Hull & Machinery and Protection & Indemnity insurance for charter yachts provide essential coverage against physical damage, and legal liability. It also safeguards the interests of owners, charter guests, and the overall reputation of the charter business.
Hull & Machinery covers physical damage or loss to the vessel itself. It typically includes coverage for the yacht's hull, machinery, and equipment for damage or loss due to windstorms, sinking, grounding, or electrical surge, among other reasons. Protection & Indemnity covers the legal liabilities of the owner and operator while the vessel is in operation. This Third-Party liability covers bodily injury or death to guests and crew and property damage by the insured yacht. Coverage examples include a slip and fall on board, a guest injury while snorkeling, and the vessel colliding with another boat.
MHG’s marine insurance professionals will ensure your business has the appropriate Hull & Machinery and Protection & Indemnity coverage tailored to your specific charter activities.