Is it mandatory to take out insurance for my yacht? If I don’t, is there any penalty?
There is no obligation to take out Yacht Insurance, however, if it is uninsured, your yacht is not protected from the many possible risks while it is sailing and/or moored.
What is the scope of the Yacht Insurance in general?
All accidents and risks that you may encounter at sea (such as fire, robbery, strong gale, armed conflict, earthquake, explosion, boiler explosions), and risks specified within the frame of Institute Yacht Clauses and the General Conditions of the Boat Insurances are included in this insurance.
How is the insurance amount of my yacht determined?
The policy is issued for the current market price according to the features of the yacht, by taking into consideration the price that you have bought it for, and/or the amount that you have declared.
What is considered when determining the premium for Yacht Insurance?
Insurance policy premiums are determined by evaluating features such as the age of the yacht, construction style, model, speed, and purpose of use.
Does my Yacht Insurance policy cover everything on the boat?
The hull, keel bottom, and equipment that is customarily bought and sold with the yacht, are considered the integral part of yacht.
Does it include my personal belongings?
Personal belongings are outside of the scope of the Institute Yacht Clause. However, these can be included with additional premiums and conditions, within the limits determined by the policy, with the approval of the insurance company.
Does the policy include fuel and provisions?
Consumable materials such as fuel and provisions are not covered by the policy.
Are damages to a third party, caused by me in my yacht, also covered?
The pecuniary damages and bodily injuries to a third party that may be caused by your yacht are covered by the policy, with limits specified in the policy and within the scope of the Institute Yacht Clause. The pecuniary damages to the other boat involved, and the expenses incurred for death, bodily injury and for saving life are covered by the policy, limited by the liability limit specified.
Do I have to take out a separate policy for a service boat that is attached to my yacht?
There is no need to take out a separate policy for a service boat which carries your yacht name; it is covered within the scope of your Yacht Insurance. However, the name of the yacht must be written on it.
Does my policy cover the period of hauling out my yacht at marina?
Cover is provided as long as the hauling place is specified in the policy, and approved by the insurer. Under this condition, your cover is continued while hauling out and launching your yacht.
Is my policy valid if my friends, or someone other than me, is sailing my yacht?
Even though the yacht is registered to you, as long as it is stated in the policy that it can be sailed by someone other than you, who has an adequate sailing license, the policy remains valid.
Are damages caused to the marina or other yachts during mooring in the marina covered?
The damages caused to other yachts and marinas are covered by the policy, within the liability limit against third parties specified in the policy.
Are the damages caused by an earthquake included in my policy?
Earthquakes are a risk that is included in the cover by the Institute Yacht Clause.
Does my insurance policy apply for cruises in international waters?
It is valid in the sailing and navigation areas specified in the policy.