While your yacht is being built by the shipyard, Builder Risks Insurance protects your asset.
Most of the time, the purchase price of the yacht is due over various construction stages and the shipyards are supposed to protect your investment during the whole process. However, this principle may find some limitations and the subscription to a "Yacht Builder Insurance" policy is necessary under the four following situations:
- The shipyard does not have a third party liability insurance and may only provide a bank guarantee to protect your investment.
- The shipyard has third party liability insurance but the shipyard is not liable for a claim affecting your yacht (i.e. neighborhood fire, lightening...)
- The shipyard has third party liability insurance and covers the claim, but the damage amount exceeds the amount guaranteed in the insurance contract.
- The shipyard has third party liability insurance but the building contract foresees a total (or partial) waiver of liability.
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Hull & Machinary Insurance covers damage to your yacht, and includes liability to any third party if applicable.
We provide you with contract solutions specifically tailored to meet with your needs and requirements, such as:
- French Leisure Craft policy
- Institute Yacht Clauses policy
- American Yacht Clauses R-12 policy
- "All in One" policy
We can also include optional
guarantees such as:
- War risks
- Loss of hire
- Genuine legal protection guarantee
- Cover for cash on board and in transit
- Fine arts insurance solutions
- Helicopter insurance solutions
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Protection and Indemnity (P&I) covers third party liabilities and expenses arising from owning and/or operating a Yacht. This liability insurance protects the ship-owner from any claim falling under their responsibility (i.e. from crew, passengers, pollution...).
MYBA association (defining charter industry standards) requires subscription to this coverage for any yacht intending to charter, as P&I protects the ship-owner from claims for personal injury, illness and loss of life of passengers, crew members and others.
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Flag regulation has led to more stringent rules concerning crew protection. It is complementary to P&I which is only a partial cover, to fully protect crew members for the following reasons:
- P&I Insurance covers accidents and illness on the yacht only and not outside the yacht (i.e. crew members are not insured whilst not working)
- P&I deductible is generally 1,500 USD
We can provide you with insurance solutions for crew not affiliated to a national health care program, for any yacht's flag and crew nationality. There are four solutions that can be subscribed separately:
- Medical expenses following accident or illness
- Salary compensation following accident or illness
- Capital guarantee in case of death or permanent disability following accident or illness
- Retirement plan
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Charter Cancellation Insurance protects a charterer from the consequences of a charter cancellation.
This solution includes cancellation following personal accident, illness or death of the charterer or a direct family member. Also, an optional guarantee extends this coverage to cancellation due to bad weather.
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