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Tag Archives: travel insurance

10 Reasons for Luxury Yacht Charter Customers to Purchase Travel Insurance

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Anyone who has booked a Benetti yacht charter or a Feadship yacht charter vacation knows that charter agents heavily promote trip cancellation insurance.For mega yacht charter agents, trip cancellation insurance is a substantial profit point.  Commissions of 20% of the insurance cost for selling this product for a Feadship yacht charter or a Benetti yacht charter are common.

Charter brokers often offer this coverage to their Caribbean yacht charter customers who fear trip delays due to summer tropical weather disturbances.   Mediterranean yacht charter customers also hear the pitch to purchase this coverage, as concerns for lost baggage are common with long, international flights.

Putting aside the fact that someone “profits” from the sale of these policies, a luxury yacht charter customer should give serious consideration to this coverage option.  Whether you rent a private yacht, a megayacht, or a superyacht, for a Caribbean yacht charter or elsewhere, or whether you plan crewed catamaran charters or sail boat charters – the facts remain the same: you are spending a lot of money and you may wish to protect your investment!

There are hundreds of circumstances that could cause you to cancel your trip, return home early, or force you to seek emergency medical treatment while traveling.  What if you booked a MIPIM yacht or a Monaco Grand Prix yacht for the yearly event in Cannes and Monte Carlo, and suddenly you could not attend?

To demonstrate the importance of purchasing travel insurance, and emergency travel services, here are 10 common examples of what could go wrong.

  1. CANCELED FLIGHTS — It’s 10 p.m. and you and your immediate family arrive at the airport for a connecting flight, only to find that your flight has been cancelled. Who can assist you with finding new flights to get everyone home?
  2. INSULIN IN LOST LUGGAGE — Your bag is lost with your insulin inside. You need help to locate your bag as soon as possible and have your emergency prescription filled. Who do you call?
  3. PASSPORT AND WALLET STOLEN — It’s your first visit to Europe, and your passport and wallet are stolen before you board your Monaco Grand Prix yacht. Where do you turn for emergency cash, and how will you get your passport replaced?
  4. MEDICAL EVACUATION NEEDED — You’re involved in an accident during your Benetti yacht charter, and adequate medical treatment is not available. Who will help arrange and pay for a medical evacuation?
  5. ILL CHARTER PARTY MEMBERS — Your sister-in-law becomes seriously ill and you must cancel your MIPIM yacht trip. What happens to your non-refundable deposits or pre-payments?
Marina of yachts
6.  LOST LUGGAGE — You arrive for your Feadship yacht charter in Jamaica, and your luggage doesn’t. If it’s lost, who will help you find it? If it’s delayed, who will pay for your necessities? If it’s stolen, who will pay to replace it?
Woman sitting on an empty baggage carrousel holding head - lost luggage

7.  BANKRUPTCY OF TOUR OPERATOR — Your luxury sailing charter tour operator goes bankrupt. Who will pay for your non-refundable expenses? Who will help get you to your destination?

8.  MEDICAL HELP NEEDED — You’re walking down a street in Rio and twist your ankle. Who can help you find an English-speaking physician?

9.  TERRORISM — Three weeks before your scheduled arrival for your Croatia yacht charter, a terrorist incident occurs in the city that you are planning to visit. Who will pay if you want to cancel your trip?
10. HURRICANE — You are at a beach resort in the Florida Keys during your luxury sailing charter vacation, and you are forced to evacuate due to an approaching hurricane. Who will help you evacuate and who will reimburse your lost vacation investment?
There are so many circumstances where your vacation may be interrupted.  It’s important to understand your options to safeguard your holiday investment.  Remember travel insurance is optional and should be analyzed before each vacation begins.

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Luxury Yacht Charter Emergen-Sea: Ways To Protect Your Caribbean Yacht Charter Odyssey

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With one of the highest safety records in the travel industry, luxury sailing yacht charter vacations in the Caribbean continue to grow in popularity.  While no one goes on a yachting vacation expecting misfortune, it is still wise to be prepared for unforeseen circumstances. Here are several tips on how to protect yourself and your property:
Photo looking up toward the sky. Red and white life ring overhead with rope trailing behind it, as if being thrown.
Liability Insurance
Before you sign your charter agreement, ask your broker about the level of insurance built into the rental contract. Find out if the yacht’s insurance policy covers guests for third party liability (e.g. injury to a swimmer by a charter guest operating one of the yacht’s waverunners),as well as coverage for lost possessions and personal accidents. If such coverage is not offered, you might wish to consult with your own insurance advisor regarding coverage options.
Cancellation and Curtailment Insurance
People get sick…Flights get cancelled…Stuff “happens.”  Many companies like Travel Assure and Travel Guard International offer cancellation and curtailment coverage at a cost of approximately 2.5 per cent of the charter fee to cover a possible loss of the charter fee if the holiday has to be cancelled for unforeseen reasons. 
Photograph of a blue and red helicopter in flight. Flying over a mountain range.  Rotors visibly moving - blurred in photo.
Medical Air Service
While Virgin Islands yacht charter vacations continue to be the most popular for Americans, more and more charterers are seeking remote sailing vacations in exotic island habitats.  If you are planning on cruising in Third World waters, realize local medical services may be well below those standards of your own country, and serious life-threatening injuries or illness might require expensive aero-medical (Medivac) evacuation.  For a low cost annual membership,  the US-based Medical Air Services Association will provide immediate access to an air ambulance for repatriation in lifesaving circumstances.
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