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If you own a yacht for luxury or transportation and business use, you necessarily need to hear about yacht insurance that saves your property from all kinds of damage that may be caused to it.
Yacht and boat insurance provides all types of protection and guarantees against any damage that may be caused to the yacht, and the insurance policy covers the civil liability of yachts and their liability for bodily damage and losses that may affect others, and also includes yacht insurance against any losses that may affect the yacht body, equipment, and contents.
What is yacht insurance?
Yacht insurance is an insurance policy that provides you with coverage for compensatory expenses imposed on you in the event of damage to the yacht, including:
Liability coverage for bodily injury or property damage to others.
Coverage for damage to personal property on board the vessel.
Coverage for damage to the yacht and its equipment.
Yacht insurance is mainly intended to protect your yacht or boat, other boats on the surface of the water and of course you, the passengers, and their belongings on the deck of the boat.
The idea of insurance is to provide the financial support you need in the event of a loss of some kind, this financial loss can occur in the form of damage to your boat, or another person - a third party - comes against you to report damage to his vehicle or in the worst case there may be a loss caused by your injury or injury to one of your passengers.
From here appeared the idea of yacht insurance, which gives you:
Yacht insurance provides compensation liability coverage for the sailing vessel.
Coverage consists of two main parts: structure insurance and protection and compensation (P&I).
Although there is no agreed legal length separating the yacht from the boat, it is generally considered to be somewhere between 27 and 30 feet.
What are the components of a yacht insurance policy in Egypt?
The yacht insurance policy consists of two main parts:
Securing the hull of a yacht or boat
Yacht or boat hull insurance is coverage against all direct risks and damages as it includes an agreed amount to cover the risks to the vessel, and this amount is settled when the policy is written, and in the event of a complete loss, it will be paid in full.
In addition, this policy covers the cost of replacing partial losses, although this part does not include some parts of the boat or yacht such as sail, cloth, batteries, or sometimes overseas trips, and is instead subject to the list of consumables.
Protection and Indemnity (P&I)
P&I yacht insurance is the broadest coverage of all types of yacht insurance coverage, this type of policy also covers the expenses of judgments that you may be exposed to and will also pay to defend you in court in case of injuries to other boats or people and their property.
Why do you need yacht insurance or boat insurance in Egypt?
Whether you own a yacht or a boat, we must understand that boats and yachts are like machines that need regular maintenance and insurance, and your insurance policy should not be just a typical boat policy.
Here are some of the benefits of yacht insurance at Brokerage Insurance:
More full coverage than any other insurance company at no extra cost.
Cost-effective discounts and coverage options to save money.
Flexible payment options.
A support and communication team to answer your inquiries and respond to your claims faster and in a better way that suits your needs.
Different packages to suit your separate needs.
What exclusions are not covered in a yacht insurance policy in Egypt?
It is very important to see what your document includes and excludes so that you can choose the best, here are some key exceptions that you should be aware of.
Mechanical failure is not covered if the yacht is more than three years old.
Personal accident cover will not cover individuals over the age of 76 however, yacht-related accident cover will still apply.
The deterioration of the yacht's condition over the years is not covered.
If you require coverage that exceeds the sum insured in your policy and in the sense that you will not be able to claim the replacement of a yacht higher than the value you provide to us.
What are the benefits of yachting insurance with Brokerage Insurance?
Brokerage Insurance is at the top of the best yacht insurance companies in Egypt, as it offers you many advantages that are not available in other companies, as it allows you a large number of different options that allow you to obtain coverage and the appropriate policy for the value of your property, which is the yacht, including securing the sailing experience and the location of the yacht berth.
Here are the best features we can offer yacht owners and people who contribute significantly to the protection of their property by purchasing yacht insurance policies:
Our yacht insurance policy includes third-party coverage if you accidentally cause damage to someone else's property while you are on the water, your insurance will cover the cost of that damage.
Personal Accident Cover: If your goal in buying a yacht is to enjoy the challenges you can take on yourself in different seas and at high speeds, we recommend that you add personal accident cover to your policy, as our Personal Accident benefit covers medical expenses and emergency treatment.
Unlike other policies for Yacht Insurance, we offer you the benefits of a marina – the berth of a boat or yacht – if your boat is permanently moored at the pier or you keep it on shore at the same location, we will not charge an overcharge for any claim made while the boat is docking or standing still.
The policy also includes coverage of the malfunction of the machines responsible for the operation of the yacht (on yachts less than three years old) - knowing that even modern yachts may also get into trouble for malfunctioning the working machines in them.
Legal expenses cover - in the event that a third party charges you for damage to their profession or personal injury caused to them - this cover helps you bear the legal expenses.
Having 24-hour support, legal advice, and a claims approval team – in addition to covering legal fees, the best yacht insurer Brokerage Insurance also offers you legal advice to guide you on what to do if you get involved in a legal dispute.