Chartering a yacht to spend a weekend away with your friends and family is quite popular these days. Although the personalized experience is certainly to die for, these private trips are very much susceptible to damages to the yacht, and a last-minute change of plans.
Thus, it is recommended that you take care of all possible financial risks in advance. There are some yacht charter travel insurance options that you must consider for your next trip. Find out more about them in this blog.
What is Yacht Insurance?
As the name suggests, yacht insurance is the liability coverage for a sailing vessel. This insurance usually covers damages to the yacht, damages to other properties, or damage to the yacht’s personal property. Although these are the basic coverages, yacht insurance today is not limited to these.
There are plenty of other yacht charter insurance coverages that you get along with these standard ones. And if you go on yacht trips regularly, it is advisable to at least consider every yacht insurance type to minimize the risk.
What Yacht Travel Insurance Do You Need?
As you plan your next voyage to the sea, you should consider the following yacht travel insurance coverages.
Trip Cancellation Insurance
No matter how sincerely you plan, sometimes your circumstances could force you to cancel your trip. In times like these, the only thing worse than trip cancellation is not getting your deposit on the chartered yacht back. Besides, chartering a yacht is highly expensive, so you might end up losing a lot of money.
Therefore, smart travelers always get trip cancellation insurance. This insurance covers several reasons on grounds of which you can cancel the trip and claim your deposit. Some of these reasons include illness, injury, death of your travel partner, death of a family member, weather conditions family emergencies, etc.
Medical Insurance for the Trip
You also need medical insurance for the trip, regardless of how far, or for how many days you are going. Standard medical travel insurance covers the cost of treatment ( if needed), emergency evacuation, etc.
The medical insurance coverages might also differ depending on the place you are going. As far as insurance coverage is concerned, you can choose from different plans for emergency medical expenses. Lastly, make sure your medical insurance plan covers each member of your traveling group.
“Cancel for any reason” coverage
This yacht travel insurance can be considered an extension of your trip cancellation insurance. Most people get this coverage because the standard insurance policy might not cover every reason for cancellation. For example, you cannot claim your deposit back if you find the yacht to be less luxurious than you thought it was.
This is where cancel for any reason coverage comes in. It gives travelers like you the flexibility to cancel as you need. You can call off the trip within the last 48 hours for different reasons with this yacht charter excess insurance.
Water Activities and Adventure Insurance
If your trip includes adventure water activities like scuba diving, water skiing, etc. you must get water activities insurance. Different water adventure insurances cover a plethora of sports activities. Some of these plans can cover up to 200 water activities.
Depending on what’s on your itinerary, you can choose a plan that is suitable for your trip. Make sure you speak openly with the insurance providers to understand the limitations of your coverage. Water activities insurance might not be a standard yacht travel insurance, but is certainly an important one.
Liability Insurance
Before you go on a yacht, make sure you have liability insurance. This coverage includes claims for damages caused to another person’s property by an accident you commit. The liability insurance plan will cover damage to individuals, and damages to other yachts, buildings, or docks.
Generally, liability insurance covers settlement costs and legal expenses. You should talk to different insurance providers regarding your coverage needs. Choose the ideal liability insurance plan keeping the potential dangers in mind.
Conclusion
If you love spending time on the open water, you must do everything to make your sailing experience stress-free. You can start by getting a handful of yacht charter travel insurance. From trip cancellations to medical emergencies and property damages, you must get insurance coverage for all of these to be 100% trip-ready.