Does the yacht have to be insured?
It depends on the flag of the vessel and the country in which you sail. Most countries require boat insurance. However, it is not compulsory in some countries, for example in te UK (there is no legal requirement to have yacht insurance in UK).
Common Insurance Types
one of the most popular marine insurances. It covers your boat for both partial damage and total loss. Only the owner of the boat can buy this 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 vessel.
it offers a skipper cover throughout the year against damages which occur during the use of another’s motor or sailing yacht. The cover takes effect when the yacht’s own liability insurance cannot be applied.
Is insurance valid after the yacht is sold?
The Seller should immediately notify the Insurer of the sale of the yacht. The new owner can often use the seller’s policy for some time. However, you should always check the rules directly with the Insurer. For example, if the seller was insured with Pantaenius, his policy is valid for 30 days from the date of sale.
Can the SSYD crew use their own insurance?
Only the owner of the yacht can insure it against loss or damage. There can be only one such insurance and it cannot be bought out by a third party (just like your car cannot have many policies issued to different people). Our skippers have their Skipper Liability Insurance. This type of insurance will work in the case when the basic yacht insurance turns out to be insufficient. A sample of our Professional Skipper Liability insurances can be found here:
Your policy applies to the area strictly described in the contract. Can be described as
- Longitude and latitude,
- Waters, like Bay of Biscay access limited to summer season,
- Geographical area (=area of validity), for example: Mediterranean, defined in the West with the street of Gibraltar and in the East with the Dardanelles. Excluded are territorial Waters of North Africa, the Middle East and Albania.
Looking at the example above – if you want to enter Albania or Marocco, you should report it to the Insurer and take out policy extension which does not cost much. That is your best choice to be sure your yacht is safe and secured.
Insurance terms of selected insurers:
- Pantaenius: https://www.pantaenius.com/pl-en/service/downloads/conditions/
- Yacht-Pool http://www.yacht-pool.com/yacht_versicherungen.0.html
- Bavaria Insurance: https://bavaria-ag.de/en/yachtversicherung/
- Allianz https://www.agcs.allianz.com/solutions/marine-insurance/yacht-insurance.html#tabpar_2009_1Tab
- Admiral Marine https://www.admiralyacht.com/
- Markel Insurance https://www.markelinsurance.com/boat#ps-3
- Allstate https://www.allstate.com/boat-insurance/features.aspx?intcid=/boat-insurance/main.aspx|HVT|boat%20insurance%20coverage