Each time we sign in, you are obliged to leave a deposit for potential damages that might occur on the yacht during the cruise. The amount are between € 1000 and 3500 and this is the maximum limit of our liability for the chartered yacht. It depends on the yacht size and class. Let’s be honest: that’s not a small amount of money, but its loss can hurt. Therefore, yacht operator offer a deposit insurance. What is it and what are the possibilities? Read more
Formula 1: Total cancellation of deposit
The principle is easy: Instead of paying a standard deposit during the sign-in (embarking), you pay the insurance. Apart from the fact we have the maximum security, it makes the check-out (disembarking) procedure easier. The acceptance of the yacht by the chartering company is limited to the inspection of completeness of the equipment (dinghy, outboard motor, fenders, anchor, etc.), and potential Disadvantage: As there is no financial responsibility, not all clients care about the yacht with due diligence, and we can be the next crew!
Formula 2: Deposit reduction
This is the most popular insurance offered by yacht operators. Upon embarking, we pay the insurance amount and the deposit – not in full, but significantly reduced (for example, instead of € 2000, we pay € 200). Here our responsibility is limited to € 200, so if the operator claims a damage to the amount of € 1000, only the amount we paid in will be deducted.
Formula 3: Classic deposit insurance
We insure the deposit but we leave it at the operator in full. What in case of a damage? The deposit or its part is deducted, then we turn to the insurance company and they are obliged to cover the damage. This is quite troublesome, and we will wait for the compensation (even several weeks). The advantage of such insurance are its lower costs and the fact that this way we can insure the deposit on a virtually any yacht, because we can do it even in out country before the journey, independently from the operator’s offer.
Does the insurance cover all losses incurred during the cruise?
The deposit insurance covers all damages arising on the yacht, however the insurance company often reserves that the insurance does not cover losing or the loss of a part of the equipment, e.g. the dinghy and the outboard engine, fenders and the anchor. Nevertheless, losing the dinghy or the engine are rare situations, and a lost fender does not cost very much.
Can I choose the yacht insurance formula?
Unfortunately not. The insurance offer depends on the solution accepted by the operator and cannot be changed. If a given formula does not suit you, you need to search for another yacht or use the classic insurance. You can find the information on the insurance conditions offered to a given yacht in the additional services section. In case of doubts contact us.
How to find a yacht with a possibility of deposit insurance?
It’s easy. Using our search engine, select the box “possibility of deposit insurance” (an umbrella with €). In the search results, you will see only those yachts where such insurance is available.
Does it pay off?
Yes. If you decide for an insurance, you must bear an additional cost of the insurance to the amount of approx. € 150–300, but we sail in peace not thinking about a potential loss of deposit – and this is what vacation is about.
With sailor’s regard,