Why Choose Yacht Insurance in Malaysia?
Yacht insurance provides comprehensive coverage, including protection against natural disasters, theft, and accidents, ensuring that their valuable vessels remain protected. Additionally, it offers liability coverage for potential legal claims arising from accidents or injuries on board. With yacht insurance, affluent individuals can enjoy peace of mind, knowing that their prized possessions and their lifestyle are well protected, allowing them to navigate the open waters with confidence and leisure.
Pleasure Craft Policy – Main Coverage and Exclusions
Main Coverage:
1. Loss or damage to the boat
- Coverage includes accidental loss or damage to the boat, its machinery, and equipment.
- Theft of the boat or its parts is covered.
- Salvage charges and expenses incurred to prevent or minimize loss or damage are included.
2. Legal Liability
- Protection against legal liability for accidental bodily injury or death to third parties.
- Coverage extends to damage to third party property caused by the insured boat.
- Includes legal costs incurred with the insurer’s consent.
Main Exclusions:
1. Operational Limits
- Excludes coverage when the boat is operated outside the specified navigation limits.
- Losses incurred while the boat is operated at speeds exceeding 40 knots or with a motor more powerful than recommended are not covered.
2. Usage and Condition
- No coverage if the boat is used for racing, speed tests, or trials without specific coverage.
- Excludes losses when the boat is used for unlawful purposes, hire, or charter unless specified.
- Coverage is void if the boat is not maintained in a seaworthy condition or undergoes major repairs without notification to the insurer.
This summary provides an overview of the key coverage and exclusions for the Pleasure Craft Policy. For detailed terms, conditions, and additional exclusions, please refer to the full policy document.
Additional Information
While premiums for yacht insurance can be high, some insurance companies offer no claim discount bonuses if no claims are made during the policy period. We work with multiple insurance companies to provide you with the best quotations tailored to your needs. Each insurance policy has different terms, so we ensure to find the best options for you.
If you have any questions or need assistance, contact us at [email protected] or reach out via WhatsApp. We are a financial adviser approved and licensed by Bank Negara Malaysia.
