- Policies cover against the following perils:,
a. Total loss and damages, accidental loss or malicious damages, including theft within navigation limits of the policy.
b. Damages due to grounding, contact with dock, harbor equipment, land conveyance, aircraft or objects falling on vessel.
c. Perils of the seas, rivers, lakes or other navigable waters.
d. Theft of the vessel, her boats or outboard motors.
e. Fire, explosion, jettison and salvage charges.
g. Earthquake, volcanic eruption or lightning.
h. Collision, 25 / 75 co-insurance applies. Owner is responsible for 25% of claims.
- Types of vessels that can be insured:
a. Sailing Yachts.
d.Commercial passenger boats.
- Protects you against damages for bodily injury or property damage.
- Covers all direct physical loss or damage to the personal effects from any accidental cause.
- What types of policies are available?
a. Comprehensive cover.
b. Cover against total loss only.
c. Compulsory passenger cover.