Yacht charter deposit insurance – a partnership between JachtyMazury.pl and Pantaenius

More and more people planning to charter a yacht in the Masurian Lakes ask us about deposit insurance. This solution has been popular for years among sea charterers, but it is also becoming increasingly common among sailors cruising the Great Masurian Lakes.

That is why JachtyMazury.pl has partnered with Pantaenius, a specialist in insurance for boating and yacht charter. This gives our clients the opportunity to add extra financial protection for the duration of their charter.

 

Buy deposit insurance HERE.

 

What is yacht deposit insurance?

When taking over the yacht, the charterer pays the yacht owner or charter company a security deposit. The amount depends on the specific yacht and the terms of the charter agreement.

The security deposit protects the yacht owner against damage that may occur during the charter. If the yacht is damaged during the charter, the owner may retain part or all of the security deposit to cover the costs related to the damage.

This is exactly where deposit insurance can be useful. If the damage is covered by the policy, the insurer may reimburse the amount retained by the yacht owner, in accordance with the terms of the policy and up to the insured sum.

Pantaenius offers protection against the partial or total retention of the security deposit specified in the charter agreement in connection with damage to the chartered yacht.

What does deposit insurance provide?

Chartering a yacht means taking responsibility for the vessel entrusted to you. Even an experienced skipper and a careful crew cannot anticipate every situation.

During the charter, the yacht may be accidentally damaged while manoeuvring, or come into contact with another vessel, a jetty or a buoy. Sometimes a single unforeseen incident is enough for part of the security deposit to be retained at the end of the charter.

Yacht charter deposit insurance helps limit the financial impact of such situations.

Key benefits of deposit insurance:

• protection against losing part or all of the security deposit in the event of damage covered by the insurance,
• reducing the risk of incurring high costs related to damage to the chartered yacht,
• additional financial protection during the charter,
• the possibility of adjusting the insured sum to the required security deposit,
• greater peace of mind while using the yacht,
• protection against incidents occurring during the charter, in accordance with the terms of the policy.

When can deposit insurance be useful?

For example, while manoeuvring in a marina, the yacht hits a jetty and is damaged. At the end of the charter, the owner assesses the damage and retains part of the security deposit to cover the repair costs.

If such an incident is covered by the insurance, the charterer can report the damage to the insurer and apply for reimbursement of the retained part of the security deposit, in accordance with the terms of the policy.

A similar situation may occur with other damage caused while using the chartered yacht. However, insurance does not mean that every retained security deposit will automatically be reimbursed. The scope of the specific policy and the cause of the damage are relevant.

What does deposit insurance not cover?

Like any insurance, deposit insurance also has certain exclusions of liability.

Pantaenius coverage does not include, among other things, damage intentionally caused by the insured person. In cases of gross negligence, the benefit may be reduced accordingly. Damage resulting from participation in regattas is also excluded.

Before purchasing the insurance, it is therefore worth reading the current policy terms and checking the exact scope of coverage of the selected option.

How does deposit insurance work?

The process is simple.

1. You book a yacht and pay the required security deposit.
The security deposit is paid in accordance with the rules applicable to the particular charter.

2. You purchase deposit insurance.
The insured sum should correspond to the required security deposit or be selected in accordance with the terms of the chosen option.

3. You use the yacht during your charter.
The insurance is valid for the period specified in the policy.

4. Damage occurs and the yacht owner retains part or all of the security deposit.
The amount retained is determined based on the damage assessment and the terms of the charter.

5. You report the damage to the insurer.
The claim may require, among other things, documents relating to the charter, information about the damage and a document confirming the retention of the security deposit.

6. The insurer reviews the claim.
If the damage is covered by the insurance, compensation will be paid in accordance with the policy terms and up to the insured sum.

Is it worth insuring your security deposit when chartering a yacht?

The decision is, of course, up to each charterer. However, it is worth bearing in mind that the security deposit for larger and better-equipped yachts can be significant.

The cost of insurance is small compared with the potential cost of losing the entire security deposit. For many people, it is a simple way to limit financial risk and enjoy a more relaxed start to the charter. ograniczenie ryzyka finansowego i spokojniejszy początek rejsu.

Deposit insurance does not release the charterer from responsibility for the yacht or from the obligation to follow safe sailing practices. It is an additional form of financial protection against incidents covered by the policy.

Buy deposit insurance HERE.

 

The insurance purchase process is conducted in English. If you need any assistance, please give us a call.

 

Additional information:

Charter insurance can only be purchased by the person who entered into the charter agreement (whose name appears on the charter agreement) and is intended for people going on charter trips with family or friends (it does not apply to commercial or paid charters).

Insurance period: The insurance is valid for one charter trip lasting a maximum of 60 days.

When can the insurance be purchased: Deposit insurance can be purchased even one day before the start of the charter.

What information will be needed when completing the form?

• The country where you permamently reside.
• The date on which the charter agreement was signed.
• The dates of the charter.
• Information about the boat: type, model and length of the chartered boat.
• Whether the boat will participate in regattas during the charter.
• The waters where you will be sailing.
• The name of the charter company, i.e. the yacht owner.
• Your details as the policyholder, including your email address, telephone number and residential address.

If you are purchasing insurance from Pantaenius for the first time, after entering your email address and submitting the form, you will receive an account activation link by email. If you have not received it, check your spam folder.

Once you have successfully paid for the insurance, the policy will appear in your customer account "My contracts".