Accident insurance in yachting

We recently wrote about insurance in yachting (click here). Today we’re back with the topic and we’re taking on Accident Insurance (hereafter: AI).

Yachting carries risks associated with being on the water. Accident insurance in the context of yachting is extremely important. It provides financial protection in case of accidents that may occur while sailing.

So what is accident insurance and why is it important for sailors? What risks does it cover and what to look out for when choosing a policy?

What is accident insurance?

Accident insurance is a policy that provides compensation in the event of personal injury, permanent disability or death as a result of an accident. The policy can cover both accidents in private life and during specific activities, such as sailing.

Why is accident insurance important for sailors?

Sailing, while providing a lot of excitement and pleasure, also involves various risks that can lead to accidents. That is why accident insurance is also important in yachting. Just a few of the reasons are worth mentioning:

• crew and passenger protection – insurance can cover not only the captain but also the crew and passengers, which is particularly important when cruising with family or friends,
• financial security – in the event of an accident, the insurance provides financial support to cover medical, rehabilitation and other expenses,
• peace of mind – accident insurance provides peace of mind because, in the event of an accident, you will not have to worry about the costs associated with treatment or rehabilitation.

The scope of cover of accident insurance for sailors

Accident insurance for sailors can cover a variety of situations, often resulting in accidents. Typical coverage includes:

• bodily injury – compensation for permanent injury such as fracture, sprain, head injury, burn,
• treatment and rehabilitation costs – reimbursement of costs related to hospital treatment, medical procedures, rehabilitation and purchase of medical equipment,
• death of the insured – financial benefit to the family or persons nominated by the insured in the event of death due to an accident,
• permanent disability – payment of a single indemnity or pension in the event of permanent disability caused by a boating accident,
• additional benefits – depending on the policy, the insurance may also cover the cost of medical transport, assistance in adapting the apartment to the need of the disabled person and other forms of support.

What to look for when choosing an accident insurance policy for sailors?

When choosing an accident insurance policy, pay attention to:

• the scope of cover – make sure the policy covers all the risks associated with sailing, both during sea and inland voyages,
• the price of the policy – compare quotes from different insurers, but remember that the cheapest policy does not always provide the best cover. It is important that the policy is tailored to your needs and sailing style,
• exclusions and limitations – look at the situations where the insurer, may refuse to pay claims, such as accidents under the influence of alcohol, drugs or involvement in illegal activities,
• sum insured – which determines the maximum amount the insurer will pay out in the event of an accident, this sum determines the maximum amount the insurer will pay out int the event of an accident, this sum should be adequate for potential medical and rehabilitation costs,
• additional options – check whether the policy offers additional options such as boating equipment, insurance, medical assistance or cover for medical treatment abroad.

Summary

Accident insurance in the context of yachting is a key element of financial protection for sailors. It provides support in the event of an accident, covering medical, rehabilitation and other expenses related to the accident. When choosing the right policy, it is worth looking at the scope of cover, the sum insured and the exclusions and limitations. Having an accident insurance policy, combined with proper education and adherence to safety rules on the water, gives boaters a sense of security and reassurance that they will not be left alone with financial problems in the event of an accident.