Getting Your Yacht Ready for Charter

Many owners consider chartering their private superyacht a great way to generate revenue from an asset that would otherwise lie untapped most of the time. Chartering is indeed a comfortable way to reduce the running costs of owning a yacht but it does not come completely without pitfalls.

From an insurance point of view, preparing for charter should not be a challenging task. Generally an email or phone call to us is enough to start the process. As chartering means an increase in risk, generally insurers will apply an additional or higher premium to your current policies in order to include the commercial activities. Here it is important to disclose the circumstances under which the charter activity will be carried out: bareboat or skippered, cruising area, deductible and number of guests will be key information we will require to assess the risk and provide the new terms.

Once the new conditions and premiums have been disclosed to and approved by the insured, the extension can be placed very quickly so as to not delay the charter activities.