You should know these contract types
What insurance is there for owners, charterers and crews? And what are they good for? Boats gives you an overview.
Travel health insurance
Is not specifically aimed at water sports enthusiasts, but at everyone who goes on holiday abroad. Covers costs incurred during medical treatment while travelling abroad that are not covered by your health insurance at home. Those with private health insurance usually do not need it, as their insurance cover generally also extends abroad. Before taking out insurance, check whether you already have insurance cover, for example through a credit card.
Occupational disability insurance
This is not specifically aimed at water sports enthusiasts, but at anyone for whom it would be a threat to their livelihood if they were no longer able to practise their profession as a result of an accident or serious illness. This insurance usually makes no sense for pensioners.
Boat liability insurance
Aimed specifically at boat owners. Covers property damage and personal injury caused to third parties by the skipper or crew of the insured boat. The sum insured should be at least six million euros as a lump sum (for property damage and personal injury). It is essential to ensure that damage caused by crew members to each other while motorboating is not excluded from the policy. Unlike in other European countries (e.g. Italy, Croatia, Switzerland, the Netherlands [for fast boats]), it is not a legal requirement to take out boat liability insurance in Germany.
Hull insurance for boats
Aimed specifically at boat owners. Covers damage to your own boat, accessories and personal effects. In terms of insured causes of damage, all-risk cover has largely prevailed over individual risk cover. See > Glossary
Charter insurance
Aimed specifically at water sports enthusiasts, in this case charterers. The term usually refers to various insurance offers that are either offered as a package, individually or in various combinations. These include Foreign travel health insurance, charter cancellation insurance, passenger accident insurance, insolvency insurance, deposit insurance, travel cancellation and trip interruption insurance, skipper liability insurance
Charter cancellation costs/consequential loss insurance
Aimed specifically at water sports enthusiasts, in this case charterers. Protects the charter crew against claims by the fleet operator if the chartered boat is damaged on the trip and is therefore not available to a subsequent crew or not available on time. The term "charter cancellation insurance" is somewhat confusing, as it is actually an insurance policy designed to protect the fleet operator against loss of income if a charter boat suddenly breaks down due to the fault of the current crew. Nevertheless, the term "breakdown insurance" is often used as a synonym for consequential loss insurance.
Charter bond insurance
Aimed specifically at water sports enthusiasts, in this case charterers. Protects the crew from losing the deposit if the charter boat is damaged during the trip.
Passenger accident insurance
There are special offers for water sports enthusiasts, in this case owners, charterers and passengers (crew). Similar to car insurance, it protects owners, charter skippers or crew members against the financial consequences that may arise from accidents in connection with the use of their own or a chartered boat. The cover should also include the journey to the boat and shore leave during a cruise.
Insolvency insurance
Aimed specifically at water sports enthusiasts, in this case charterers. Protects the charter fee paid against the insolvency of the charter agency and/or the fleet operator. The mere issue of a security certificate by an agency is no guarantee that the charter fee paid will not be lost in the turbulence of an insolvency of the fleet operator (abroad). This risk can be averted with insolvency insurance.
Private liability insurance
It pays out if injured third parties assert justified claims against the insured person. But beware: it is not aimed at water sports enthusiasts. On the contrary: damage caused to third parties with a boat is only covered by this insurance in a few exceptional cases. In such cases, only boat liability insurance applies.
Private accident insurance
Not specifically aimed at water sports enthusiasts. Protects the insured person against the financial consequences of an accident that are not covered by health insurance. For example, the conversion of one's own home to make it suitable for the disabled. Before concluding the contract, check whether accidents that occur during water sports are covered by the policy.
Travel/charter cancellation insurance
Covers costs incurred if a trip cannot be started or has to be cancelled prematurely. There are special variants for water sports enthusiasts, especially charterers, which also provide cover, for example, if the trip cannot be started because the skipper cancels and a replacement is not available. Pay attention to the amount of the excess when taking out insurance.
Legal expenses insurance
Not specifically aimed at water sports enthusiasts. With some insurers, motor legal protection for land vehicles also covers water sports vehicles. Some insurers offer special policies for water sports enthusiasts. The scope of cover varies and should be checked carefully. For example, whether contract legal protection is included. This is important, for example, for future owners who want to have a boat built by a shipyard. Make absolutely sure that the policy takes effect immediately, i.e. that it does not include a waiting period of several months during which no insurance cover exists.
Term life insurance
Not specifically aimed at water sports enthusiasts. Private cover for surviving dependants in the event of the insured person's death. Ensure that accidental death is included in the scope of cover.
Skipper liability insurance
Aimed specifically at water sports enthusiasts, in this case skippers of chartered or third-party boats. Protects the skipper against third-party claims if the ship or crew members are damaged due to his or her misconduct and the yacht's own liability insurance does not cover the damage. Most policies only cover damage to the chartered boat in the event of proven gross negligence.
