100% insurance coverage
Guaranteed income programs and forward sale programs represent the vast majority of rental management offers. For these contracts, whose goal is to simplify the life of the boater as much as possible, the subject of insurance is completely transparent to the client. "The insurance is covered 100% by Navigare Yachting. It is clearly written in the contract, it is part of the monthly payments. There is no deductible for the client either. Whatever happens, if it has to be applied, it is taken care of by Navigare Yachting" explains its representative in France, Clément Daël.
Only the holders of variable income programs are responsible for the insurance policy, with the operation and its risks remaining with them, as well as possible windfall income.
Insurance policies adapted to the place of navigation
The boat in management-rental is covered by the operator. The policies chosen depend on the rental company, but with the major brands, we generally find the 3 main points that are the operation, the equipment and the loss of the vessel. Clément Daël details: "At Navigare Yachting, we cover all risks related to the charter, such as accidents or death on board, material problems, related to breakage, misuse, or wear and tear, in this case, in our maintenance budget, damage caused to third parties. But also the total loss of the vessel with a normal discount of the vessel and a refund of 100% the first 2 years, decreasing to 55% the 6th year. The contract is adapted to the navigation zone, especially in cyclonic zones. For the client, this is equivalent to an all risk insurance."
Environment and civil liability
It is important to foresee all possible risks. Navigare Yachting's operating contract clearly states that civil liability insurance is taken out for the operation, delivery and rental of the boat. The risks of pollution caused by the boat are also covered. "It's important and mandatory in some countries" underlines Clément Daël.
The Navigare Yachting manager concludes: "The only time an owner is concerned with rental management insurance is in the case of a total loss. But in that case, contracts and monthly payments are frozen and repayments, even in cases like Hurricane Irma, are fairly quick."
