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Terms and Conditions for Charter Deposit Insurance

The insurer
R+V Allgemeine Versicherung AG
Taunusstraße 1 / D-65193 Wiesbaden/Germany

undertakes, providing the application is accepted, to recompense all or part of the security deposit paid by the Charterer to the charter company under the terms of the agreement described overleaf, under the condition that:

• the security deposit was paid by the Charterer in cash or by credit card/cheque, confirmed by a receipt issued to him by the charter company,
• the Charterer has paid the full hire fee for the chartered yacht, confirmed by presentation of the correct receipt,
• for the duration of the charter agreement the Charterer is in possession of the sailing license officially required in respect of the vessel and/or the voyage,
• due to damage sustained by the yacht during the period of charter and caused by the Charterer or the crew, the charter company refuses to repay the Charterer all or part of the received security deposit.

The guarantee is limited to the security deposit amount described overleaf by the Charterer.

Compensation will, however, be excluded, in the event that the Charterer uses the yacht chartered on the basis of the described agreement to:

• itself organise charter tours on a commercial basis,
• operate the yacht on behalf of a charter company on a commercial basis or in return for
• a benefit in money's worth, or where the Charterer
• takes part in regattas,
• causes damage to the chartered vessel as a result of gross negligence or does so deliberately, or where the damage to the yacht is also the result of war, warlike operations, riots, strike, confiscation by public authorities or the danage is caused by nuclear energy (radioactivity).