Insurance of small vessels, boats, yachts
Hull, engine and machinery (H&M) insurance covers:
- Losses due to the total loss of the vessel (actual or constructive)
- Costs of repairing damage to the hull, mechanisms, machinery and equipment of the vessel
- Losses caused by unlawful acts of third parties
- Expenses for salvage of the vessel and prevention, reduction of losses or determination of their amount
Shipowner's liability insurance (P&I) covers:
- losses of owners of small vessels, yachts and boats, as a result of damage caused to property, life and health of third parties
Protection against risks
Insurance of hull, engines and equipment (H&M)
- Collision with another vessel
- Collision with bunkers, bridge piers, moorings, etc
- "Piling up" on sunken objects
- Running aground
- Fire on the vessel
- Unlawful acts of third parties (theft, hijacking, vandalism)
- Difficult meteorological conditions (storm, hurricane, etc.)
Shipowner's liability insurance (P&I)
- Collision with another vessel or floating object
- Collision with fixed (non-floating) structures and objects
- Pollution of the environment
- Damage to human health
- Costs of removing the remains of a shipwreck, etc
- Expenses for prevention, reduction of losses or determination of their amount
Benefits of insurance in INGO
In addition to the main list of risks, you can insure against them:
- Risks during transportation, as well as during launching and lifting to the slipway
- Risks of theft or loss of the outboard motor
- Participation of the yacht in sports competitions and regattas
- Insurance for the period of construction (including sea trials)
- Crew members against diseases (medical insurance) and accidents
outlook - «Evolving»
8.12.2023
What documents are required to apply for a policy?
- certificate of registration of the vessel;
- classification documents;
- technical passport for water transport;
- identification data of the shipowner/operator.
Who can enter into an insurance contract?
An insurance contract may be concluded by shipowners (legal entities, individuals, business entities) who legally own, use or dispose of a ship.
What class of vessels are subject to insurance?
Small vessels, boats and yachts are subject to insurance.
What are the minimum requirements for a vessel to be accepted for insurance?
Vessels shall be accepted for insurance if at the moment of conclusion of the insurance agreement:
- are in seaworthy condition, which is documented;
- have a valid class (for commercial fleet).
Who can act as a beneficiary under the agreement?
The beneficiary may be any person who has a property interest in the insured watercraft at the time of the insured event or payment of the insurance indemnity.
What territory does the insurance cover?
The insurance coverage shall extend to the whole world, including inland waterways of Ukraine, in accordance with the restrictions of the Register class/ Vessel class, except for the territories specified in the contract (for example, war zones, occupied territories, certain countries, etc.)
Is it possible to cover war risks?
Coverage of war risks is possible outside the territory of Ukraine and is considered individually.
