Deposit insurance

What is deposit insurance?

A scuffed boat gelcoat, a clogged toilet, a submerged outboard motor, a broken or upended hatch — these are a just a few of the common reasons for losing your security deposit that you pay the charter company at check-in. The amount typically ranges from €500–5,000.

If no damage occurs during your sailing trip, you get your deposit money back, otherwise, the charter company deducts part or all of the deposit (depending on the amount of damage). Taking out deposit insurance ensures you don't lose your money. You can choose from two variants: the BASIC deposit insurance and EXTRA deposit insurance.

COMPARISON OF DEPOSIT INSURANCE VARIANTS

	BASIC	EXTRA
Insurance of basic sails, dinghy, winches, gelcoat.	✔	✔
Additional sails insurance	✖	✔
Liability insurance	✖	✔
Deductible rate	20% of the deposit value	10% of the deposit value

Deposit insurance applies to all EU nationals residing in the EU.

BASIC Deposit insurance

Why take out the BASIC variant?

This insurance covers partial or total loss of your deposit due to accident, theft, vandalism or natural disaster.

How much does the BASIC variant?

The cost of deposit insurance is based on the amount of the deposit. For details of the BASIC deposit insurance costs, including the deductible (if any), take a look at the pricelist.

Happy crew on a catamaran in sunny weather

What is covered?

Partial or total loss of the deposit to the charterer as a result of destruction or damage to the chartered recreational vessel caused by the negligence of the insured skipper or crew.

Scope of insurance coverage also includes:

Dinghy including outboard motor
Gelcoat
Basic sails (including careless handling, tearing due to sudden gusts of wind, etc.)
Loss or other damage to the winches

What is not covered?

The insurance does not cover (exclusions) damage caused:

Intentionally by the skipper or crew of the vessel
As a result of the use of alcohol, or narcotic or psychotropic substances
In connection with extraordinary events — e.g. war, mutiny, nationalisation, confiscation...
In the event of the vessel being captained by a person without the appropriate authorisation, evidenced by a generally recognised document of qualification (i.e. the vessel must not be sailed without an authorised captain)
When sailing in an area for which the vessel has not been approved
In the case of the vessel being in an unseaworthy condition, if it has already occurred and was apparent before departure
Unjustified withholding of the deposit as a result of an event not caused by the insured, the skipper or their crew
Any financial loss (e.g. seizure of the boat due to violation of laws, late return of the boat)
During races and regattas, including preparation for them — additional insurance may be taken out if necessary

Terms and Conditions of the Basic variant

Payment is subject to proven damage or destruction of the chartered vessel.
Proof of fault for the damage — the crew or skipper caused the damage.
The insurance covers only the crew and skipper with EU citizenship, regardless of their nationality.
The insurance does not cover areas of countries subject to current sanction restrictions and does not cover damage caused by a person subject to sanction restrictions.

Our clients' experience with deposit insurance

To find out more check out our article — Charter boat deposit insurance in practice: our clients' experiences. Here you will find out about our clients' experiences in dealing with deposit insurance claims — what happened to them, how they resolved it and when they got their money back.

Our tip

Are you hesitant about whether deposit insurance is worth it? In our experience, it’s a definite yes! Not only will it save your nerves, but also a lot of money. Find out why exactly you should take out deposit insurance in our article — 5 reasons to take out deposit insurance.

DEPOSIT INSURANCE guarantees that you will receive

your refundable deposit back even if you accidentally damage the boat.

EXTRA Deposit insurance

Why take out the EXTRA variant?

The insurance covers partial or total loss of the deposit due to accident, theft, vandalism or natural disaster. In addition, the policy also covers gross negligence and liability, including consequential financial loss and damage to the health of others — liability insurance.

How much does the EXTRA variant cost?

The cost of bail and liability insurance is based on the amount of the bail. Check the table for details, where you will find the price list and the deductible rate. In case you book a boat in the Premium price package, which already includes BASIC deposit insurance, you will pay only the difference in the price of both insurances for the EXTRA variant.

What is covered?

Partial or total loss of the deposit to the charterer as a result of destruction or damage to the chartered recreational vessel caused by the negligence of the insured skipper or crew.

Scope of insurance coverage also includes:

Dinghy including outboard motor
Gelcoat
Basic and additional sails (including careless handling, tearing due to sudden gusts of wind, etc.)
Loss or other damage to the winches
Liability insurance — NEW: also covers damage caused to crew members by the skipper and his operation of the vessel. It does not cover damage caused by the insured on the chartered vessel. Details here.

Terms and conditions of the EXTRA variant

Payment is subject to proven damage or destruction of the chartered vessel
Proof of fault for the damage — the crew or skipper caused the damage
The insurance covers only the crew and skipper with EU citizenship, regardless of their nationality
The insurance does not cover areas of countries subject to current sanction restrictions and does not cover damage caused by a person subject to sanction restrictions

What is not covered?

The insurance does not cover (exclusions) damage caused:

Intentionally by the skipper or crew of the vessel
As a result of the use of alcohol, or narcotic or psychotropic substances
In connection with extraordinary events — e.g. war, mutiny, nationalisation, confiscation...
In the event of the vessel being captained by a person without the appropriate authorisation, evidenced by a generally recognised document of qualification (i.e. the vessel must not be sailed without an authorised captain)
When sailing in an area for which the vessel has not been approved
In the case of the vessel being in an unseaworthy condition, if it has already occurred and was apparent before departure
Unjustified withholding of the deposit as a result of an event not caused by the insured, the skipper or their crew
Any financial loss (e.g. seizure of the boat due to violation of laws, late return of the boat)
During races and regattas, including preparation for them — additional insurance may be taken out if necessary
Liability insurance does not cover damage caused by the insured on the chartered vessel.

Everything you need to know about boat charter deposit insurance

Interested in our offer? Have any questions? Write to us and we'll get back to you:

Denisa Nguyenová

Sales Consultant

+420 730 188 100 denisa.nguyenova@yachting.com