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Yacht Third Party Liability Insurance
Legal Liability to third parties arising out of ownership or operation of the yacht.
FAQWhat is third-party marine insurance?
Third party marine insurance, also known as Marine Third Party Liability Insurance, is a type of cover designed to protect boat owners from legal and financial liabilities arising from accidents involving their boat. This insurance covers the costs associated with injury to other people, damage to other boats or property, and environmental pollution caused by your boat. It extends to cover liabilities for anyone on board your vessel with your permission, such as guests or unpaid crew. Having third party marine insurance is essential for safeguarding yourself against potentially high compensation claims and is often required by marinas and local authorities.
What is the principle of liability to third parties?
The principle of liability to third parties means being legally responsible for harm or damage caused to people or property that are not directly connected to you through a contract. In the context of marine insurance, this means that if your boat causes injury to someone else or damages another boat or property, you could be held legally liable. Third party liability insurance helps cover the financial costs associated with these claims, protecting you from potentially substantial expenses and legal actions.
What's covered in our third-party liability insurance?
Our third party liability insurance provides comprehensive cover for a variety of risks, including:
Injury to Others: Covers your legal liabilities should you cause injury or even death to another person.
Property Damage: Pays for the repair or replacement of other boats or property damaged by your boat, if legally liable.
Water Pollution: Includes costs associated with accidental pollution caused by your boat.
Wreck Removal Costs: Covers expenses related to the removal of wreckage if legally required.
Liability during Watersports: Extends cover to liabilities arising from watersports activities and scuba diving, provided participants are properly qualified and equipment is in good condition.
Extended Liability: Covers legal liabilities when using a borrowed or chartered yacht.
Our insurance also ensures that liabilities of your guests and unpaid crew members are covered, offering comprehensive protection for all on board.
I have sold my boat. What happens with my policies?
When you sell your boat you cease to have an insurable interest in the yacht. Therefore, you will need to notify us, in writing, of the sale as soon as possible. You can do this by sending an email or a letter. We cannot cancel the policy by telephone. When we cancel your policy, a pro-rata refund of unused premium will be made provided no claims have been made in the current insurance period.
Can the purchaser take over the policies?
Each policy of insurance is based on the individual requirements of the insured. In taking over another person’s policy there is the danger that the policy is not suitable for the needs of the purchaser. Of course, if you feel that you have benefitted from the Pantaenius cover and customer service and wish to recommend us to the buyer of your yacht, then we would be delighted to provide them with a quotation for their insurance. Please feel free to pass on our contact details. If the new owner wishes to continue to insure the yacht through Pantaenius, we will ensure that there is no gap in cover when the yacht changes hands. You will need to let us know as soon as possible so that we can offer a quotation and set up the new insurance in good time for the sale. In many cases we will waive the requirement for a survey which may be helpful for your buyer and so benefit the selling process.
How long is the policy period?
The policies are valid for one year, with renewal information being sent to you shortly before the next policy period.
We haven't answered all your questions?
Please visit our FAQ area. If you can't find the help you need there, just contact us!
What is third-party marine insurance?
Third party marine insurance, also known as Marine Third Party Liability Insurance, is a type of cover designed to protect boat owners from legal and financial liabilities arising from accidents involving their boat. This insurance covers the costs associated with injury to other people, damage to other boats or property, and environmental pollution caused by your boat. It extends to cover liabilities for anyone on board your vessel with your permission, such as guests or unpaid crew. Having third party marine insurance is essential for safeguarding yourself against potentially high compensation claims and is often required by marinas and local authorities.
What is the principle of liability to third parties?
The principle of liability to third parties means being legally responsible for harm or damage caused to people or property that are not directly connected to you through a contract. In the context of marine insurance, this means that if your boat causes injury to someone else or damages another boat or property, you could be held legally liable. Third party liability insurance helps cover the financial costs associated with these claims, protecting you from potentially substantial expenses and legal actions.
What's covered in our third-party liability insurance?
Our third party liability insurance provides comprehensive cover for a variety of risks, including:
Injury to Others: Covers your legal liabilities should you cause injury or even death to another person.
Property Damage: Pays for the repair or replacement of other boats or property damaged by your boat, if legally liable.
Water Pollution: Includes costs associated with accidental pollution caused by your boat.
Wreck Removal Costs: Covers expenses related to the removal of wreckage if legally required.
Liability during Watersports: Extends cover to liabilities arising from watersports activities and scuba diving, provided participants are properly qualified and equipment is in good condition.
Extended Liability: Covers legal liabilities when using a borrowed or chartered yacht.
Our insurance also ensures that liabilities of your guests and unpaid crew members are covered, offering comprehensive protection for all on board.
I have sold my boat. What happens with my policies?
When you sell your boat you cease to have an insurable interest in the yacht. Therefore, you will need to notify us, in writing, of the sale as soon as possible. You can do this by sending an email or a letter. We cannot cancel the policy by telephone. When we cancel your policy, a pro-rata refund of unused premium will be made provided no claims have been made in the current insurance period.
Can the purchaser take over the policies?
Each policy of insurance is based on the individual requirements of the insured. In taking over another person’s policy there is the danger that the policy is not suitable for the needs of the purchaser. Of course, if you feel that you have benefitted from the Pantaenius cover and customer service and wish to recommend us to the buyer of your yacht, then we would be delighted to provide them with a quotation for their insurance. Please feel free to pass on our contact details. If the new owner wishes to continue to insure the yacht through Pantaenius, we will ensure that there is no gap in cover when the yacht changes hands. You will need to let us know as soon as possible so that we can offer a quotation and set up the new insurance in good time for the sale. In many cases we will waive the requirement for a survey which may be helpful for your buyer and so benefit the selling process.
How long is the policy period?
The policies are valid for one year, with renewal information being sent to you shortly before the next policy period.
We haven't answered all your questions?
Please visit our FAQ area. If you can't find the help you need there, just contact us!
Is Third Party Liability Insurance Really Necessary for my Yacht?
In many countries, marine liability insurance is not mandatory. However, we at Pantaenius still highly recommend boat liability insurance as part of our standard safety measures to keep financial burdens at a minimum – after all, any damage caused while using a vessel can quickly add up. Remember that boat owners will always be held liable with their entire essets for damages caused by them or someone else driving their vessel. Since those claims are usually not covered by the boat owner’s private liability insurance, a third party liability insurance is highly advisable. Also, many marinas or local authorities insist that you own it.
Flexible And Comprehensive Boat Liability Insurance
Our dedicated marine third party insurance offers cover without any unclear exclusions. While it is not necessarily mandatory, it is still widely considered to be the bare minimum of recommended cover for your boat. Our comprehensive third party boat insurance cover includes claims of both owner and crew and guests, should they cause damage to a third party’s property or cause injury or even death to another person.
Because boat insurance is always based on individual circumstances, our insurance offers are flexible enough for your personal needs. Our yacht liability insurance automatically includes a Skipper Liability Insurance.
