There are plenty of charter companies on the market, and there are big differences in the insurance offered. There are differences in price but this is not the key factor. Much more important is the extent of the damage covered by the insurance. In addition, when you have a security deposit on the boat — getting it back depends on your insurance choices.
Experience tells us that more expensive insurance usually has lower coverage and limits in the form of multiple exceptions. This means that if an insured incident occurs, you may find that your insurance does not cover this particular type of damage. The charter company will also keep your deposit of hundreds or even thousands of euros in damages.
How to Recognize Good Security Deposit Insurance
Good security deposit insurance is hard to find on the market. How do you recognize it?
- It costs the same or less than most charter companies
- It covers a wide range of damage and situations that can occur on the boat
- It guarantees you a refund of the deposit (unless it is not paid in cash)
- In the event of an insured incident, only a low deductible is taken from the deposit
The security deposit insurance, available on the Czech market, is offered by companies such as Allianz, Axa, Yacht-Pool and Yachting. Allianz and Axa offer very little coverage whereas Yacht-Pool and yachting°com offer much wider coverage. Their insurance policies are among the best on the market, yet the differences between them are not negligible.
Really wide insurance cover applies to
- keel and rudder damaged by a reef, shallow or harbour
- anchor and chain
- propeller and shaft, when winding the rope at sea or damage on the reef
- dinghy and outboard motor, breakage, theft or engine flooding
- damage to the gelcoat on the hull, paint abrasion
- damage and tearing of lines
Let’s compare the two best deposit insurance policies on the market. The basic parameters are cost of the insurance, the extent of the coverage, the amount deductible in the event of an insured incident, the period of validity of the insurance, and service and insurance advice in the event of an incident.
Deposit Insurance Comparison
|Price of Insurance Cover
|Validity of Insurance
|Service and Insurance Advice
The advantage of deposit insurance with Yacht-Pool include a lower deductible and a longer period of validity, which is one year. The insurance is therefore suitable for sailors who set sail several times a season or throughout the year.
For Recreational Yachtsmen It’s Best to Insure with yachting°com
- One of the cheapest on the market
- Covers all common damages that may be incurred on your voyage
- Negotiations are easy, in the event of an insured incident, you deal with Czech subjects
- Insurance coverage is 30 days – long enough for a long four-week cruise
- Deductibles are higher, but it covers even more damage
Deposit insurance offered by Yachting is based on many years yachting experience and is in close cooperation with the insurance company Kooperativa, so it complies with all applicable Czech law. Covering sailors on the seas around the world, the resolution of any insured incident takes place in the Czech Republic. This means there is easier communication in the event of the unexpected.
Don’t spoil your holiday with unnecessary worries. Good insurance, like yachting°com, will save you worry and money.
A summary of premium rates depending on the level of the security deposit paid and the level of the deductible in the event of payment of indemnity can be found here:
Overview of Premium Rates