The Boat Hull Insurance
protects you from financial risks arising from damages to your own yacht - e.g. due to groundings, collisions, etc. In principle, boat hull insurance thus covers damages that can be caused by external influence on the boat.
In the past, individual hazards were listed in the conditions of the boat hull insurance policies. After we introduced the all-risks coverage in the boat hull insurance, the coverage was significantly expanded and the conditions became much more transparent.
All exclusions of insurance are listed in §4 of our current Yacht Hull Conditions (YKB 2014): Broadly summarized, these are damages to the boat that are caused intentionally or grossly negligently by you (then often "apportionment" = partial payment). Damages due to war, civil war, war-like events and also nuclear energy damages are excluded. Weather damage (rain, snow, frost, solar radiation), rot, damage by vermin, mold, rats, and mice are insured as a consequential damage of an insured event.
By the way: Vandalism is not in our exclusions, so this damage event is covered! The exclusions listed above as examples are typical for boat hull insurance, and if you find an insurer that covers these events, we look forward to your hint.
If damages occur to components due to ordinary use (through wear and tear) or construction or material defects, the consequential damages resulting from this are insured. This is important because otherwise, you might also have no coverage for your mast damage if the bolt or the shroud/stay breaks due to fatigue.
Naturally, damages caused by external factors like fire, sinking, theft, etc. are insured. Internal engine damages (seized piston, defective cylinder head gasket) are automatically covered in our policies for boats up to 3 years old without any additional charges. Otherwise, extended coverage against an extra cost for boats up to 15 years is available with the expanded engine damage coverage.
What does the "Irrevocable Fixed Amount" mean in our boat hull insurance?
The so-called "Fixed Amount" or Rate is defined according to the Insurance Contract Act (§76 VVG) as the sum of the agreed insurance value (= insurance sum). It further states:
"The Taxe is also considered to be the value that the insured interest has at the time the insurance case occurs, unless it significantly exceeds the actual insurance value at that time."
Put another way: If there is a total loss, the insurance sum entered in the application (policy) is due, unless the insurer asserts a so-called actual value according to §76 VVG. Thus, after several years of contract term with many other boat insurers (!), you will only receive a partial amount of the agreed insurance sum in the end.
With us, subsequent actual value deductions are excluded, which is why we refer to an uncontestable Fixed Amount in our boat hull insurance!
We stand by this: The insurance premium is largely determined by the specified Taxe (insurance sum) and thus applies as long as the policy exists and you pay for it. If there is a total loss within the term of the contract, you as the insured party then also have the right to receive this sum in full.
Of course, with us there are also no deductions if an old component is replaced by a new one after a partial loss. If new parts are installed and invoiced, the full amount is always reimbursed, regardless of the age of the component to be replaced.
Despite your caution and good seamanship, suddenly there is not enough water under the keel - you run aground and can refloat your yacht by yourself. A salvage operation is performed, the boat is lifted out of the water and transported to a boatyard. The complete costs including salvage, cranes and transport is covered by your Yacht Hull Insurance. You only have to pay the agreed deductible. If you have not made any claims for at least five years, we will not change your no-claims bonus (bonus saver).
A loss assessor subsequently determines that a nearly new tunbuckle has snapped - clearly a material defect! The hull insurance covers all the damage including the costs of the loss assessor. The cost of the turnbuckle is not covered - because material defects are not covered by the terms and conditions - unlike the resulting damage
Enter Boat Data Online or Call
We are always available for any questions. We can provide you an offer by phone or you can use our Boat Insurance Comparison. This calculates your insurance premium online based on certain criteria or sends us your boat data so that we can send you an offer in a short period of time.