For bareboat charters, sailors or power boaters should consider insurance for some typical charter risks. All these insurances are of course optional, not obligatory. But we recommend at least an insurance for the security deposit!
Basically all charter bases insure the yachts of their fleets with both third party liability insurance and hull insurance. Simply put, the liability insurance covers damages to other boats, port facilities or strangers. The comprehensive insurance covers damages of the chartered yacht – for hull insurance, there is always a deductible. For this excess that is not covered by the hull insurance, the charterer pays a security deposit.
We always recommend to secure this deposit with a deposit insurance. In some cases, the charter companies offer an own insurance with a “damage waiver”: Buying the non-refundable damage waiver, charterer pay less refundable deposit. But with most charter bases, a deposit insurance with an insurance company is recommended.
Other recommended charter insurances are:
– Skipper’s third party liability insurance
– Charter cancellation insurance – just in case the skipper or crew members become ill
– International travel health insurance, eventually accident insurance
We will be glad to send you application forms for charter insurance – or you can buy charter insurance online