• info@ikap.gr
  • 210.412.2975

 

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Yachts

  • A yacht for personal use is defined ‘hul and machinery, boats, gear and equipment as would normally be sold with the vessel. Portable or personal items excempted
  • Speed warranty- that the vessel and any associated smaller vessels does not go above 17 knots. Should this be covered with the provision of speedboat clause
  • Navigating warranties – providing for cruising within certain areas. Whether the vessel will be hired out of these areas the insurer must be informed
  • Private pleasure purpose warranty- that the vessel will be used fot that purpose. Whether the vessel will be hired out of for commercial purpose the insurer must be informed
  • Perils covered- similar as the ITC-H, perils of the seas rivers lakes and other navigate waters, fire, jettison, piracy, contact wih dock/harbour installation, land conveyance, aircraft or similar object failing therefrom, earthquake volcanic eruption lighting
  • Perils covered subject to due diligence- Accidents in loading discharging or moving stores gear equipment machinery or fuel, explosions, malicious acts, theft of entire vessel or her boats/ outboard motors provided securely locked to the vessel, theft of machinery including outboards following forcible entry into vessel or place or storage/repair. Additional coverage such as malicious acts, theft of vessel or her equipment relative size appeal and portability would be provided
  • Due diligence perils- loss or damage other than motor, electrical and batteries caused by latent defects, breakage of shafts, bursting of boilers, negligence of any person. Excluding any defective repair/alteration of maintenance work
  • Physical damage exclusions- outboard dropping off or falling overboard, boat with speed over 17 knots-unles specially covered, is on parent vessel, is permanently laid up ashore, ship’s boat not permanently marked with the name of the parent vessel, sails and their covers split by wind or or blown away- unless as a result of the spars being damaged, damage caused by vessel being in collision, or caused by contact with an external object
  • Racing a yacht should always the insurer be informed
  • Third party liability cover for loss or damage to any other vessel or property, loss of life personal injury, illness payments for life salvage, wreck removal, costs to defend or contest liability or limitation liability, costs for representation at any coroner’s inquest or fatal accident enquiry, extending to liability of others in command of the vessel with the permission of the insured employees of shipyard/marina etc
  • Excepted liabilities- employer’s liability, any boat with a max speed over 17 knots, to any person engaged in waterski or aquaplan, fines
  • Betterment new for olf. Protective covers, sails, rigging, outboard motors eith deduction 1/3
  • Increased value such as disbursements, commissions, profit, or other interests, or excess of value of hull & machinery shall not be insured unless the value of the vessel is €50,000 and not to exceed 10% of the total amount insured. Breach of warranty cannot be used by insurers against an innocent mortgagee
  • Speedboat clause- is used where the vessel or any of its smaller boats has a max. speed over 17 knots
  • Other clauses- similar as in coverage as the ITH-C such as: war, strikes, & political acts, CTL, unrepaired damage, duty of insured/sue & labour, application of the deductible, notice of claims, salvage costs

P&I cover for yachts protects and indemnifies the insured in respect of third-party liabilities, costs and expenses including those for loss of life, personal injury and pollution. Fixed or mutual premium. Limit of up to US$ 500 million

Features of the cover include:
  • Liabilities to crew and guests on board
  • Water sports including water-skiing, windsurfing and flyboarding
  • Liabilities arising out of the use of the yacht’s tender and toys
  • Uninsured boater coverage
  • Liabilities whilst under charter
  • Contractual liabilities

For any additional information please contact us.

Contact Info

60 FILONOS ST. PIRAEUS, 18535
210.412.2975
 697.445.5584
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