A yacht is a type of transport comparable to a luxury car, and the same principles may apply to its insurance. In the same way as with any vehicle, the insurance may cover the body of the boat and third party liability; both are equally necessary for the yachtsmen, who regularly ravel with their boats and for those who use their boat couple of times a year within their local aquatic area. A Yacht may be hijacked just like a car; it may be damaged in a storm or by an unfortunate manoeuvre; or damage other yachts or berthing facilities and equipment, while in port. Apart from body, equipment, and third-party liability insurance, there are other specialised types of coverages: crew insurance, professional indemnity insurance, etc.
Generali insurance company offers All-risk insurance for leisure boas, and is the first company that extended the standard navigation limits: up to 200 miles from any EU Country (including cruises between the mainland and Canary islands), and additionally provides coverage in the whole territory of the Mediterranean, and around the world, including the Caribbean.
The following vessels may be insured:
Insurance policy GENERALI NAUTICO offers the following type of insurance for yachts and cutters, which, taking into account specific nature of navigation, are complex and combine different insurance plans in one policy:
- Third party liability:
Coverage for body, mechanisms and equipment in case of loss or damage during vessel operation.
Complementary guarantees:
- Total loss
Apart from loss due to total loss of vessel, this option covers damages if the vessel goes missing, hijack or spoilage, as well as reasonable and necessary expenses for vessel rescuing.
Total loss may be actual or practical, when reparations will exceed the value of the object itself and damage of the body, mechanisms or equipment, caused during operation and storage of the vessel as a result of natural calamity, explosion, fire, capsizing, stranding, collision with other vessels or objects (floating or fixed).
Complementary guarantees:
- All-risk insurance
Complementary guarantees:
For the insurance products “Total loss of vessel” and “All-risk” GENERALI NAUTICO insurance policies offer a new guarantee – war and strikes insurance, and in case of third party liability, wreck removal is included in additional guarantees, as well as cover for canvas, awnings and protective covers.
Price of insurance for cutters and yachts shall be established separately in every case, depending on the operation conditions.
Price of the insurance policy GENERALI NAUTICO depends on value of the vessel, its age and type, area and character of operation, on-shore storage conditions and operative clause.
GENERALI NAUTICO policy may be taken out with a deductible amount clause. This way, in case of occurrence of an insured event, the owner of the vessel will bear expenses up to a specified amount, but if the damage exceeds the deductible amount, the company will reimburse the difference.
Additionally the policy may cover:
Duration of the GENERALI NAUTICO insurance policy is a complete calendar year, during which operation and offshore storage risks are covered.
| GENERALI NAUTICO COVERS | Insurance coverage LIMIT |
|---|---|
| RISK 1. Third-party liability | |
| Compulsory Liability Personal damage |
120.202,42€ per victim Max. limit 240.404,84€) |
| Property damage | Max. limit 96.161,94€ |
| Maximum cover in case of accident | 336.566,78€ |
| Voluntary liability Property damage and personal damage third party liability (including damage caused while on-shore) |
Options: 450.000€; 600.000€; 1.200.000€ Or limit depending on cost of vessel (max. 10.000.000) |
| Deductible amounts and legal defence | 100% insurance cover |
| Towing operation and removal of rests | 6.000€ per insured event per year |
| RISK 2. Total loss | |
| Total loss | 100% real price |
| Practical total loss of vessel | 100% (if cost of reparation in 75% exceeds the real price of the vessel) |
| Salvage and maritime assistance cost | 100% of real price |
| Removal of rests | 10% of insurance amount for body, engine and equipment |
| Hijack during storage in a closed premises or riding at anchor (or damage) | 100% of real price |
| Reimbursement of damages | 10% of total price (limit 3.005,06€) |
| RISK 3. Personal damages | |
| Partial vessel damages | 100% insurance cover (cost of new vessel) |
| Accidental damages during transportation (by motorway or railway) including damages during handling. | 100% insurance cover (cost of new vessel) |
| RISK 4. Theft | |
| Theft of engine/engines outside the ship, included in the insurance policy | 100% insurance cover |
| Theft of stationary equipment declared in the insurance policy | |
| Vessel damages caused by theft or intention thereof | |
| RISK 5. Personal effects | |
| Damage of personal effects on-board | Max. 5% of the value of the vessel |
| RISK 6. Accidents | |
| Options | |
| Death | from 6.000€ to 60.000€ per person |
| Partial or total disablement | from 6.000€ to 60.000€ per person |
| Medical and pharmaceutical care | from 600€ to 6.000€ per person |
| RISK 7. Legal defence (mandatory) | |
| Reimbursement of legal expenses | 3.000€ per process |
| Minimum sum in dispute | 600€ per process |
| RISK 8. Travel assistance | |
| Medical and technical care onshore Reimbursement of hotel expenses |
Мax. 3 nights (60€/night), Total limit 720€ |
| Vessel safekeeping | Max. 300€ |
| Reimbursement of medical expenses abroad | 750€ per insured person, Total limit 4.500€ |
| Medical assistance to ill and injured | On request |
| Repatriation of remains | To the place of permanent residence |
| Shipping of medicine | Max weight 10 kg. |
| Special services | |
| Shipping of navigation maps | 100% of shipping expenses (excluding cost of maps) |
| Information services | On request |
| Medical consultations | On request |
| Accompaniment of minor | Up to 14 years |
| Emergency messages | 24 hours service |
(Ilf and Petrov)
