"Deposit for a dream: how the insurance deposit works when renting a yacht"

Learn all about the yacht charter security deposit, from how it's calculated to tips on how to get it back.

INSURANCE FOR YACHT RENTAL

Read our article to make yacht charter safe and transparent.

Financial security when renting a yacht: we consider what a deposit is

Renting a yacht is not only an exciting adventure, but also a matter that requires attention to financial details, including the security deposit. Charter companies usually ask for a deposit, but this does not mean that all financial responsibility rests on the renter's shoulders

Deposit in the world of yachting — it is a kind of guarantee that covers the minimum risk not included in the main insurance of the yacht. The yacht owner's insurance covers up to 98-99% of potential losses from risks such as theft, fire, natural disasters, incidents on the water and malicious acts. However, there is a deductible — it is the 1-2% that is not covered by insurance and for which the tenant is responsible. It is this part of the costs (deductible) that is the deposit.
How is the deposit calculated?
‍The amount of the deposit depends on many parameters, including the value of the yacht, its model, year of manufacture, equipment and other factors.

For example, for a yacht model:
Lagoon 450 SporTop 2019, the deposit can be 8000 euros,
while for Bavaria Cruiser 46 2017 - 4000 euros,
and for Dufour 360 Grand Large (2018) - a deposit of 2500 euros is possible.
What is included in the deposit coverage?
‍The deposit covers any damage that may occur during the rental, from broken navigation equipment to interior damage. It is important to know that the amount that can be deducted from your card will never exceed the amount of the deposit, even in the case of significant accidents.
How is a deposit made when renting a yacht?
‍When booking a yacht for charter, you are usually asked to leave a deposit, which serves to cover possible losses or damages that may occur during the trip. The deposit can be frozen on your bank card or made in cash. The agreement on the method of making the deposit is made during check-in, where you and the charter company manager check the condition of the yacht.
Refund of deposit
‍After the end of the charter, at check-out, the manager checks the condition of the yacht for new damages. If everything is in order, the deposit is "unfrozen" on your card. Please note that the refund process can take from a week to a month depending on your bank.

How to reduce the size of the deposit?

The figures given in the example above can cause fears not only for novice skippers, but also for experienced skippers with children or companies of young people. And here the charter company can offer the client a service deposit insurance.

Deposit insurance service
You pay some non-refundable amount - the purchase of additional insurance, and at the same time your security deposit is significantly reduced or is not needed at all. This allows you to significantly reduce the mandatory amount that is blocked on your card.

For example (approximately) - when insuring the deposit for the yacht Bavaria Cruiser 46 (2017), the initial deposit of 4,000 euros can be reduced to 350 euros with the help of an insurance policy that costs 140 euros (4%, provided that the rental is 3,500 euros)
‍
Next, if there is an insurance event with major damage or loss of the yacht. The deposit was not returned to you at the marina. You contact the insurance company and you will be refunded after deducting the deductible, i.e. EUR 4,000 - EUR 350 = EUR 3,650.
Advantages of deposit insurance
‍Additional deposit insurance not only reduces the amount of funds blocked on your account, but also gives you additional peace of mind during your vacation. You can enjoy your sailing adventure knowing that in the event of unforeseen circumstances, you will not be left alone with your financial obligations.
The main additional insurance companies
- Quest Assurances
- Yacht pool
- EIS
- Schomacker
‍
You can purchase such insurance online yourself after booking the yacht.

With these tips and a little planning, your cruise can be enjoyable and less stressful knowing that your finances are protected.

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More details

All about yacht charter

Reception and return of the yacht

Food on the yacht

What to take with you on the yacht

Parking and overnight on the yacht

All about safety at sea

First aid on a yacht

Renting a yacht opens up unparalleled opportunities for travel and recreation.
It is an ideal way to spend time with family, friends or as part of a business trip.

Contact us now!
We are ready to answer all your questions, help clarify the details of your future charter and help you plan the perfect itinerary for your yacht trip.

Don't think too long - your trip is waiting for you at our club!