Yachts that are based in approved marinas in Malta and Gozo can now benefit from a new scheme that has just been launched by Mediterranean Insurance Brokers (MIB).
The scheme is designed and tailored to suit the individual owner’s type of yacht, usage and habits. It can allow an owner to leave his yacht all year afloat on designated berths or on the hard outside the confines of traditional yacht yards, including public areas.
For the sailing enthusiasts it offers complimentary racing risk coverage for local club events, as well as a pre-agreed number of complimentary skippered charters.
Most vessels will also automatically qualify for a complimentary upgrade in navigational limits from local waters to Mediterranean waters and the standard third party liability limit has now been increased to €1,000,000 in local waters and €6,000,000 in Italian waters.
Liability for water skiing on both the main vessel and any tender boats is now also offered free of charge.
War cover is now also available at no charge.
Taking into consideration the high percentage of fishing enthusiasts, there is now the option to insure fishing tackle as well, traditionally excluded on most known policies. No additional charge applies.
And if this was not enough, further additional benefits also include complimentary Personal Accident cover and a complimentary Personal Effects limit of €5,000.
The policy wording itself is extremely comprehensive in scope and offers, for instance, unlimited propeller fouling cover, including all ancillary costs. This may be further enhanced with optional machinery breakdown cover, available for select yachts only.
The scheme is so flexible that it even allows for optional bare-boat charters extension and optional upgrading to full commercial operations, including separate hull and machinery and protection and indemnity cover, available at discounted rates.
All yacht owners can apply for further optional increases in third party liability to €2,000,000. Certain policies may also be adapted to cater for the inclusion of younger experienced skippers.
The highlight of the scheme, notwithstanding, remains that regardless of all these complimentary benefits, MIB are still throwing in a discount, making the scheme very competitive indeed. Policy excesses may also be negotiable to ensure the clients get the best possible deal.
According to Malcolm Ellul, Divisional Director at MIB, owners of yachts based in local marinas are already paying substantial amounts in marina fees to safeguard their vessels from certain elements. This expense should be taken into consideration by their insurers.
“We have listened to our clients over the years and have come out with a scheme that takes into consideration all the valid suggestions put forward to us. Marina users should have a sense of belonging and deserve acknowledgement for their efforts in this instance. MIB have always been leaders in introducing innovative packages in the market and this new scheme has been very well received and has kindled wide interest and appreciation from a wide spectrum of the local yachting community,” Mr Ellul added.
The scheme is open to marina-based yachts that are proposed to MIB for the first time in 2012.
MIB can also provide cover for delivery voyages and for certain trips outside the Mediterranean: for instance, for those sailing their newly acquired boat down from the UK or France, or for those who want to go into the Black Sea or through the canals in France. Cargo insurance for overseas inland transits may also be arranged.
For more information and to obtain a quote contact MIB Insurance Brokers on 234-33-234 or send an e-mail to [email protected].