INSURANCE OF THE SECURITY DEPOSIT
INSURANCE OF THE SECURITY DEPOSIT TO BE LEFT AS GUARANTEE TO THE CHARTER COMPANY
Chartered yachts are usually covered by a comprehensive hull insurance policy (KASKO), with a deductible amount between €1,500 and €5,000, depending on the value of the boat.
This value normally is equal to security deposit that charter companies ask clients to leave to protect themselves in the event of damages to the boat.
This means that if a damage occurs to the boat during the charter dates, the charter company has the right to keep all or part of the security deposit paid.
The security deposit insurance covers this financial risk and has no deductible amount.
It is taken out with an external insurance company (Hamburger Yacht insurance Schomacker) specialising in the nautical business and provides for different premiums according to the value of the deposit required.
On arrival embarkation base, the client must in any case pay the security deposit to the charter company (generally by means of a credit card pre-authorization) and, in the event of damage, settle the relevant amount due and ask for relevant invoice.
The invoice must then be sent to the insurance company, which will refund you without applying any deductible amount.
Click here to view