Yacht Insurance - Crew Insurance
Perhaps
the most important element of any charter business is the crew, and just
like the yacht you will need to provide specialist
insurance for them if you are running a professional business.
Indeed if the yacht is financed then the lender may insist on seeing
insurance cover for the crew as well as for the yacht.
Crew insurance generally only becomes a consideration, once the yacht you have bought is over 20 metres, as below this charter yachts tend to be run and managed by partners, or husband and wife teams.
As soon as you are over this size and running a large charter yacht which is maintained and run by a full time crew, then as a professional owner you should provide your yacht crew with a comprehensive health insurance package, along with liability insurance.
Yacht Insurance - Level of Insurance
Clearly the level of crew insurance you provide on board your yacht will vary depending on whether your yacht is used for day charter, or for long term cruising, with the latter requiring considerably higher levels of insurance cover, given the yacht may be at sea for days at a time. In this case worldwide coverage would therefore be essential to provide repatriation in the event of illness or death. A basic crew insurance package would cover the following:
Medical and hospital costs while travelling to and from the ship and whilst on board
Repatriation of ill or injured crew members
Transportation costs for replacement or relief crew members
Any vaccinations required during the voyage
Travel costs for crew called home on serious personal issues
A contribution to costs for death, loss of equipment or loss of goods
A more comprehensive package would also include homeland insurance cover for ongoing treatment following accident or illness onboard, a range of benefits for temporary or permanent disability including loss of earnings and sick pay, permanent disability benefits, and finally life insurance for the crew member and their dependents in the event of death. In addition to providing comprehensive health insurance, liability insurance should also be part of the package for any yacht charter crew. Whichever type of policy you choose it is vital that the insurance provides worldwide coverage 24 hours a day and should be part of any professional charter yacht's package of standard employment terms.
Finally let's look at ways of financing your yacht, and if you are considering a yacht charter business, then yacht leasing may be appropriate?
Marinablu International Ltd is an Introducer Appointed Representative of Pantaenius UK Ltd who are authorised and regulated by the Financial Services Authority (FSA) - yacht insurance