mjcoon
Well-known member
Yes, that was my thought too. On the face of it (with no detail) looks like a scam!
Insurance for bareboat charter
- Thread starter bbg
- Start date
skyflyer
Active member
Resolved: clarification received from charter company
The boat is insured against loss, but I would have to pay the excess in the event that there was a claim, even if it was not my fault - striking an uncharted submerged object being the quoted example.
The charterer does not offer an excess waiver fee on this rental but - oddly - do so on their catamaran rentals
If I want to be insured against claims from third parties I have to get my own insurance.
The boat is insured against loss, but I would have to pay the excess in the event that there was a claim, even if it was not my fault - striking an uncharted submerged object being the quoted example.
The charterer does not offer an excess waiver fee on this rental but - oddly - do so on their catamaran rentals
If I want to be insured against claims from third parties I have to get my own insurance.
sailho
New member
Can anyone advise of a company that will do charter deposit insurance for uk residents chartering in Croatia/eu now David cammorons BRIT EXIT fiasco is complete??
wonkywinch
Well-known member
sailho
New member
They did in November last year but not now.
Said that they were working on it but could be 6-8 weeks so no good for 3 June.
st599
Well-known member
Spoke to them at the Düsseldorf boat show as I've used them before. They said that the Brexit deal didn't cover financial services, so they couldn't sell a policy to a UK resident but they hoped to have a solution in place imminently.
Baggywrinkle
Well-known member
Depending on the charter company ask if they offer a damage waiver. It's a few hundred euros, just pay it and then you will not be liable for any excess towards damage however it is caused.
ashtead
Well-known member
They just need to be appointed as an appointed representative by a uk regulated insurer or broker to sell product or they might be able to sell as a connected contract which is how car hire excess is sold in Ireland and EU lands along with travel if in Ireland by likes of TUI with the package. So for a uk resident you should be able to buy excess waiver cover when booking your charter. To be a connected contract it has to meet certain conditions however so it might be excess on yachts cannot do this so a sale by a regulated broker or AR is only route for uk customers wanting excess protection.
sailho
New member
The information back from the charter co was that they are not doing this scheme this year so that option is closed as well.
Thought I was getting a better deal booking direct rather than through a agency.
Thought I was getting a better deal booking direct rather than through a agency.
ashtead
Well-known member
It might just be capacity in the UK market from insurers has simply dried up for collision damage excess as an add on product or that the particular insurer used by the charter co in question has pulled capacity due to a poor loss ratio. On motor the loss ratio for car hire excess is very good but I have no knowledge of yacht hire excess- I guess you might look at Aon as one of the large brokers for possible solutions.
sailho
New member
That's what there waiting for
wonkywinch
Well-known member
How strange, they took my money online in February this year for an annual policy after answering an email whether there was any "no claims discount", the document all looks correct with my UK address etc. (No NCD available either!).
If you charter more than once a year, this works out more expensive. The boats I charter generally have a €3,000-3,500 deposit. The charterers normally charge 10% to cover this, ie 300-350 a time. For around 13.5%, EIS do an annual policy so I paid €470 for €3,500 of cover for a year and generally charter 3-4 times a year so this is a huge saving.
Should I email them and confirm I am still covered since they haven't contacted me otherwise.
ashtead
Well-known member
EIS don’t seem to have any regulation by the German regulator so my concern would be their possible insolvency but maybe having paid out you have a policy showing the insurer ?
wonkywinch
Well-known member
Yes, holding a policy document showing "TRIGLAV OSIGURANJE D.D." of Zagreb as the insurer.
ashtead
Well-known member
Not one I have heard of in Zagreb but worth looking at whether a ombudsman jurisdiction clause applies. What we would call a FOS clause in uk speak and which law governs your policy . Some foreign policies don’t have FOS clauses.I won’t venture into whether an insurer authorised in Zagreb can cover what I assume is a UK resident but maybe it’s thought the risk is located where the charter takes place or it’s a group policy covering those who charter. For car hire excess the insurer has to be authorised in the jurisdiction where the car is hired eg Spain etc so might be same for yachts.
sailho
New member
ashtead
Well-known member
Pleased to hear that -the broker seems to be regulated in Germany but not entirely clear from the website which company is underwriting and location .
sailho
New member
Just going through the terms & conditions.
Looks to be another German insurance house
sailho
New member
Worked out €175.00 for €2000 charter base deposit +€20.00 for dingy cover. A bit more than EIS, but at least they cover UK residents.
A big relief with only 2 weeks to the charter.
A big relief with only 2 weeks to the charter.
wonkywinch
Well-known member
Just deciding whether to take out cover for the deposit on a Whitsunday's charter next month. EIS won't sell to UK customers due to Brexit but Schomacker Hamburger Yacht-Versicherung have confirmed they will. Premiums are roughly 8-9% of sum assured. This includes any taxes but additional 8 euro for credit card handling.
YACHT-INSURANCE SCHOMACKER
YACHT-INSURANCE SCHOMACKER