Insurance of boats and yachts does not differ too much from car insurance from the technical point of view only 10-20% of insurers deal with boat insurance. The specifics of yacht and boat insurance begins just at the time the insurance event occurs: the service of the insurance company should begin here, despite the time of day and day of the week.
What vessels are accepted for insurance?
You can insure a small craft registered in the relevant register in accordance with the applicable laws of the respective country.
Small water vehicle (boat, yacht, boat) is a vessel with a maximum hull length of not more than 20 meters, excluding tugboats, pushers, vessels carrying more than 12 passengers, cargo ships, floating cranes and technical fleet vessels.
Most U.S. insurance companies accept the following types of small crafts:
- motor boats;
- sailing and motor yachts;
- sailing catamarans;
- rowing boats and canoes;
What risks can you insure against?
The main risks include:
- water traffic accident;
- fire explosion;
- natural elements;
- threat of accident;
- hidden manufacturing defect;
- failure of the blades, rupture of the steam boiler;
- rise from the water for setting on the slipway, holding on the slipway, launching from the slipway;
- damage when a small vessel is moored at the berth;
- theft, robbery, illegal actions of third parties.
Water transport insurance provides for reimbursement of losses incurred by the insurer due to the complete (both actual and constructive) loss or damage to the hull, machinery and equipment of small water vehicles, due to accidents and dangers of sailing, or for other reasons of a sudden and unforeseen nature based on the conditions below.
How to get compensation?
In order to receive insurance compensation and determine the amount of losses, the policyholder must provide originals or duly certified copies of the following documents:
- water transport insurance contract;
- ship ticket and certificate of suitability of a small vessel for navigation;
- documents on the last port inspection of the vessel and the implementation of the requirements of such inspection;
- documents that confirm the right of ownership (use, disposal) of the insured to the vessel;
- documents of registration of an event with a vessel issued by the competent state authorities, port authorities or their respective coastal services;
- the policyholder’s report on the occurrence of the event, indicating its causes and circumstances, according to the rules of boat insurance;
- certificate of survey of the vessel (if any);
- the conclusion of experts on the further suitability of the vessel for operation and the economic feasibility of its restoration;
- a detailed description of the types, scope and nature of the rescue services provided to the vessel, and an invoice for their payment (if such services are provided);
- account for the implementation of restoration work in the event of damage to the hull, machinery and equipment of the vessel due to the occurrence of an insured event under the water transport insurance agreement.