Charter Yacht Cancellation Cover – A useful guide for sailing
Ever changing views of an azure blue sea. The chance to flit from a bustling marina to a secluded bay at your whim. Your week-long yacht charter is your opportunity to get away from it all and do exactly what you want on holiday, free from worries and stress. But what if something unforeseen happens and you can’t go, or you need to go home during the trip?
Whilst you might not be setting sail aboard MY Eclipse, considered the world’s most expensive yacht with a weekly charter cost of around $2million, chartering a yacht can cost a substantial amount of cash. Like all investments, it’s worth protecting your money with the right charter cancellation insurance.
Why do I need charter yacht cancellation insurance?
Whether this is your first time chartering a boat or you’re a seasoned sailor, you never know what the future will bring. Unfortunately, illness and accidents can occur, and your trip might need to be cancelled or cut short. Because of the high costs involved when you charter a yacht, this could mean a significant financial loss.
Charter yacht cancellation insurance is a specialist type of leisure craft insurance that has been designed to give you peace of mind. If you do need to cancel your trip or go home early you won’t be left out of pocket.
The company I am using to charter my yacht includes insurance in the package – do I still need to purchase yacht charter cancellation cover?
Yacht charter companies offer various levels of protection through the insurance policies they take out. These are not standardised and around the world you’ll find different levels of cover on offer. Check first with your charter company exactly what level, if any, of cancellation insurance they offer. Even if cancellation cover is part of their package, it’s important to double check that the terms are suitable for your needs. Taking out your own insurance will give you complete peace of mind and avoid any nasty shocks.
What does cancellation insurance cover me for?
Every policy is different, so be sure to check the small print to make sure you’re covered for what you need. As a guide, cancellation insurance could compensate you financially if:
- You are unable to travel due to illness or injury
- You are unable to travel due to illness or injury of a close family member
- You need to return home during the trip due to injury or sudden illness whilst you are away
- You need to return home during the trip due to injury or sudden illness of a close family member
- You lose your job
- Natural disasters
- Terrorist events prevent you from travelling or mean you need to return home
Tailoring your insurance to your bespoke requirements can ensure you pay the best price with no compromise on the level of protection.
What other benefits come with charter yacht cancellation cover?
When purchasing your yacht cancellation insurance you can add on other benefits. This could include cover for repatriation, emergency medical and dental treatment, lost valuables or if your passport is lost or stolen. It can also cover you for associated travel costs, such as flights and hotel bookings, in addition to the yacht charter costs.
When should I take out cancellation insurance?
For the highest level of protection, you should take out your yacht charter cancellation insurance as soon as you book your trip. That way, if anything unforeseen happens that will prevent you from going on your trip, you will be covered from day one of booking.
Use a specialist insurance broker for your very special trip
Chartering a yacht is a specialist holiday, and it needs specialist insurance cover. Our expert team at Park Insurance has over 30 years experience helping people to get the right insurance for their needs. That means we can source you anything from the most basic cover at the lowest prices to a premium package that gives you complete peace of mind.
We’re an independent broker, so we have the flexibility to work with some of the UK’s biggest insurance providers to negotiate the best value deal for you. That means a good price for exceptional insurance that won’t let you down. If you do need to make a claim, simply call our friendly, team based in Bristol and we’ll help you to process your claim quickly and with minimum hassle.
Call us now on 0117 955 6835 or get a free quote here for your insurance.