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Even with the best intentions, accidents happen.
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Yacht charters require the best insurance protection.
A charter is being arranged on a gorgeous, multimillion dollar yacht. Right now, everyone is focused on the fun and relaxation of the upcoming holiday, but what if the charterer or guest caused an accident while onboard? The damage is significant, and the charterer is left liable. Depending on the terms of their insurance policy and the charter agreement, the vessel owner may or may not have coverage for the accident or incident.
Protect yourself, or your clients, with a Yacht Charterer’s Liability policy. This type of policy can help indemnify the charterer against the legal liabilities, costs, and expenses that could arise, giving your clients peace of mind knowing that their risks are mitigated in the unfortunate event of an accident.
Protection against damage to the hull, interior furnishings, tenders, and other equipment.
A Yacht Charterer’s Liability policy provides the charterer with peace of mind that they are properly insured during their holiday. Designed to fulfill conditions outlined in standard contracts, Charterer’s Liability protects the charterer and guests against Third-Party Liability claims. These claims can include potential lawsuits for accidental death or injuries occurring onboard the yacht or resulting from watersports activities, in addition to damages to the hull, interior furnishings, tenders, and other equipment. In most cases, the owner’s liability policy will not cover the charterer. Often, a charter agreement is signed without considering that the charterer can be held liable if there is damage to the yacht or injuries to guests during the charter.
Trip Cancellation + Charterer’s Liability = the total package.
Are you looking for protection leading up to and during the charter? TRIP CANCELLATION INSURANCE can safeguard a charterer’s financial investment in case a cancellation is necessary. This insurance can help recover non-refundable money paid for the charter and related expenses if certain unforeseen events or emergencies lead to the cancellation.
The vessel owner's policy will cover the claim first; however, additional coverage may be necessary depending on the type of accident and the amount of the claim. This is where the charterer's liability coverage could protect the charterer's financial interests.
To provide a quote, only the “charter fee” is required. Quotes are typically provided the same business day.
A Charterer’s Liability policy typically costs between 2% and 4% of the charter cost. Minimum premiums do apply.
The charterer and their guests are covered under the policy.
It is recommended to have a combined liability limit that is adequate to cover the vessel in the event of a complete loss. Our Charterer’s Liability policies can offer up to $50M in coverage.
Our Insurance Specialists can guide you to the best plan for your needs, and your budget.