Insurable interest in subject-matter insured such as a vessel, including machinery, electrical equipment, sails, masts, spars, rigging, furniture, and all other equipment normally required for the operation and maintenance of the vessel and which would normally be sold with the vessel.
As per Institute Yacht Clauses insurance covers loss of or damage to the subject-matter insured caused by
- perils of the seas rivers lakes or other navigable waters
- contact with dock or harbour equipment or installation, land conveyance, aircraft or similar objects or objects falling therefrom
- earthquake volcanic eruption or lightning
and, provided such loss or damage has not resulted from want of due diligence by the Assured Owners or Managers, this insurance covers
- loss of or damage to the subject-matter insured caused by
- accidents in loading, discharging or moving stores, gear, equipment, machinery or fuel
- malicious acts
- theft of the entire vessel or her boat(s), or outboard motor(s) provided it is securely locked to the vessel or her boat(s) by an anti-theft device in addition to its normal method of attachment, or, following upon forcible entry into the vessel or place of storage or repair, theft of machinery including outboard motor(s), gear or equipment
- loss of or damage to the subject-matter insured, excepting motor and connections (but not strut shaft or propeller) electrical equipment and batteries and connections, caused by
- latent defects in hull or machinery, breakage of shafts or bursting of boilers (excluding the cost and expense of replacing or repairing the defective part broken shaft or burst boiler)
- the negligence of any person whatsoever, but excluding the cost of making good any defect resulting from either negligence or breach of contract in respect of any repair or alteration work carried out for the account of the Assured and/or the Owners or in respect of the maintenance of the vessel,
this insurance covers the expense of sighting the bottom after a stranding, if reasonably incurred specially for that purpose, even if no damage be found.
Types of insurance
- Standard Yacht Insurance:
- Hull and Machinery,
- Personal Effects,
- Personal Accident,
- Collission Liability,
- Passenger Liability,
- Crew Liability,
- Pollution Liability.
- Yacht as Cargo Insurance