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




Institute Yacht Clause

QBE Yacht Insurance wordings



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One Comment on “Yacht Insurance for Pleasure Craft and Speed Boat”

  • Dewi Ratnasari wrote on 16 October, 2012, 17:03

    Dear Mr. Musjab,

    In this good opportunity we would like to invite you to join in our show, INDONESIA YACHTS SHOW 2013, Indonesia’s luxury yacht and boats exhibition is scheduled to be held in the classy Batavia Marina in Sunda Kelapa, Jakarta, on 8 – 9 June 2013.

    This unique yachting extravaganza would showcase the latest yachts and boats to the growing class of Indonesian millionaires with massive dispensable income!

    The Global Wealth Report, by the Credit Suisse Research Institute, revealed that Indonesia’s total wealth increased by US$420 billion to $1.8 trillion from January 2010 to June 2011, and was among the top 20 highest contributors of wealth growth. Millionaires in Indonesia are also expected to increase from 112,000 in 2011 to 242,000 millionaires in 2016. (Source: The Jakarta Post, 21 Oct 2011).

    There is also a growing amount of highly affluent local Indonesians and expats in Indonesia searching for Yachts and leisure crafts. Pantai Mutiara in Jakarta, which many of the rich reside, provides direct access to personal yachts and boats at their very own backyard and the “Yacht Friendly” initiatives by the Indonesian Government also helps to encourage more touring yachts to the country.

    To find out more about this exciting and luxurious event please visit http://www.yachtsexpoasia.com and feel free to contact me at : (+62-21) 9626 4938 or email at : marketing@megawatt-asia.com should you require further information or for a non-obligation presentation.

    Thank you and I look forward to welcoming you to INDONESIA YACHTS SHOW 2013!

    Best Regards,

    Dewi Ratnasari
    Marketing Coordinator

    PT Megawatt International
    Boulevard Timur Raya Block NC1/56
    Kelapa Gading – Jakarta, Indonesia

    T. +6221 9626 49 38
    F. +6221 4586 55 74
    M. +6281 808 108 316
    E. marketing@megawatt-asia.com
    W. http://www.yachtsexpoasia.com

    “Indonesia’s Luxury Yachts and Boats Extravaganza!”

    Thanks for the invitation and will mark the calendar

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