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To insure or not to insure? That is the question. 1:20pm, Wed 10 Feb 2021
If there is one question Cumberland Charter Yachts is asked on a daily basis from people booking a bareboat charter, is "Do I need to take out insurance?" Insurance should be an essential part of your holiday planning and not something to be casual about just because you are travelling domestically.Let's think of it this way; if you were travelling overseas, would you take out travel insurance to protect yourself from financial loss should your flight get cancelled and you needed to purchase another flight? If you own a car, compulsory third party insurance covers you from claims made against you as a result of your negligence. Hiring a bareboat should be no different, and for such a small investment compared to the financial outlay should something happen, having the correct insurance will put your mind at ease and ensure that everyone has a safe and happy holiday on your bareboat charter.
Personal Travel Insurance
Travel insurance covers expenses if you need to cancel your trip for a covered reason.
Depending on the policy you've purchased, you would be reimbursed for pre-paid, non-refundable expenses if you need to cancel your trip before you depart due to sickness, injury or death of you, a family member or travelling companion.
Personal travel insurance is not to be mistaken for vessel insurance (all vessels are individually insured) but a way to protect your financial investment in your holiday and should be a part of your holiday preparation. Top Sail Insurance have a single trip policy which will cover you for just one charter holiday, or speak to your preferred insurance provider.
Hirer's Liability Insurance
This insurance is similar to compulsory third party insurance (CTP) you'd have when owning a car. It is designed to protect you from claims made against you by third parties as a result of your negligence in the operation or use of a hired vessel. It provides insurance against your legal liability to pay claims for loss or damage to third party property, or the accidental death, bodily injury or illness of a third party. For this policy to respond to claims made against you, you, the hired vessel (the named Bareboat) or its tender must be involved in the loss. Oceanic Marine Risks have a bareboat hirer's liability insurance you can purchase for your bareboat charter.
Vessel Damage Waiver
A non-refundable compulsory damage waiver is charged, by Cumberland Charter Yachts to the charterer, to cover minor loss or damage to the vessel or its inventory. Should any of the items included in your charter be lost or damaged, the damage waiver fee applies to the items to be replaced. Similarly, if there is any structural damage to the vessel i.e from running the boat aground; or damage causing the boat to be unseaworthy, the vessel damage waiver is also applied in this case to cover repairs.
In any case, it is best to take out all necessary insurance to cover you and your loved ones for peace of mind whilst on your bareboat holiday.
Please Note
Cumberland Charter Yachts do not sell insurance.Cumberland Charter Yachts is an award-winning company providing exceptional holiday experiences, leaving customers with a lifetime of memories that exceed all expectations.
