SeaHelp, the leading organization that has been providing roadside assistance and other services for European recreational boating since 2005, has also been offering tailored insurance for boats and yachts since 2014. As of now, engines and drives can also be insured.
SeaHelp not only has a great deal of expertise and experience in yacht insurance, water sports enthusiasts can count on personal service, especially when it comes to claims handling, word has spread among SeaHelp members.
“Whether it’s boat insurance, sailing or motor yacht insurance, SeaHelp already minimizes damage by the on-site operations staff”, says SeaHelp insurance expert Robert Perger. That would honor the reinsurers such as Helvetia, Generali, Mannheimer and Uniqa with reduced premiums, which SeaHelp passes on directly to its members.
Newest product in insurance for boats is the so-called machinery breakdown clause
Newest product with the insurances for boats and yachts is the so-called machine break clause for water sports vehicles. According to this clause, it is considered agreed in the comprehensive insurance that breakage and damage to engines and/or breakage of the drive shafts or the drive are considered to be included in the insurance, provided that the damage occurs during operation on water and this arises from overheating of the engine or from a hidden defect or without external influence on the engine.
“Engine insurance works much like an extended warranty”, explains insurance expert Perger, possible is the insurance of up to 15 years old machines. The advantage of the new engine breakage clause of the SeaHelp insurance is to be seen in the fact that damage, which was caused from the outside, is covered with many hull insurances, that applies for example to cases of grounding or if the engine overheats due to the suction of plastic parts, so Perger.
The new insurance can help minimize the risk of buying a used boat
However, in cases where damage is caused “from the inside,” so to speak, there have been very few insurance options, the SeaHelp Insurance expert said. Robert Perger: “With the new engine clause, we have a clear competitive advantage, which we are happy to pass on to our members”.
Many boat buyers are uncertain whether the engine installed in the boat is in good condition – “here we can help minimize the risk, and with a favorable additional premium of only 20 percent of the hull premium,” explains Robert Perger.
Prerequisite for the provision of benefits: regular maintenance of the engines
The prerequisite for the aforementioned insurance coverage, he said, is that it can be proven that the engine or engines, including the drive, are maintained in accordance with the manufacturer’s service schedule and prescribed service intervals by a licensed boat repair shop.
In addition, the policyholder has to bear ten percent of the damage amount of each such claim (deductible); the deductible agreed for all other claims in the respective policy does not affect this agreement, the terms of the new engine breakdown clause state.
More info on SeaHelp insurance
SeaHelp contact person for yacht insurance