Multi-risk Yacht Insurance
What is Comprehensive Yacht Insurance?
The purpose of Comprehensive Yacht Insurance is, among other things, to provide cover for damage caused to third parties by Leisure Crafts and for damage to such crafts.
How Does it Work?
The comprehensive or multi-risk yacht insurance contract guarantees in particular:
Under the "Civil Liability" cover :
The insurance covers the financial consequences for the owner of the leisure crafts due to bodily injury or material damage caused to third parties.
Subject to the payment of an additional premium, the "Civil Liability" cover can be extended to include the following cover:
- "Defence": defending the interests of the Insured in the event of proceedings brought against him/her as a result of insured damage, before the criminal, civil, commercial or administrative courts.
- "Appeal": to claim amicably or before a Court compensation from the person responsible for the damage or their (his/her) Insurer for the loss suffered by the Insured.
Under the "Property Damage" Cover :
The loss of the leisure craft and the damage that may be caused to it as a result of the events provided for in the contract (e.g. storm, shipwreck, stranding, collision, fire, explosion, etc.) are covered.
Under the "Individual Accident" Cover :
- Personal injury to policyholders in the event of accidents involving the Insured pleasure craft is covered:
- Accidental death: In the event of the death of the policyholder, the Insurer guarantees the payment of the capital provided for in the comprehensive yacht insurance contract;
- Permanent disability: In the event of permanent disability following a covered accident, and as soon as the injuries are consolidated, the Insurer guarantees payment to the policyholder of the sum corresponding to the Insured capital multiplied by the rate of disability (assessed according to the scale attached to the contract).
- Medical, pharmaceutical and hospitalisation expenses: the Insurer guarantees the policyholder reimbursement of medical, pharmaceutical and hospitalisation expenses incurred as a result of injuries caused by an insured accident.
Rights and Obligations of the policyholder ?
We invite you to refer to the "Insurance Guide" published on the ACAPS portal.
What does the Authority do?
Within the framework of the powers vested in it by Law No. 64-12 establishing the Insurance and Social Security Supervisory Authority, the latter institution ensures that any and all insurance products offered to consumers are understandable, balanced, useful and that they comply with the regulations in force. It also shall monitor the reliability of the information provided to policyholders and ensure the fair treatment of policyholders by Insurers.
Legal/Judicial Remedies in Case of Dispute with Your Insurer?
In accordance with Article 7 of Law No. 64-12, the Insurance and Social Security Supervisory Authority has the power to investigate complaints from customers of insurance companies and the intermediaries (brokers) thereof. Nevertheless, it is recommended that you first contact the broker or Insurer against whom your complaint is directed. If the dispute persists after this step, you can contact ACAPS by one of the means at your disposal. The Authority shall then examine your complaint and take the most appropriate action, in accordance with the legal and regulatory provisions and within the scope of its powers, to settle the dispute.
