Yacht Insurance for Pleasure Craft and Speed Boat

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Yacht & Speed Boat

Yacht & Speed Boat have special characteristics i.e. her size and GRT are relatively small, made of fibreglass and speed not exceeding 17 knots, and navigation area in coastal waters not exceeding 30 miles from sea shore. Yacht and Speed Boat usually use for leisure or for crew transportation, Yacht is also called Pleasure Craft.

Yacht Insurance

Yacht & Speed Boat Insurance usualy uses “Institute Yacht Clause” wordings by some may use “Yacht Insurance” tailor made wordings

Yacht Insurance has 4 sections:

1.       Hull & Machinery

2.       Third Party Liability

3.       Personal Accident for Crews and Passengers

4.       Personal Effects

Section 1: Hull & Machinery

Covers loss or damage to Yacht (or Speed Boat) caused by:

• perils or seas: heavy weather, grounding, sinking and collision
• fire and explosion
• jettison
• piracy
• contact with dock, harbour, land conveyance and aircraft
• earthquake, volcanic eruption, and lightning
• loading and unloading of equipment, machinery and fuel
• malicious act and theft
• negligence of crews or other person

Section 2: Third Party Liability

Covers legal liabilities to third parties i.e.

·      Property Damage: loss or damage to other vessel or property

• Bodily Injury: loss of life, personal injury or illness, including payments made for life salvage, caused on or near the Vessel or any other vessel
• Legal Costs: the legal costs incurred by the Assured or which the Assured may be compelled to pay in contesting liability or taking proceedings to limit liability
• Removal of Wreck: removal or destruction of the wreck of the insured Vessel or the cargo thereof or any neglect or failure to raise, remove or destroy the same

Section 3: Personal Accident for Crews and Passengers

Gives benefit for accident causing bodily injury or death by violent external and visible means sustained whilst embarking, disembarking or whilst on board the Yacht

Section 4: Personal Effects

Covers loss or damage to the personal effects from any accidental cause. This coverage only applies to effects owned by the insured and the insured’s immediate family and guests, and only while the property is aboard the Yacht or being loaded onto or from the Yacht. This Insurance does not cover currency, jewellery, furs, china, silver, valuable papers, documents, antiques, collectibles, or computer hardware and software.

Rating Factors

Premium for Yacht Insurance may start from 2% to 2.75% and depending on underwriting factors, antara lain:

–          Type of vessel, age and gross tonnage (GRT)

–          Trading Area atau Navigational Area

–          Coverage and Limit of Liability

–          Insurance and Claim experience

How to Insure?

To have Yacht Insurance is simply write Proposal Form and submit Ship Particular, and Survey (if necessary).

To have a quote and further inquiry

Please call: +628128079130

Or email: imusjab@qbe.co.id

by IMAM MUSJAB at www.ahliasuransi.com

Source:

Institute Yacht Clause

QBE Yacht Insurance wordings

www.qbe.com