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Welcome at the superyacht and boat insurance page.
All about yacht and boat insurance, boat accidents and risks
A yacht or boat is a valuable asset, which is often used in risk full environments or with risk full behavior. Insuring your boat is an import factor in mitigation the risk of financial or material losses.
In general the following solutions can be found.
Cover for the boat itself
Hull and machinery insurance
Hull and machinery insurance covers physical loss or damage to the hull and machinery. Exclusions include wear and tear and failure to maintain. An important item of the insurance is the running down clause, also referred to as "the collision liability" provision. This protects the owner of the boat against legal liability which may arise out of boat colliding with another boat and damaging it. Many insurance companies will require a marine survey to help discover hidden damage and maintenance issues. Typical losses include, collision, fire or windstorm damage. There are three main types of hull insurance for yachts and boats:
1 Agreed value -
2 Actual value -
3 Replacement value -
Cover for items on board
Tenders, dinghies, personal watercraft
Some boat insurance policies automatically include a Tender as a covered item in the hull (boat, machinery and equipment) definition. Some insurance companies do not provide any coverage automatically and you have to specifically insure the tender. Some insurance companies provide specific requirements regarding size or horsepower in order to qualify as a tender. Personal Watercraft are normally specifically excluded and not considered a tender
Fine Arts Coverage
Fine Arts Insurance provides specialized coverage for fine arts collections. Insured items can be in your permanent collection or on loan to others, in storage or in loan to you. Coverage can include unnamed location coverage, loss buy-
Fire Arms Coverage
Firearms Insurance provides protection for legal firearms and accessories. This insurance includes accessories such as scopes, rings, mounts, slings and sling swivels which are attached to the insured firearm. Coverage can include bodily injury or property damage caused by the use of a firearm, air gun, bow & arrow, or trapping equipment and defense costs in addition to a liability limit.
Personal and Crew Property and underwater gear
Personal property coverage is the type of insurance that can help protect items in your boat, like furniture, clothing or other belongings such as ski equipment. Personal property coverage could help you cover the cost of replacing them. Coverage can include water damage, theft, and other damages.
Cover for the use of the yacht
Third party liability insurance
Third party boat insurance provides cover for damages that the owner, guests or crew have caused against a third party in conjunction with the use of the boat, including collision and over-
Charter coverage including Loss of Charter Income
Charter boats have special insurance requirements. Charter boat insurance coverage can include fishing guides, charter fishing, sight seeing, day cruises or extended charter cruises. Charterer’s insurance covers an insured for risks associated with the charter of a vessel. The charterer does not have an insurable interest in the boat or yacht but their risks associated with the use of the boat fall under the ship’s liability insurance classification. Charterer’s liability insurance covers the charterer for liabilities to the ship owner (hull damage) and to third parties. Charterer’s interest insurance covers the charterer for loss of future income if the vessel becomes a total loss during the voyage. Charterer’s loss of hire insurance covers loss of earnings if the vessel is sub-
Search & Rescue and Emergency Services Coverage
Some insurance companies offer yacht coverage that provides global coverage and protection for often-
Marine Environmental Damage (such as fuel spills) Fines and Penalties insurance
Pollution is often covered under the liability section of boat insurance policies. In recent years boat insurance companies sometimes provide a separate limit for fuel spill or pollution coverage.
Legal Expenses / Legal Defense Protection
Legal expenses insurance is a type of insurance which covers boat owners against the potential costs of legal action brought by or against the policyholder. Legal expenses insurance provides more affordable coverage for the legal fees charged (including expenses incurred) by a lawyer representing the boat owner in usually unforeseen legal matters. These can include employment disputes, litigation, disciplinary actions, environmental damage and criminal charges. Coverage is generally not discretionary; if the claim is covered within the governing terms and conditions of the policy, the policy responds