Charterer's Liability Insurance
Comprehensive protection for yacht charterers, ensuring peace of mind during your luxury experience on the open seas.
Safeguard Your Clients Yacht Charter Experience
Unforeseen incidents can occur, even with the most meticulous planning. Charterer's Legal Liability Insurance is designed to protect your client, their guests, and the crew from unexpected accidents that directly translate into financial burdens for the charterer under the MYBA and AYCA contracts during your yacht charter.
This comprehensive coverage ensures peace of mind by addressing a wide range of risks associated with chartering a yacht, allowing your client to focus on enjoying their experience and you on getting the deal done.
Markets
Brochures
Key Features
Coverage Limit
Combined single limit from USD $5,000,000 to USD $50,000,000 any one accident or occurrence.
Premium
Competitively priced at 2-5% of the total charter cost.
Coverage Options
Can cover an individual, corporation, or trust.
Key Coverages
Damage to the Chartered Yacht
Covers loss or damage to the yacht's hull, interior, jet skis, etc., while chartering.
Third-Party Liability
Protects against claims for bodily injury or property damage to others.
Crew Injury Protection
Covers injuries to crew members.
Fines and Penalties
Includes coverage for fines from port authorities for improper visa.
Pollution Liability
Safeguards against costs related to environmental damage, like fuel spills.
Loss of Use
Protects against financial losses if the vessel is damaged and unable to operate.
Why Do Charterers Need This?
Uncovered Claims
The yacht owner's policy may deny your coverage as a charterer.
Contractual Obligations
Charter agreements often require you to indemnify the owner for losses.
Affordable Protection
Provides third-party liability coverage at an affordable rate.
AYCA Contract Compliance
Helps to fulfill conditions outlined in the standard AYCA contract.
Complements Other Coverage
Complements the charter cancellation policy.
Examples of Exposure
| Scenario | Coverage |
|---|---|
| A guest or family member negligently injures a crew member, who then seeks compensation from the charterer. | The policy covers the charterer's liability for the crew member's injuries. |
| A family member using a jet ski loses control, hitting another boat and injuring a passenger. | The policy covers the charterer's family member's liability for vessel damage and personal injury. It also protects the charterer if the yacht owner's insurance seeks reimbursement. |
| A guest sailing a dinghy accidentally hits and injures a swimmer. | The policy covers the liability for the swimmer's injuries and protects the charterer from recovery actions by the yacht owner's insurer. |
| A guest requires urgent medical attention ashore, forcing the yacht to divert. | The policy would cover the additional costs incurred due to the necessary deviation. |
| Port authorities discover that some of the charterer's guests lack proper visa documentation and fine the yacht. | The policy would cover the cost of the fines for which the charterer is responsible. |
| A guest accidentally starts a fire in a cabin, causing significant cosmetic damage to the yacht's interior. | The policy covers the charterer's liability for the cost of repairing the damage to the yacht, up to the policy sublimit. |
Convenient App and Instant Quoting
Our quoting portal makes it fast and easy to get a quote. Simply complete the online form with the following details:
Required Information for Quote:
- •Executed or planned Charter Agreement (must include dates, cruising area, # guests, charter fee and charterer's info)
- •Name and specifications of the vessel
- •BONUS: Upload the yacht owner's underlying insurance policy
- •BONUS: Charter broker's name, email, and phone number
You can quote directly or simply direct your clients to GIA for white glove service.
To Bind the Quote:
- - Charterer Passport
- - Charterer proof of address dated in the last three months
- - Charterers source of wealth
* Premium must be received prior to the start of the charter otherwise cover will not be bound nor effective
Ready to Get Started?
Protect your yacht charter experience with comprehensive liability insurance from GIA.
For questions or alternate submissions, email jcm@gia-usa.com
Get a QuoteContact Us
Juan Carlos Merlo
Program Manager