Who needs Yacht and Smallcraft Insurance?
There are various factors defining the exact definition of a small craft and can vary from place to place as well as be influenced by weather conditions and purpose.
It can be said that anyone who owns a vessel such as a cruiser, catamaran, yacht, cabin cruiser or even an engine driven boat would need some form of coverage. South Africa has a high crime rate with fluctuating weather conditions, the cost of insurance coverage is minimal compared to the costs involved should your craft be damaged or even stolen.
Examples of some common claims are damages caused during transportation and in the water as well as more costly costs such as a result of fire and theft.
Yacht and Pleasure smallcraft cover
Many people that enquire about small craft insurance coverage are private boat owners using their vessels for personal enjoyment. The coverage we at AIB Cape can offer includes:
- Piracy, with the exception of Somalian waters.
- Local Waters – extended to include Mozambique.
- Third party and non-fare paying Passenger Liability up to an indemnity limit of R5,000.000 and Jetski’s R500,000.
- Yachtsmen’s clothing and personal effects up to R20,000 subject to an excess of R500 each claim.
- Medical Expenses on the insured vessel subject to a limitation of R10,000 for any one person and a maximum of R50,000 any one event, any number of persons, subject to a R150 excess each and every loss.
Optional covers available include:
- Fare-paying passenger liability – charter extension.
- International sailing racing extensions.
- Additional Liability cover.
More about yacht and small craft insurance cover…
Small Craft insurance will give you peace of mind that your valuable asset is covered against loss and damage. Insurance cover can include…
- Protection while being in tow at the back of your vehicle.
- Theft of equipment from your vessel.
- Coverage during a race.
- Coverage against injury to passengers.
- Accident coverage.
- Fire and theft damage.
- Loss due to theft and fire.
It is important to ensure that your valuable water-craft asset is well insured and that you and your passengers are suitably protected providing you with the peace of mind to simply enjoy your journey and adventure. Check your policy with care before signing and make certain you have covered all the risks you feel are necessary. Generally your small craft insurance needs to provide coverage for theft, fire, storms, overturning, third party cover, medical and stranding.