Three main risks associated with yacht insurance
Your yacht can be a home, a vehicle, an investment and sometimes even a workplace if there are staff and crew on board. Such varied uses come with naturally complex insurance risks, which can be covered by warranties, including hull and machinery warranty, workers' compensation, medical insurance of the crew, liability insurance, contents warranty (including furniture, works of art and various watercraft), and more. A risk coverage strategy is recommended to ensure the insurance of the yacht, its contents, passengers and owner in the event of an incident.
Navigation
When asked what owners value the boating experience most, some will invariably respond that it is the freedom that comes with exploring certain parts of the world on their own schedule and time. a lifestyle that many people don't get the chance to enjoy. However, keep in mind that different navigation regulations may apply in different parts of the world.
When making your boating plans, keep in mind that your required protection will depend on where you plan to travel. The coverage required varies depending on your intention to stay in Canada, travel to the United States, or extend your stay in the Caribbean or even the Mediterranean. Please note that you may not be covered for yacht trips to Mexico unless you take out adequate insurance. To travel to Cuba, special attention should be paid to insurance for the transport of authorized passengers.
Before consulting your risk management advisor, please indicate your travel itinerary. This way, your travel plans can be reviewed against applicable warranty requirements, whether national or international. Take, as an example of an international insurance requirement, the Nairobi Convention which entered into force in April 2015. This specifies that ships traveling in certain international waters are required to take out insurance for the removal of vessels. wrecks.
Pollution warranty
A standard yacht insurance policy normally includes property and indemnity coverage, as well as basic liability insurance (including pollution risk coverage). However, it is important to recognize that this pollution guarantee is limited and does not sufficiently cover pollution risks in all situations and in all jurisdictions. When assessing the adequacy of the pollution warranty, the yacht owner should first determine whether the general policy limit is sufficient, given the risk. Then, just as importantly, you need to consider how the pollution warranty would apply in the event of a fuel spill or other contamination, as even a small accidental spill could be a serious problem. To protect against this risk, specialized insurers offer extended policies including additional guarantees, which cover in particular damage assessment, defense in the event of litigation, assistance with cleaning and expertise in fines and penalties.
Security and safety
Safety is a concern around the world, and your safety while traveling on a yacht is no exception. Being prepared means understanding that boating can be dangerous and that unfortunate things can happen, especially if you don't invest in a warranty that includes protections that include towing and other emergency services, research, rescue and evacuation in a medical emergency. Although rare, even malicious and extreme incidents, such as kidnapping and hacking, are possible. Adequate insurance protection can help you in the event of unfortunate events.
Talk to your risk advisor
Remember, there is more to preparing and protecting your yacht than the three topics covered in this article. Please consider the following questions to help you assess the risks you should protect yourself against before your next boating excursion:
Where do you plan to store your yacht?
Do you plan to live aboard your yacht for part of the year?
How is the yacht equipped?
Do you keep your belongings and valuables on board your yacht?
Is there a crew remaining on board?
Do you charter your yacht?
Is your yacht used for social gatherings?
إرسال تعليق