Yachts and cutters insurance details

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:

  • motor cutters and yachts (including those with outboard motor);
  • sailing boats;
  • catamarans. 

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: 

  • Damage caused by the vessel to third-parties life, health, as well as environment, i.e. insurance of liability of the owner before any third parties for damage caused by the insured vessel to any floating and fixed objects by collision;
  • Personal accidents; 
  • Salvage and maritime assistance;
  • Legal defence;
  • Travel assistance;

- 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:

  • Personal effects at total loss;
  • Personal accidents; 
  • Travel assistance;
  • Legal defence; 
  • War and strikes

- All-risk insurance

Complementary guarantees:

  • Personal effects at total loss;
  • Personal accidents; 
  • Travel assistance;
  • Legal defence; 
  • War and strikes

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:  

  • launching and refloating; 
  • transportation of the insured vessel;
  • participation in races and regattas.

Duration of the GENERALI NAUTICO insurance policy is a complete calendar year, during which operation and offshore storage risks are covered.  

GENERALI NAUTICO insurance policy is your protection from unforeseen circumstances, of which there are more than enough at sea!


Cutter and yacht insurance 

Insurable risks 

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)
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
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