purchase of own yacht, it is worth taking care of its insurance. During water travel there can be any incident to the yacht: blow when mooring, collision, grounding. Therefore insurance of the yacht won’t be senseless expenditure.

 

FULL PROTECTION

During water travel there can be any incident to the yacht: blow when mooring, collision, grounding.

During water travel there can be any incident to the yacht: blow when mooring, collision, grounding.

Depending on the owner’s choice insurance protection can extend for operation (navigation) of the boat, on a storage time in garage or yacht-club or for a stage or transportation on the trailer. Standard it is considered insurance of the yacht/boat for a period of 1 year where all above-named periods are included. We will notice that insurance includes not only actually a boat board, but also all its main equipment. At will it is possible to insure also the additional equipment.

Keep in mind that the boat is too the vehicle, so, it is a source of a certain danger to people around. Keep in mind that the yacht is too the vehicle, so, it is a source of a certain danger to people around. Therefore together with the yacht it is worth insuring responsibility for causing damage to property or harm to life/health of other people for the period of operation of the vessel. The cost of insurance of the yacht/boat for 1 year makes from 0,5 to 3% and depends on year of release of the vessel, its speed and the price of the territory of navigation (the USA, the EU, Russia and so on), use purposes.

 

THE BROKER WILL HELP

To insure the vessel, you shouldn’t ask for the help agents on insurance of vehicles. It is better to use services of skilled insurance brokers in the field of yachting. Only such expert will be able to give really qualified help in a choice of the company, will offer a suitable insurance product and will save your money. It is very important his ability to settle insured events in practice. The skilled broker knows shortcomings of insurance products and how the insurance company at a loss occurrence will work. The qualified specialist is capable to reduce time of receiving payment.

If you get the insurance policy, be not limited to a basic package. Remember that insurance of the boat is your protection against an unforeseen situation at which approach will have to pay you compensation. We recommend to use services of large, solid insurance company with good reputation even if it and will cost expensive. However for such company payment of an insurance premium won’t be burdensome, and it never endangers the reputation, and the relations with the client. If you insure the boat which age is more senior than 5-7 years, the company will request its survey with the written conclusion about its state. It is better to combine survey with works on service of the yacht prior to the beginning of or after end of a season when the boat is lifted from water. So you exclude additional expenses.

 

IF AN INSURED EVENT OCCURS

Immediately report about all occurred events which are capable to entail insured event. At a loss occurrence fix damage from all foreshortenings, in detail describe all circumstances of an event and assure them the appeal to the port authorities or other bodies. Carefully keep account of expenses which are connected with the occurred case, keep supporting documents. It will help you not to make mistakes in work with insurance company.

 

RISKS WHICH ARE COVERED BY THE INSURANCE POLICY

  • the risks arising when transporting, lifting the vessel, descent to water;
  • collision with other ships and other objects;
  • damage during races and regattas;
  • damage as a result of military operations;
  • complete destruction of the vessel;
  • damages of the case, mechanisms, cars, equipment;
  • disappearance of the vessel;
  • theft or stealing of the vessel entirely, and also theft of its separate parts;
  • theft or loss of the suspended motor;
  • damage resulting from criminal acts.

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