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FAQs - Yachts & Private Jets
What is Yachts & Private Jets insurance?
Yacht and private jet insurance provide coverage against accidents or damage to the yacht. Some examples of coverage include:
- Damages due to fire or lightning
- Damages due to vandalisms and thefts
- Damages from winter storms during off-seasons.
- Financial protection against accidental damage caused by the yacht to a third party or his property
Private Jet insurance covers physical damage to the aircraft and provides financial protection for legal liabilities arising from the aircraft’s ownership and operation.
Who needs Yachts & Private Jets insurance?
Insurance is an inevitable part of owning a private jet or a private Yacht. Anyone owning or planning to own a private jet or a private yacht must get an insurance cover to safeguard their asset and cover the financial liability that comes from owning such an asset.
What does Yachts & Private Jets insurance not cover?
Yacht and private jet insurance provide great coverage however there are some exclusions to the coverage. Some general exclusions to be aware of are:
- Wear and tear caused by gradual deterioration with time
- Damages due to infestations caused by insects, animals, or mold
- Damages incurred by marine life like sharks, dolphins, and other creatures
- Damages to the Yacht’s machinery caused due to lack of maintenance, deterioration due to time, or mechanical and production defects
- Inappropriate handling of storage or transportation of the Yacht or private jet
- Unnamed operators of the Yacht not mentioned in the policy
- Damages incurred in competitions or other special events
- Damages incurred in geographic regions not covered in the policy
How to switch insurance if I'm already covered?
Switching policy provider at the time of renewal, that is when your current insurance is near expiration, is straightforward. However, it's important to maintain the continuity of coverage while switching insurance providers. Our team at BLACAZ is always eager to assist you, so get in touch if you have any concerns.