A superyacht charter requires more than standard travel insurance. Think high deposits, liability for skipper and crew, medical assistance worldwide and cover for tenders and water toys. Want to delineate exactly what comes standard in the charter price? Check out What's included in a superyacht charter. Global Yacht Charter does not sell insurance, but we are happy to help you with clear information so that you get on board prepared and well insured.
Who is covered and where
Charter insurance policies for superyachts usually focus on the main processor of the charter contract, the skipper, crew and guests sailing along. Always check that the policy covers all crew members by name or in group form, including temporary crew ashore during excursions. For superyacht charters, a distinction is often made between the charterer being an individual or a company and whether there is a professional crew on board. The division of responsibilities and minimum coverages is usually fixed in the MYBA charter conditions (cancellation and liability clauses).
The area of coverage varies from one insurer to another. Some policies only cover Europe or the Mediterranean, others worldwide including or excluding the US and Caribbean. Also take into account tax rules per sailing area. Note exclusions such as participation in regattas, stunts, use of jet skis or seabobs without proper qualifications, and damages due to gross negligence. Pre-existing medical conditions, alcohol and drugs, and illegal activities are usually excluded.
Practical is also the claims process. Cancellation insurance policies usually require conclusion within a fixed period after booking. Keep charter contract, payment receipts, medical evidence and logbook extracts. For liability and accidents, prompt notification through the emergency centre is required and a police report may be required if third parties are involved. In When to book your summer charter, you can read about the best time to arrange cancellation and travel insurance.
Deposit insurance in super yacht charter
The deposit on a superyacht can be high. Deposit insurance or bail insurance is therefore a frequently chosen addition. This policy reimburses deductions from your deposit in case of damage to the chartered superyacht within the terms of the lessor and insurer. Note that normal wear and tear, cleaning costs, fuel shortages and fines are almost always excluded. You can find more context on cost items and risks that are often outside insurance coverage in the Cost of a superyacht charter (APA, VAT and tips explained). Want to know more about advances and ancillary charges? See How APA works on a yacht charter.
In particular, check whether the policy also covers damage to the tender, outboard engines, navigation electronics, anchors and chains, interior and water toys. Some insurers apply an excess or maximum per incident, and differentiate between basic and comprehensive packages with higher limits and additional liability components.
Typical situations where deposit insurance can help include touching a shallow depth with propeller damage, glass damage from a hard landing with the tender or damage to railing and deck fittings while moored. Match the sum insured to the actual deposit in your charter contract and put any differing provisions from the lessor in writing in advance.
Other relevant coverages
- Cancellation insurance: covers unforeseen cancellation or abortion of trip due to, among others, illness, serious accident or death in immediate family. Often valid only when taken out shortly after booking and with supporting documents.
- Skipper's liability insurance: protects the skipper and, where applicable, the crew against damages to third parties due to nautical errors or negligence not fully covered by the owner's yacht insurance.
- Personal accident insurance: pays out in the event of permanent disability or death due to an accident on board, in the tender or during shore-based excursions related to the charter.
- Travel health insurance: medical expenses worldwide, repatriation and emergency transport. Coordination is via the insurer's emergency centre. If necessary, medical repatriation can be coordinated with our sister company Global Aviation.
- Coverage for equipment and water toys: check whether kayaks, SUPs, seabobs and jet skis including third-party damage are covered and which licences are required.
Include insurance premiums, deposit and any excess in your budget in advance; see Budgeting for a yacht charter with crew (sample budget).
What information does an insurer require
Sharing complete information upfront speeds up underwriting and claims. Frequently requested details are:
- Charter contract, dates, sailing area and planned route
- Name, type and value of superyacht, including tender(s) and equipment
- Certificates of experience and qualifications of skipper and crew
- Number of people on board and relationship to the main processor of the contract
- Deposit and excess as included in the charter
- Medical details that may be relevant for underwriting
Frequently asked questions
What does travel insurance not cover?
Exclusions usually include regattas and races, wilful or gross negligence, alcohol and drugs, illegal activities, normal wear and tear and fines. Pre-existing conditions are often excluded without prior underwriting. Always consult the specific policy conditions.
What is the most common coverage for yacht insurance?
For charters, this is a combination of deposit insurance, cancellation insurance and travel medical insurance. For the skipper, additional liability is popular, while accident cover is often added for all aboard.
Does a boat need insurance?
The owner of the superyacht usually has hull and liability insurance. However, as a charterer, you remain financially vulnerable to security deposits, cancellation, personal accidents and medical expenses, for which separate travel and charter cover is intended.
Is yacht insurance compulsory?
For owners, liability is actually required in many regions. For charters, the lessor may require minimum cover and deposit. Additional travel and charter insurance for you and your guests is usually not required by law but strongly recommended.
Global Yacht Charter does not provide insurance advice and does not broker insurance products. Please contact your own insurance advisor or a specialist charter insurance broker for your policy choice.
