YACHT INSURANCE

MARINE INSURANCE, HOW TO FIND THE BEST POLICY FOR YOUR NEEDS

What does the law require of us? What can we optionally insure? For those who sail, guarantees are never superfluous

Marine insurance is similar to car and motorcycle insurance: every watercraft with an engine on board must be insured. The owner and master are obliged to take out a Third Party Liability (abbreviated to Rc.) policy with the function of covering damages that may be caused to others while using the boat and while it is at berth. This imposition applies to all categories of pleasure craft, watercraft, boats and ships, which are defined as follows:

• Vessels: units with a hull length of up to 10.00 meters if motor, sail or motorsailers
• A boat is sailing with an auxiliary engine when the ratio of sail area (expressed in square meters) to engine power (in horsepower) is greater than 2 (for example: sail area 20 square meters/engine power 9 hp)
• A boat is a motorsailer if the ratio of sail area (in square meters) to engine power (in horsepower) is between 1 and 2 (for example: sail area 20 square meters/engine power 11 hp).
• A boat is motor-driven if the ratio of sail area (in square meters) to engine power (in horsepower) is less than 1 the unit is motor-driven (ex: sail area 20 square meters/engine power 21 hp)
• Boats: units with hull lengths between 10.00 and 24.00 meters
• Recreational vessels: units with a hull length of more than 24.00 meters

Every vehicle that installs an engine, regardless of size, power or powertrain, must have an Rc policy.

The annual premium varies depending on the value of the vessel, the power installed on board (mechanical or fiscal does not change much) and the minimum guaranteed limits, which from June 2017 cannot be less than six million seventy thousand euros. The penalties for those who engage in recreational boating without being insured are substantial: a fine of up to 3,000 euros and seizure of the vessel.

BOATING ANCILLARY INSURANCE

For leased boats, in addition to the mandatory insurances just seen, it is mandated by the company entering into the leasing agreement to add a Yacht Bodies insurance that guarantees the leased asset by covering damages related to one's boat. To have the greatest guarantee possible, it is advisable to move toward a Yacht Bodies and Machinery policy that also guarantees problems with the thrusters, including the consequences that damage in the engine room can cause. Broader contracts also provide cover for wreck salvage, abandonment of the ship, or for damage that may happen to people on board.

If you consider participating in sports competitions, such as sailing regattas, it is a good idea to think about specific insurance that will go to cover the damage you may cause to your own and others' boats during the heated competitive stages.

The same applies to boats intended for charter. Given the increased use and consequently the increased stress to which they are subjected, it is necessary to take out specific policies that also provide for this purpose.

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