Transport, Shipping, International Trade Web-course: “Yacht insurance: types, features, examples from practice”
Yacht insurance is a practical necessity in the life of every yacht owner. Moreover, there is always that can be a risk of natural disasters or injuries on board. At the 13th webinar on Transport, Shipping and International Trade Web-Course, we briefly focused on the main types of yachts insurance coverage in the context of Insitute yacht clauses and reviewed the most typical insurance cases from the practice. Thus, there are the following main types of insurance coverage:
- Hull & Machinery (H&M) — housing and equipment/materials insurance. Applies to the engine, tender yacht. Does not apply to money, jewelry, art objects. There are H&M damage insurance, total loss insurance, as well as full total loss and damage insurance.
- Third Party Liability (TPL) — insurance of civil liability of the shipowner to third parties, including for damage caused to third parties and/or their property, the environment, as well as human life or health.
However, take into consideration that insurers make special warranties, and their violation by the owner of the yacht may lead to non-payment of insurance indemnity in case of the insurance event. So, we wish all yachting enthusiasts and professional yachtsmen a fair wind and the opening of the yacht season as soon as possible!