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Marine Insurance

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.



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Cover for the boat itself - Yacht and Boat Insurance




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.




Marine Survey

Many insurance companies will require a marine survey to help discover hidden damage and maintenance issues. Typical losses include, collision, fire or windstorm damage.




Hul Insurance

There are three main types of hull insurance for yachts and boats:



1 Agreed value -  In the event of a total loss, this coverage option provides for the full agreed-upon value of your boat without depreciation



2 Actual value - In the event of a total loss, the market value, determined by age and condition of the boat at the time of the loss



3 Replacement value - In the event of a total loss, this coverage option provides the cost to replace the lost boat with new boat




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-back provision and reward for stolen object recovery




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.



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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-the-side / water sports activities / diving for guests.



Coverage mostly includes not only repairing the damages but also defending you against unjustified claims or medical coverage. If a third party is guilty of damaging your boat, but you cannot recover any costs, e.g. due to the other party's insolvency, the yacht liability conditions can cover this,




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-chartered and the voyage is restricted due to hull damage. If a charter has to be canceled because the yacht is not able, available, damaged, the loss of charter income can be insured,  whereby mostly the first few days of loss of charter are treated as an excess.




Search & Rescue and Emergency Services Coverage

Some insurance companies offer yacht coverage that provides global coverage and protection for often-overlooked search and rescue expenses.



While the US Coast Guard and other governments do not charge for at sea search and rescue missions, some local authorities or instances are charging for their services in emergency circumstances.



Expenses incurred by an insured in relation to a governmental search and rescue or other who provide emergency aid and assistance can be insured. Coverage is available to address medical issues following a rescue.  



If a passenger, for instance, has to be airlifted to a preferred medical facility insurance policy provides for the cost of an medical airlift.  And if an injured person should not travel alone, the policy can also cover the fees associated with having a companion or medical professional, such as a doctor or nurse, accompany the patient on the airlift flight.



If an insured yacht finds itself distressed or in imminent danger and another vessel comes to its assistance and incurs damage in the rescue effort, the policy can also address the costs of the damage to the vessel that came to the rescue




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.




Other Insurance



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



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Life Insurance

Life Insurance is an insurance where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death or critical illnes of an insured person .



The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. Parties are always searching for affordable life insurance quotes.




Yacht Insurance Companies



Pantaenius

Pantaenius is one of the leading yacht insurance companies with outstanding service



Allianz

Allianz Global Corporate & Specialty is one of the largest yacht and boat insurers in the world



Chubb

Chubb offers the most comprehensive yacht insurance policies available for both private pleasure and select charter usage




Useful Marine Insurance Links

https://en.wikipedia.org/wiki/Marine_insurance

https://en.wikipedia.org/wiki/Marine_Insurance_Act_1906

https://en.wikipedia.org/wiki/Insurance

https://www.marineinsight.com/maritime-law/different-types-of-marine-insurance-marine-insurance-policies/





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Yacht and Boat Insurance in 2019

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