Boat and yacht insurance: the essentials for insuring your boat

As well as being a privileged experience, sailing a yacht or pleasure boat is also a real investment that needs to be protected. To guarantee peace of mind, it’s essential to take out appropriate boat insurance. Whether you’re a sailboat or motorboat owner, or a future owner, understanding the nuances of marine insurance is essential to ensure not only the safety of your craft, but also that of you and your passengers.

Third-party liability (TPL) insurance

It covers damage caused to third parties by your boat, its passengers or crew, and may include additional cover such as defense and recourse, legal protection, etc.

It ‘s important to note that liability insurance is not compulsory for pleasure boating in most cases. However, it may be required by the harbor or security company where you wish to park your boat. What’s more, liability insurance is often a condition for obtaining a bank loan to finance the purchase of a yacht.

Although liability insurance is not always compulsory, it is highly recommended for all yacht and pleasure boat owners.

Property and casualty insurance

Optional, but highly recommended for protecting your boat, it covers damage caused to your boat by accident, fire, theft, capsizing, etc. It can include additional guarantees such as total loss, damage to personal property, 24-hour assistance, etc.

In addition to these two main categories, there are also specific insurance policies for :

• People on board: personal accident, repatriation insurance, etc.
• Tenders: outboard motor, jet-ski, etc.
• Boat transport: on trailer, by cargo ship, etc.

Choosing the right insurance depends on several factors:

• Type of boat: yacht, motorboat, sailboat, etc.
• The value of the boat
• The navigation zone: inland, coastal and offshore waters
• Your use of the boat: pleasure boating, rental, etc.
• Your needs and budget

Although you are not obliged to take out boat insurance, we strongly recommend that you do so, to protect yourself financially and give you peace of mind on the water. It’s important to compare different insurance offers before taking out a contract. Don’t hesitate to contact an insurance broker specialized in boating for personalized advice.

There are several insurers specializing in yacht and pleasure boat insurance, offering products tailored to the specific needs of owners. Here are just a few examples of renowned insurers in this field:

1. Pantaenius Specializing in marine insurance for over 50 years, Pantaenius offers a complete range of insurance products for yachts and pleasure boats worldwide. Their policies include options such as comprehensive insurance, third-party liability insurance and assistance at sea.
2. Markel Marine Markel is a well-established marine insurer, offering tailor-made solutions for yachts and pleasure boats. Their products include specific cover for physical damage, third-party liability, theft and vandalism.
3. Yacht-Pool International : This European insurer offers a wide range of yacht insurance, including policies for both professional and amateur sailors. Their services also include multilingual assistance in the event of an emergency at sea.
4. AG Insurance Active on the Belgian market, AG Insurance offers specific insurance for yachts and pleasure boats, covering a wide range of risks including physical damage, civil liability and medical expenses.

For transporting people on board a boat

In this case,Professional Liability Insurance (RC Pro) is compulsory. It serves the same purpose as non-professional insurance, i.e. it covers damage caused to third parties by you, your employees or your passengers during transport. What’s more,Property Damage Insurance is far less optional than a personal boat, since it covers damage to your boat in the event of accident, fire, theft or other incidents. Finally, P&I Protection Indemnity insurance will be required, notably to cover environmental damage.

Whether you opt for liability insurance to protect against damage to third parties, or comprehensive insurance to cover damage to your own boat, each type of cover plays a part in protecting your investment and your safety. Although insurance is not always compulsory, it is strongly recommended for all yacht and pleasure boat owners, whatever your destination.

And when it comes to insuring your boat for commercial use, you’ll be asked to produce certificates and diplomas to prove your sailing skills. The Yachter ‘s Yacht Captain training courses are designed to meet insurers’ requirements and ensure that captains are in compliance with insurance regulations.