Charter with peace of mind with yacht charterer’s liability

Your client is chartering a beautiful, multimillion-dollar yacht for the week. Right now, everyone is focused on the fun and relaxation of the upcoming holiday, but what if the charterer or guest caused an accident while onboard? The damage is significant, and the charterer is left liable. Depending on the terms of their insurance policy and the charter agreement, the vessel owner may or may not have coverage for the accident or incident.

Protect your clients with yacht charterer’s liability. A charter liability policy can help indemnify the charterer against the legal liabilities, costs, and expenses that could arise, giving your clients peace of mind knowing that their risks are mitigated in the unfortunate event of an accident.

What is yacht charterer’s liability?

A yacht charterer’s liability policy provides the charterer with peace of mind that they are properly insured during their holiday. Designed to fulfill conditions outlined in standard contracts, charterer’s liability protects the charterer and guests against third-party liability claims. These claims can include potential lawsuits for accidental death or injuries occurring onboard the yacht or resulting from watersports activities, in addition to damages to the hull, interior furnishings, tenders, and other equipment. In most cases, the owner’s liability policy will not cover the charterer. Often, a charter agreement is signed without considering that the charterer can be held liable if there is damage to the yacht or injuries to guests during the charter.

What other coverage does a yacht charterer need?

Complete their coverage with a trip cancellation policy! Trip cancellation insurance helps protect their investment in their upcoming yacht charter should they have to cancel. This type of insurance can help to recover non-refundable money paid for the charter and other related expenses should an emergency or certain unforeseen events cause them to miss their charter.