While choosing which majestic yacht to purchase is of course an important and time consuming task, many tend to think last minute with regards to what it takes to insure the yacht. Even though yachting is definitely a true pleasure for all those brave enough to venture into it, there might be occasions where it is not as plain sailing as one would hope. And for this reason it is important to think of insurance and which insurance companies could provide you with the peace of mind you need.
What elements should you ensure your insurance includes?
Accidental loss or damage of your vessel
In a perfect world, accidents and damages don’t happen, but we don’t live in a perfect world….yet! Therefore, it is crucial that when looking at insuring your yacht, you cover yourself in case of any potential accidents that may cause loss of or damage to your vessel.
This kind of loss or damage is directly caused by an accident while one is navigating, ashore, in its place of storage, when it is commissioned, hauled out or launched. Different insurance companies offer different kinds of accident insurance, and it is advised to check that all the possibilities you deem fit for your yacht are catered for.
Personal accident for yourself or people onboard of your vessel
While accidents can damage the vehicle, some accidents can cause personal harm to you or your guests. Ensuring that your insurance also covers any expenses in relation to personal accidents for yourself or your guests will allow you to venture out at sea with the kind of peace of mind you deserve.
While Malta has long days of sunshine that make it the perfect destination for any yachting enthusiast, weather can sometimes surprise us. If your yacht is harmed due to bad weather, having an insurance that covers such instances can also give you the peace of mind you need that any damages caused by weather can be reversed.
Oh, and in case you want to learn how to predict the weather before setting sail, check out our blog featuring advice from British Sailing Team Metereologist Simon Rowell.
Theft and vandalism
No country is perfect, and therefore, just like everywhere else, there can be cases of theft and vandalism in Malta too. Although such cases aren’t so frequent in Malta, it is still good to make sure that your insurance does cover cases of theft or vandalism to your vehicle. Just in case s%it hits the fan, you are guaranteed the support to get your yacht back in shape before setting sail again.
Breaking of shafts, struts or propellers and more
Let’s face it, when you use your yacht frequently, some things are bound to break or need replacement. It’s good to look into insurances that offer you the possibility of covering costs in relation to shafts, struts, propellers etc.
Insurance companies in Malta
Even though Malta is a small island of less than half a million inhabitants, there is a large variety of insurance companies one can choose from. Below you can find a full list of such companies linking to the page that speaks about yacht insurance.
- Atlas Insurance
- Gasan Mamo Insurance
- Citadel plc
- Bonnici Insurance Agency Limited
- Laferla Insurance
- Elmo Insurance
Interested in learning more about yacht insurance? Take a look at the info page on the Malta Financial Services Authority website focused on boat insurance.