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BOAT INSURANCE
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Pleasure boat |
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Fishing boat |
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A pleasure boat is any
motor or non-motor driven boat, yacht, jet-ski, etc., used for
personal pleasure. |
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The boat is insured while at
sea or on inland waters (marinas), or in lakes, and docks but also
ashore, including its lifting out and launching. |
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The Insurance
Policy covers: |
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- Perils of the sea
(crash, collision, sinking, grounding)
- Fire, lightning,
explosion
- Accidents in
loading, discharging or moving shores, equipment or tools
- Bursting of
boilers, breaking of shafts, malicious acts
- Theft of the
entire vessel or her boats, provided it is moored in a port or
marina or any other guarded area
- Theft following
forcible entry into the vessel of an outboard motor provided that
it securely locked to the vessel, by an anti-theft device addition
to its normal method of attachment. (This coverage is not valid
when the ship is moored on unsupervised beaches)
- Theft of
mechanical equipment and tools, following forcible entry in the
vessel or in the place of storage
- Expenses for
salvage, rescue and for any relevant fees
- Negligence of any
person whatsoever but excluding the cost for making good any
defect resulting from either negligence or breach of contract in
respect of any repair or alteration work carried out for the
account of the owner
- Expense of
sighting the bottom after stranding
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Liability to third parties :
Cover is provided against claims arising by third parties
other than passengers: |
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- For loss of life
or injury
- Loss or damage to
property
- Expenses for
raising or removal of the wreck of the vessel
- Legal costs, up
to the sum insured for vessel and motor
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PASSENGERS may be covered
also against: |
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- Loss of their
lives due to an accident during sailing, boarding, disembarkation,
up to fixed amount per accident
- For official
investigations
- Legal cost for
coroner's inquest
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Upon request of the
insured, the following can also be added: |
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- Speedboat clauses
- Liability towards
skiers
- Liability of
skiers towards third parties
- Extension of
navigation limits
- Extension for participation in a sport
- Transport of the boat by land in a trailer
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BACK TO TOP |
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Fishing vessels are divided
in categories depending on the area fished: |
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- Deep-sea fishery
includes fishing boats, shrimp boats, reefers and trawlers
- Open sea fishery
includes trawlers and fishing boats with acetylene lamps
- Coast fishery
includes fishing-net boats, large fishing-net boats and
sponge-fishing boats
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Marine Clauses provided:
- Hulls - voyage
- Mortgagee
insurance interest
- War and
Strikes
- Builder's risks
- Hulls - port
policy
Risks
Covered:
This insurance plan
covers the loss or damage of the insured vessel due to:
- Perils of the sea
- Fire - explosion
- Violent theft
- Lightning -
earthquake - volcanic eruption
- Collision -
stranding
- Negligence of the
crew
- Piracy
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COVERAGE |
Total loss or Marine A
This covers only total loss and/or
the constructive total loss to the vessel as well as the
expenses that will be paid for its salvage. |
Free of partial damage
Α) This covers the total loss of
the vessel and partial damage due to collision, fire, explosion
and lightning.
Β) The aforementioned coverage includes damage
due to stumbling or stranding. |
Partial damage or Marine Β
The plan includes the
coverage of Total Loss and Free of Partial Damage as well as
damage that may occur to the vessel or its motor. |
Builder's
The plan covers specific risks
(e.g. fire, theft, launching, test voyages, etc.) whilst the
vessel is in the shipyard. |
Coverage against port risks
The plan covers the risks of
total loss of the vessel and expenses for its salvage, in the
event that the boat is laid-up or moored. |
Coverage against the risks of war
The plan covers the
risks of war, strikes and malicious damage. |
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SUPPLEMENTARY COVERAGE |
| In the event that the
vessel owner has a contractual obligation to a Bank, then each
policy includes the term of the mortgagee's coverage, so
that the Bank can secure the amount of the loan granted. |
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BACK TO TOP |
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