Yacht Insurance liability in Dubai and across the UAE

Image source: charteryachtdubai.com

Image source: charteryachtdubai.com

There are many yacht insurance clubs around the UAE, some of them offer special coverage for the elite. They are of course, written by particular Insurance Companies and are privy to a group rating. This allows them to keep the insurance costs quite low, plus increase and secure an attractive package for the member. A group yacht insurance policy does offer basically the same coverage as the non group policies. It is, however, wise to investigate and compare an alternate insurer to confirm you are getting the coverage you need. One very important liability coverage to look for is the type of protection it gives your crew members, should anything happen.

The base of the policy is the liability and the hull of the vessel. Other than the obvious coverage for the type, length, and value of the yacht, the prices are determined by the jurisdiction in which the vessel is registered and moored.

It is not just the coverage provided on the policy that is important, it is also the way they handle their claims service. You wouldn’t want to have hit something out there in the ocean, and have to wait 3 days for an adjuster to approve a tow for you. Claims Adjusters should be at arms length when needed and respond quickly. This would be the type of claim that you ask questions after the fact. A good Yacht Insurance Company should have excellent claims service. If it costs a little more, it would probably be to your advantage.

There should be a few liability situations that stand out such as:

1. Coverage extends to cover people who you have allowed to use the   yacht for short periods of time.

2. Offer complete coverage if you charter out the yacht to the public

3. The crew members working the charter would all still be eligible for all coverage that the actual policy provides to them; and

4. The people that charter your boat, must have proof of their own liability insurance in case of any type of damage or personal injuries they cause another person or damage they cause to the boat.

Contractual liabilities

You are covered for any contractual indemnities which you are required to accept under a club, marina, or supplier’s standard terms and conditions. Most rights of subrogation are waived. If you are to enter into an agreement, you must offer the agreement to your Company to review and approve.

Crew compensation

Type of coverage for crew compensation for accident, personal injury, illness or death. Ensure that any legal representation cost and expenses are covered.

Water sports

Personal Injury Claims arising from the use of water sports equipment, belonging to you and stored by your yacht.

Racing cover

A Company will usually cover sailing yachts participating in casual racing events or those organised by yacht clubs. There are restrictions on the type of racing that occurs, which should be read carefully before participating. If your yacht’s principal purpose is competitive racing, you will need to inform the Company.

Come visit insurancemarket.ae for a custom made yacht insurance or pleasure craft insurance solution.

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Pleasure Craft Insurance

Image source: charterworld.com

Image source: charterworld.com

Pleasure craft insurance in Dubai covers loss or damage to your boat caused by an unpreventable accident or unknown incident. It is a good idea to do a little shopping around as coverage is different at each insurance company. There are Companies that may not insure the type of boat you own.

These are questions you should be prepared to answer and the documentation you will need to get pleasure craft insurance.

  • There is usually are rules on the maximum speed of your boat that the insurance company will insure. If the boat has a motor over the described limit, they will want additional information to have it approved. This is the time where having your home, auto or liability policy with them, helps in getting an approval.  You should definitely go through your broker as they will know how to set up an arrangement with the underwriter. Some insurers may customize a boat package for your rather then lose you to another company.
  • The underwriter at the insurance company will need all the pertinent information such as the age, speed, length of the boat, and horsepower of the engine. Some insurers will require a survey if the craft is older than 7 years. If it is a specialty boat, they will want an appraisal. Ask your broker which marine appraiser is accepted by the Company.
  • If you are insuring a sail boat, they will definitely want to know the experience of the operator and/or crew. If it is a larger type of boat. The insurance companies usually want 5 years experience.
  • Claims/loss experience is another critical factor. They prefer clients with at leased 3 years who have been claims free for three  years or more.
  • Your pleasure craft insurance covers for the loss of life or personal injury or damage to third party property caused by the use of your boat. The policy also covers liability for any injuries and coverage for an unfortunate death or injury of a passenger.
  • You can sometimes offer extras to insure personal possessions   which are on board such as life jackets, life rafts.
  • It is imperative that nobody without experience, operates your boat at any time. The Company could decline a claim if he/she was driving.

Many Insurance Companies are now asking for drivers licenses to check your driving record before insuring your boat. In most countries you have to write an actual boat test before you can operate any type of craft other than a canoe. There are strict laws on what you must have in the boat before leaving shore. If you don’t have them and you are stopped by the marine police, you will be fined. If you are speeding, you will be charged just like you are when you are driving your car. It will show up on your drivers license, which could cause a problem with your auto policy.

Visit http://insurancemarket.ae/yacht.html for a custom-made boat insurance solution.

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Yacht Insurance in the UAE

Image Source: dubaigolf.com

Image Source: dubaigolf.com

If you are lucky enough to own a yacht, you will want to make sure that your investment is covered by an all risk yacht insurance policy. Some of these yachts today are bigger than residential homes. Most Insurance Companies do offer comprehensive coverage on a all risk yacht policy. Here are a few of them.

  • A total loss of the yacht – stolen, extensive damage, fire.
  • The hull and machinery – includes all electrical and fuel lines, the motor, inside furnishing.
  • Personal & Third Party Liability, Medical Payments. – The coverage would pay for injuries to others on the boat and/or any injuries to others due to your negligence operating your yacht.
  • There is liability coverage for a third party in case of their injuries or property damage to their boat. **** Always take the highest liability you can. Any type fixture or an anything that is actually attached to the yacht. This would be all lighting fixtures, beds, fridge, stove or microwaves and television.
  • Personal Effects – including clothing, water boards, water skis, tubes, scuba diving and other water equipment. Additional Coverage beside what is included in a yacht policy may be available at an additional cost. You may be able to increase the limits if needed.

The Insurer who provides the coverage for these yachts, may require an out of water survey if the vessel is more than 7 years old. The age of the driver and their experience operating a similar vessel, will affect the Insurance rate. If you stand in the middle of your house and look around, there are yachts larger than your house. Can you imagine driving something so large. That is where boating schools and courses are highly recommended. There may be discounts available for completing and passing a boat course.

There are various boat schools that offer one on one training and others in a group setting. Similar to an airline course, you would have classroom training and 800 hours actually driving the boat on the water. The amount of hours varies however, if it is a 262ft boat, you can understand there may be more requirements.

The banks both local and international, have taken notice of the increase in the popularity of boating. They are now setting up financing similar to financing a car. Boating has become a social niche. There are boating clubhouses which include sailing, fishing, scuba diving and all the leisure you can handle.  It is almost a little community at the marinas. You could live on some of these boats.

Insurers also are aware of the popularity of boating and have set up their claims department accordingly. Client files are accessible by all claims personnel to assist you in an emergency situation. There are claims adjusters all over the area ready to help you in case of an emergency.

For anyone looking for a job, it might be worth looking into one of the yacht courses. There are plenty of them that are held during the year. If the trend continues, they will be looking for more people to hire for maintenance on the yachts, at the marina, or think about looking into employment on the yachts themselves.

To have your yacht insurance tailor made, whether you charter your yacht or even live on your boat, whether you own a dhow or are looking to cover a speedboat, let your personal shopper find the right pleasure craft insurance for you. Visit the yacht section on insurancemarket.ae now!

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