FAQ Yacht- Boatinsurance

1. What should I look out for when finalizing a contract?

a) Ensure that the application is filled out completely and truthfully and has been signed by you. If there are details that you're not aware of at the time of concluding the contract (for example, the CE number), please submit them as soon as possible.

b) After receiving your insurance documents, check them for accuracy and inform us immediately if there are any changes you'd like to make.

c) Please ensure that the initial premium is paid promptly. If you'll be absent for an extended period, you can provide us with a SEPA direct debit mandate.

2. What happens if I miss the payment of the initial premium invoice?

a) If the initial premium is not paid on time, the insurance coverage expires retroactively to the start of the contract according to §37 VVG (Insurance Contract Act).

b) The insurer can claim the premium for the period of any provisional coverage provided.

3. What types of insurance are available?

a) Yacht Hull Insurance (for damages to the insured vessel)

b) Yacht Liability Insurance (for damages you negligently cause to a third party with your vessel)

c) Passenger Accident Insurance (for personal injuries of boat passengers)

d) Yacht Legal Protection Insurance (for disputes/legal fees related to your vessel) e) Please check the specific scope of your chosen insurance(s).

Under the mentioned general terms, there are numerous insurance variations. If you have questions about them, please call us so that we can determine the right insurance coverage for you and your yacht together.

4. Is winter storage and the related transports covered?

a) According to clause 1 of the conditions, your vessel is insured during winter storage (whether outdoor storage or inside a hall), during hauling out and launching, as well as all related transports.

b) Other transports (e.g., holiday transports from the Baltic Sea to the Mediterranean) are only covered if they are explicitly mentioned in the policy or if they are notified to us before the start of the risk.

5. What is the notice period?

a) The notice period for the Yacht Hull, Yacht Liability, and Passenger Accident Insurance is one month to the next due date. For the Legal Protection Insurance, the notice period is 3 months to the due date.

6. What happens if I sell my boat?

a) If you sell your boat, please inform us, providing the name and address of the buyer. You're welcome to send us a copy of the purchase agreement by mail, fax, or email.

b) By law, the Yacht Hull Insurance transfers to the buyer, who will be promptly informed by us. The buyer has a special right to terminate, which they can exercise within one month after receiving our letter. For security reasons, the contract is simultaneously terminated by us in compliance with a one-month notice period towards the buyer. If they do not get in touch with us, your contract will therefore expire after the notice period. Only then can we finalize the settlement and refund the unused premiums.

c) All other insurances do not transfer to the buyer, meaning the insurance coverage ends immediately.

d) Please note that the earliest settlement date can be the day of the sale notification or, if the change of ownership occurs in the future, this date can be taken. Refunds resulting from delayed notification cannot be retroactive.

e) Liability insurance is subject to a minimum premium; hence refunds are unfortunately not possible.

7. What if the cruising area changes?

a) If you relocate your vessel to a different cruising area than documented in the policy, you are obligated to notify us immediately as this can represent an increased risk.

b) You will promptly receive a proposal for modification to adjust your contract.

8. How should the trailer, outboard, and boat be secured?

a) The trailer should be secured with a suitable box lock, a wheel clamp, or an equivalent device.

b) The outboard should be secured with a specialized outboard lock. We recommend locks from brands such as Double Lock or Abus.

c) Boats (Note: special regulations apply to JetSkis) are typically not locked up. Standard mooring is sufficient. However, if you decide to additionally secure your boat to the dock using a chain, we highly appreciate it – but it is not a requirement.

9. Are other people allowed to operate the boat?

a) In general, other persons (e.g., girlfriend/boyfriend, spouse, child) other than the policyholder are allowed to operate the boat. However, renting out the boat for a fee is not insured; this would require a prior contract adjustment.

b) However, please refer to clause 4.10 of the YKB 2014, which states that damages that occur when the operator of the insured vehicle does not possess the official license required for the vehicle and cruising area are excluded from insurance coverage.

10. Can I participate in regattas or sail solo?

a) Participating in regattas is covered by the insurance. However, you should always sail cautiously and prefer a defensive approach rather than risking serious damage to your boat.

b) Solo sailing is also covered. Yet, it poses special demands on the skipper to ensure adherence to the principles of good seamanship (e.g., maintaining a regular lookout).

11. What if I undertake modernization/renovation measures on the boat?

a) Replacing items such as sails, renewing a teak deck, replacing an engine, etc., don't necessarily represent an increase in value that would require an adjustment of the Fixed Tax. More often, these are measures to maintain the value, which justify the Fixed Tax even after years of using the boat. If you have questions about this, please contact us.

12. Modifications/Changes

a) Name changes, cruising area changes, engine replacements, etc. (compare with the application data) are subject to a notification obligation. Especially with outboard engines that are listed in the policy with a separate insured amount, it is essential that the currently used engine is specified.

13. How long is the Fixed Tax (the insured sum) of your contract valid?

a) Our Irrevocable Fixed Tax is valid for an indefinite period.

b) Nevertheless, we recommend checking its amount after 5-10 years. Feel free to contact us about it anytime. Your personal representative will advise you.

14. Where can I get the international liability insurance confirmation?

a) You can request the International Liability Confirmation Card from us by phone or email. Depending on the insurer, they are valid for 1 to 3 years. There is no automatic dispatch of the confirmations. Please request the liability confirmation again after it expires.

15. What do I do if my personal information changes?

a) If you change your address or your bank details with an agreed direct debit, please inform us in a timely manner. Unfortunately, we have to charge you for costs related to a resident registration office inquiry or a direct debit return.