Yacht charter crews always have to pay a security deposit upon arrival at the base. This will cover the excess in case of a claim on the comprehensive cover. We always recommend taking out an insurance on the deposit. We would be glad to send you further information on skipper liability, trip cancellation insurance or consequential loss insurance.
Explanation Deposit Insurance:
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
Travel Cancellation Insurance and Travel Health Insurance are recommended as well for guests travelling with Crewed Charters / Luxury Yacht Charters.
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