Huysman Yacht Insurance & Yacht Financing

Huysman Yacht Insurance

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Specialists in water sports insurances and financing

We sometimes get the question whether it makes sense to insure an older (second hand) vessel.

"Unlike for a car, 'Civil Liability' insurance for a ship is not legally required in our regions. Only in a limited number of countries such as Italy, Spain and Croatia is this insurance required by law and would you need to be able to show proof of insurance. Reality, however, shows that it is also recommended in our countries to have such insurance, in order to cover oneself for claims from third parties. Most insurance companies handle an insured sum of € 5,000,000.00, equivalent to the criteria of the Convention of London, limiting the liability of the owner/skipper."

Costs for salvage, wreck removal, towing and legal protection

It could be possible that mainly inexperienced people navigate poorly insured. Our thoughts about this are more nuanced.

"Someone with a bit of common sense gets insurance from a boating broker who specializes in insuring recreational boats and thus can advise and assist you. Besides, when you apply for a berth in a marina, the harbour master will ask for proof of insurance, including not only insurance for 'Civil Liability' but also for 'salvage and wreck removal'. In the case of a sunken ship, swift action is required in order to keep disruption of navigation to a minimum. Therefore the harbour master wants to have the guarantee that costs will be covered by the insurer in the case that something should occur. The cost for salvaging and removing a sunken ship can amount to a huge sum, even for smaller boats, especially when this needs to be done in bad weather conditions. This is why insurance companies, to the extend possible, like to negotiate directly with the salvage companies. It's not uncommon for salvage and recovery costs to rise higher than the actual cash value of the vessel. This will certainly be the case if your ship sinks in a fairway or channel busy with commercial shipping. It is therefore recommended that these costs be ensured for an unlimited amount."

We offer this option. Also the towing and legal protection costs will be included.

Omnium

Even for an older vessel it might be interesting to get an omnium insurance from us.

"First of all companies provide higher discounts for those who already have had recreational boating insurance without claiming damage. On the other hand boats (unlike cars) keep better value, especially when properly and regularly maintained. Nearly all causes of damage are insured, from the effects of a disaster coming from outside (such as collision, beaches, storm, lightning), the loss of a propeller and theft, to the the consequences of an inherent defect (such as errors in design or construction). Even the propulsion system (consisting of the motor with reversing mechanism, propeller, propeller shaft, engine cooling and the instrument panel) is during the first 10 years insured for the consequences of an inherent defect. To renew parts, a deduction for age will be applied to older outboard motors, sails, spray hoods, etc. Moreover, the franchise that is common with a comprehensive insurance policy decreases by 20% per damage free year. In the case of an incident after having passed three years damage free, you are in some cases entitled to a no claim discount. In short, your premium will remain unchanged after a claim. Finally, a comprehensive insurance policy includes a 24/7 vessel emergency rescue which can prove very valuable in severe cases. Also for insuring the repatriation costs of crew, vessel and/or trailer we offer good options."

Personal Accident Cover for passengers

If you also wish to properly ensure your passengers, then you have come to the right place.

"We offer you this option with the extended comprehensive insurance. Or through a separate insurance that allows to insure each person on board for an amount in the event of death, permanent disability, medical expenses and repatriation costs."

Charter Liability

Also for covering the charter liability that you incur when you organize charter trips, we offer inexpensive formulas.

"In the case that you as owner/skipper take paying passengers on board, it is important that you cover yourself against the unlimited liability that you may suffer if a paying passenger gets hurt aboard your ship."

Legal protection

In order to assist you even better in the case that you would face recalcitrant parties who contest their liability or claims from third parties, we offer you an additional legal protection insurance with free choice of lawyer and expert.

"An ordinary legal protection insurance offers no coverage in case of contractual disputes concerning suppliers and repairers. In practice, we find that sooner or later you will have to deal with inadequate and/or incorrect deliveries and repairs."

Example 1: You buy a boat and it turns out to be afflicted with an inherent defect for which the seller is to stand. But if he contests and you need to get a lawyer to take the case to court in order to claim your right, the costs can amount significantly and without an extensive legal protection insurance these would be fully borne by yourself.

Example 2: After a reparation, the repairman presents you with a bill higher than was agreed upon. You would like to dispute this. The problem is that the repairer can refuse to return your vessel until the invoice is paid. In that case, you'll need a lawyer to defend your interests in order to get your ship back as soon as possible...

The broker makes the difference

As sailors, we are closely involved in the experiences of boaters. We will bear full weight if the situation requires.

"To us, service and a personal relationship with the client comes first. One thing leads to another, because a broker acts as an intermediary between the interests of the client, in this case the boat owner, and those of the company or other parties."

In this point we are radical:

"We choose the company that best fits the needs of the client. An attractive price is important, but only if and when your insurance is waterproof and all risks are covered, will you be able to enjoy in security all of the pleasures that boating has to offer. This is totally different for someone who crosses the ocean, than for someone who tours the canals with his motor boat or lives on a houseboat."

To be clear: just because we are passionate sailors, does not mean that we only finance and insure sailing yachts.