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Top 5 Yacht Charter Insurances for Your Protection
Sailing or motor yachts are exclusive luxury objects and when they suffer damages it can get very expensive.
So if you want to charter a yacht it is advisable to cover the biggest financial risks with a deposit insurance and a skipper liability insurance, for example. Find out more about it here.
Which ones are the most important insurances for bareboat yacht charter?
Charter providers have in general got comprehensive insurance with excess. The deposit that the charterer has to put down usually amounts to that excess. A charter deposit insurance protects you from the loss of the deposit (mostly between 1,500 – 2,500€). On taking it out you should make sure that the dinghy and the outboard motor are included as well.
The private liability insurance most likely doesn´t include claims arising from charter holidays. It is therefore sensible to conclude a skipper liability insurance contract for damages that aren´t covered by the comprehensive insurance (accidents with gross negligence, i.e. caused by drink-driving or other; resulting loss of charter). Here you should double-check that the gross negligence and the resulting losses aren´t excluded in the contract.
It can cost very much having to cancel a booked charter voyage. In this case you are better off with a travel cancellation expenses insurance. It encompasses the travel cost (not always) as well as parts of the charter fee. In addition, providers often offer an insolvency insurance to protect you from losing the down payment for the charter.
Last not least you should consider taking out a foreign travel health insurance or an accident insurance as a private health insurance doesn´t include claims from charter holidays.
Which providers offer what type of insurance package for yacht charter?
When you contract an insurance for your sailing holiday it is important to get competent advice from professionals. There are different combinations of single insurances or packages that include varying benefits.
In the following, we have put together a brief summary of the basic packages of some recommendable insurance providers:
| Hamburger YV | EIS Insurance | Yacht Pool | Pantaenius | |
|---|---|---|---|---|
| Travel Cancellation Expenses | 41 – 440€ according to charter price | 4% of the cost | 3,93% of the cost | In the Basic package |
| Skipper Liability | 72 -158€ depending on the yacht | 65 – 130€ depending on the yacht | 90 – 200€ depending on the yacht | from 85€ or in the Basic package |
| Foreign travel health insurance | – | In the Platinum package | – | In the Gold and Platinum package |
| Accident insurance | Between 22 – 183 € | In the Platinum package | Between 40 -300 € | In the Gold and Premium package or individually |
| Deposit insurance | from 75€, depending on amount of deposit | 8% per charter; 15% for a year; individually or as a package | From 60,69€, depending on amount of deposit | In the Silver-Gold- and Premium package; separately 140€ |
| Number of insured persons | 1 – 8 people | Skipper + 9 crew members max. | All crew members | Up to 9 people |
| Online Booking | yes | yes | yes | yes |
| Duration of the insurance cover | Depending on the product per charter or for a year | Depending on the product per charter or for a year | 12 months | Charter up to 60 days |
| Secured payment certificate | No, but possibility to take out insolvency insurance | No, but charter price contingency insurance possible for 2,1% of the charter price | yes | No, but insurance of deposit is included in some packages (Note the limit) |
| Price | Can be booked individually, see above | Basic package 270€ with deductible, 320€ without | Can be booked individually, see above | Basic package 175€ with deductible, 275€ without |
What is the duration of the insurance cover for motor or sailing yacht charter?
Some providers have a flat rate for their charter insurances. So apart from the booked charter the duration is extended for 12 months in total and includes all further charter holidays in that period. With other providers it is limited to a charter up to 6 weeks or according to the package combination both variations are available.
What is the difference between deposit insurance and skipper liability insurance?
The deposit insurance covers damages to the yacht caused by the charterer usually to the amount of the charter provider´s excess of the comprehensive insurance. Anything exceeding that might be covered by the owner´s insurance or not. A skipper liability insurance covers the potential blanks in the insurance of the charter yacht´s owner. It also includes damages to crew members and other boats that aren´t covered by the owner´s insurance.
What is a secured payment certificate?
The secured payment certificate is a guarantee that in case of insolvency of the charter provider the insurance company is able to refund your lost down payment. Some insurance companies have this already included in their packages and others offer separate insolvency or charter price contingency insurances.
We hope you now have a good overview of the most important insurances for yacht charter and wish you a great cruise. To get the best deal just enter your preferred dates into the user-friendly YachtFinder search mask.