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  1. #11
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    Quote Originally Posted by DavidJ View Post
    This is a travel insurance policy which does not address my question but thanks anyway

  2. #12
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    15,703

    Default Re: Charter deposit insurance

    Quote Originally Posted by Mariscalcus View Post
    This is a travel insurance policy which does not address my question but thanks anyway
    Are you sure? It says.....

    "If you are chartering a yacht at your destination, we also offer a Yacht Charter Excess Waiver extension."

    Google also threw up lots of suggestions for me.

  3. #13
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    Quote Originally Posted by petem View Post
    Are you sure? It says.....

    "If you are chartering a yacht at your destination, we also offer a Yacht Charter Excess Waiver extension."

    Google also threw up lots of suggestions for me.
    Thank you. Yes, I am well aware of this on Google. However, in all my chartering I have never come across this as an obligation. This is the first time a charter party has required this from me with no explanation as to why. Hence my query on the Forum. Has anyone come across this before and why is it demanded when the deposit is my risked money.

  4. #14
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    15,703

    Default Re: Charter deposit insurance

    All we can do is speculate. Why not ask them why its required? Mind you, they may not tell the truth for the reasons above.

  5. #15
    Join Date
    Feb 2008
    Location
    Farndon
    Posts
    2,806

    Default Re: Charter deposit insurance

    I chartered a yacht in Greece last year from Sail Ionian.
    Instead of paying £3000 in cash or credit card (as a returnable deposit subject to no damage) we paid something like £380 as a non returnable insurance premium. I thought the premium excessive but shared between 4 people it was our decision to go with that. We were effectively paying the excess for Sail Ionian whether it was required or not.
    One of the boats hit one of only two submerged rocks in the area and damaged the keel and regretted paying over the £3k.
    We caught a lazy line around our prop which resulted in no damage but it could have been worse.

    I don't understand why you have to pay the £3k and pay insurance as well.

  6. #16
    Join Date
    Aug 2009
    Location
    Hamble
    Posts
    1,023

    Default Re: Charter deposit insurance

    We have been offered this a few times although I tend to self insure for minor things. As above, you pay maybe £380 insurance so that you do not have to pay up to maybe the first £3000 if you damage the boat.

    From the charter company's perspective, they know they can get the £3000 from you if needed... otherwise they want cash because they are wise to the fact that people paying by card can dispute the transaction etc.

    The risk insured for the charterer is the risk of having to pay £3000 excess. The benefit to the charter company is a reduction in risk of not recovering the excess from the charterer if applicable.

  7. #17
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    The plot thickens......

    So, my (and others') presumptions are correct. The insurance demanded by the charter company is to cover the risk to me of my 3,000€ damage deposit being taken in whole or in part to cover damage that I incur on the boat. As to why that is any concern of the charter company is a mystery - it is my risk not there's and despite communication with them they have not explained why this is the case - I'll try and find out more when I get there. As I said, I have never been asked for this before including last year when I chartered from the same company.

    Now the twist. Brexit. I found 4 companies who offer this insurance for Croatia. Except if you are a UK citizen. It is only offered to EU citizens and as far as they are concerned, the UK is no longer part of the EU. Who knew? Fortunately, I have dual-citizenship so I am fine but be warned......

  8. #18
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    Quote Originally Posted by Mariscalcus View Post
    The plot thickens......

    So, my (and others') presumptions are correct. The insurance demanded by the charter company is to cover the risk to me of my 3,000€ damage deposit being taken in whole or in part to cover damage that I incur on the boat. As to why that is any concern of the charter company is a mystery - it is my risk not there's and despite communication with them they have not explained why this is the case - I'll try and find out more when I get there. As I said, I have never been asked for this before including last year when I chartered from the same company.

    Now the twist. Brexit. I found 4 companies who offer this insurance for Croatia. Except if you are a UK citizen. It is only offered to EU citizens and as far as they are concerned, the UK is no longer part of the EU. Who knew? Fortunately, I have dual-citizenship so I am fine but be warned......
    Correction - I should have said EFTA, not EU

  9. #19
    Join Date
    Aug 2009
    Location
    Hamble
    Posts
    1,023

    Default Re: Charter deposit insurance

    The reason the charter company wants you to take the insurance is a. They often get commission and b. It reduces the risk to them of you not willingly standing in with your Euro 3000 if required.

    In terms of UK, the insurance companies may not be authorised to offer their products to non EU clients, which may apply at that time. They are taking the right approach IMHO.

  10. #20
    Join Date
    Feb 2018
    Posts
    16

    Default Re: Charter deposit insurance

    Quote Originally Posted by EugeneR View Post
    The reason the charter company wants you to take the insurance is a. They often get commission and b. It reduces the risk to them of you not willingly standing in with your Euro 3000 if required.

    In terms of UK, the insurance companies may not be authorised to offer their products to non EU clients, which may apply at that time. They are taking the right approach IMHO.
    I thought of (a) but as I said several times this is the first time they have demanded this and I did not use their "recommended" insurer. They had no problem accepting my policy from another one. The curious thing about your second point, which may be valid, is that irrespective of how / if the UK leaves the EU there will be a transition period. Anyway, it is their business to decide who they want as customers and having dual nationality it did not bother me anyway.

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