For its owner, a yacht is both a significant investment and a living space that deserves careful protection. While cruising, perils such as collision, grounding, heavy weather or fire, and while berthed in a marina or laid up ashore, risks such as theft and malicious damage can cause serious harm to the hull, machinery and equipment. Cover should therefore reflect the vessel’s true value and the way it is used.
Yacht insurance protects your vessel against these perils through hull and machinery cover, while also securing your third-party liability for damage caused to other vessels, piers and marina facilities or to persons. A policy shaped around your intended use, cruising area and the characteristics of your yacht makes the time you spend at sea more secure. For charter businesses, cover suited to commercial use can also be arranged.
Who is it for?
- Owners of motor yachts, sailing yachts and gulets
- Businesses chartering out their vessels seasonally or annually
- Companies engaged in yacht management and charter operations
- Owners financing their purchase who must provide a policy to the lender
Scope of cover
- Hull and machinery: damage to hull and engines from collision, grounding, sinking, fire and heavy weather
- Theft and malicious damage: theft of or deliberate damage to the vessel, fittings and equipment
- Third-party liability (P&I): liability for damage to other vessels, facilities and persons
- Wreck removal: costs of removing a sunken vessel where legally required
- Salvage and sue and labour: reasonable costs incurred to salve the vessel and minimise loss
- Optional extensions for personal effects, tenders and water sports equipment
- Optional use-based extensions such as charter, racing and extended cruising area
Scope of cover, limits and deductibles are determined by the insurer’s general and special conditions; the final scope is set out in the policy.
The Proxima Brokers approach
We assess your yacht’s value, age, condition, intended use and cruising area together with you to determine the right sum insured and cover structure. We compare market terms on scope and deductibles and review on your behalf the policy wording that determines the final scope. We revisit your policy before each season and follow the survey and repair process closely when a claim arises.