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  1. #1
    Join Date
    Feb 2018
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    16

    Default Charter deposit insurance

    I am off to Croatia shortly for my annual boat charter vacation and while I am very familiar with the 3,000 euro cash deposit to cover potential damage, for the first time the charter company is demanding proof of "deposit insurance" ie insurance to cover my 3,000 euros. I have never had this issue before and do not know why this new requirement has been made. But I have now no choice but to pay it. Has anyone else come across this and can anyone recommend a suitable insurance company to insure my 3,000 euros?

    Many thanks

    David

  2. #2
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,405

    Default Re: Charter deposit insurance

    I don't understand the Q to be honest. What risk are you passing to the insurer? A risk that the boat renter unreasonably decides not to refund your deposit when you hand the boat back undamaged? Why would any insurer take that risk? Or is it risk of damage that you inflict on the boat and that results in the boat renter properly keeping the deposit?
    I've never seen this insurance and think you might have a tough time getting it, but good luck obviously.

  3. #3
    Join Date
    May 2001
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    ation, Loc: ation, Loc: ation.
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    15,703

    Default Re: Charter deposit insurance

    Quote Originally Posted by jfm View Post
    I don't understand the Q to be honest. What risk are you passing to the insurer? A risk that the boat renter unreasonably decides not to refund your deposit when you hand the boat back undamaged? Why would any insurer take that risk? Or is it risk of damage that you inflict on the boat and that results in the boat renter properly keeping the deposit?
    I've never seen this insurance and think you might have a tough time getting it, but good luck obviously.
    JFM, a Hire Car Excess Insurance Policy would cover both scenarios that you describe. I've never seen this for a boat though!

    Anyhow, why does the charter company care as they've got the cash regardless? Perhaps they think that there would be less resistance to them keeping the deposit if its insured?
    Last edited by petem; 09-05-19 at 14:11.

  4. #4
    Join Date
    Apr 2011
    Location
    Boat- SoF
    Posts
    4,865

    Default Re: Charter deposit insurance

    Quote Originally Posted by petem View Post
    JFM, a Hire Car Excess Insurance Policy would cover both scenarios that you describe. I've never seen this for a boat though!

    Anyhow, why does the charter company care as they've got the cash regardless? Perhaps they think that there would be less resistance to them keeping the deposit if its insured?
    It’s possible to block the card or later the card Co get it back from the merchant with some cards .
    Paps the Charter Co has had its fingers burnt ? - cuts both ways as well as your version the Co making spurious withholdings ,with the expectation because the punter has a boat CDW there will be a higher likelihood of a successful ( true or false ) withholding ........... Wear the shoes of both parties esp the hire Co dealing with clever dic*s

    CDW for hire of boats is hear https://www.schomacker.de/en/charter...insurance.html

  5. #5
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    Quote Originally Posted by Portofino View Post
    It’s possible to block the card or later the card Co get it back from the merchant with some cards .
    Paps the Charter Co has had its fingers burnt ? - cuts both ways as well as your version the Co making spurious withholdings ,with the expectation because the punter has a boat CDW there will be a higher likelihood of a successful ( true or false ) withholding ........... Wear the shoes of both parties esp the hire Co dealing with clever dic*s

    CDW for hire of boats is hear https://www.schomacker.de/en/charter...insurance.html
    There is no card. It is cash. That is why I have to carry 3,000 euros in my pocket to give to them and to collect at the end.

  6. #6
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    The principal reason, as I see it, is to protect me if I damage the boat and they make a claim on my 3,000 euros. I get it back less the cost of the insurance. My problem is that why does the charterer care - it is my risk not theirs. If I cause more than 3,000 damage their own insurance will kick in for the amount above my 3,000 euros. Presumably. Hence my question; has anyone else come across this? And if so, does anyone know who offers this type of insurance?

  7. #7
    Join Date
    Jun 2001
    Location
    home Brum, boat Costa Brava
    Posts
    3,894

    Default Re: Charter deposit insurance


  8. #8
    Join Date
    Aug 2009
    Location
    Finchampstead, Wokingham, Berks
    Posts
    1,971

    Default Re: Charter deposit insurance

    Sounds to me like they are already planning to spend your damage deposit and will feel less guilty about it if it is an insurance companies money and not yours!
    Regal 2250 - see www.sportsboat.org.uk

  9. #9
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    15,703

    Default Re: Charter deposit insurance

    Quote Originally Posted by DavidJ View Post
    Doh! Sometimes the simplest answers are the best. Just Google for "yacht charter excess insurance" (I assume they cover Mobo's too)!

  10. #10
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,405

    Default Re: Charter deposit insurance

    Quote Originally Posted by Mariscalcus View Post
    The principal reason, as I see it, is to protect me if I damage the boat and they make a claim on my 3,000 euros. I get it back less the cost of the insurance. My problem is that why does the charterer care - it is my risk not theirs.
    Exactly - it's your risk and you should be free to insure it or not. But as others say, maybe they find they have an easier time withholding the cash if they know you can recover it from an insurer. IE they don't feel so guilty being tough on retaining the deposit. Not a very satisfactory state of affairs though. To answer your Q, I have never come across this even in Croatia. I chartered a boat there with skipper last week and this topic didn't come up, but it was skippered so I guess not relevant. Good luck - the holidaysafe website suggested above seems to be a cheap solution to this daft problem, phew.
    Last edited by jfm; 09-05-19 at 16:02.

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