Introduction
Marine Hull and Yacht Insurance in Hong Kong
Yachts and other marine vessels are extremely expensive, and operating in the open water can present a range of risks not present on land. If you own a marine pleasure craft in Hong Kong then it is important that you ensure your investment is protected.
CCW Global is able to assist all Yacht and marine pleasure craft owners in finding comprehensive coverage for their vessels. Whether it is a traditional sail yacht, a motor-driven luxury cruiser, or even a simple junk boat, there are many options for owners to consider when it comes to protecting their interests at sea.
From having your craft stranded during a typhoon, an accidental fire starting in the galley while at sea, or a navigation error causing you to collide with another vessel, Marine Hull and Yacht Insurance can provide owners with peace-of-mind that they have the protection they need in a worst case scenario.
Cover
Marine Insurance Coverage in Hong Kong
Marine 3rd Party Insurance
Under Hong Kong law it is compulsory that all vessels operating in local waters possess a minimum level of 3rd Party insurance protection, covering their risk of causing accidental injury, death, or property damage to third parties.
For vessels permitted to carry 10 or more passengers this is HK$ 10,000,000, for certificated local vessels permitted to carry fewer than 10 passengers they must hold a minimum amount of HK$ 5,000,000 in third party liability insurance protection.
Most Yacht insurance packages in Hong Kong will include the statutory minimum levels of coverage as required by the Marine Department, and it is possible to obtain marine pleasure craft insurance which only provides 3rd party protection.
The premium associated with this type of benefit will depend on the age of the vessel, its certification category, whether the craft is being used for commercial or pleasure purposes, and where the moorage is located
Marine Hull Insurance
Often provided as “extra coverage” for an additional premium, it is possible to obtain a Yacht insurance policy which includes Hull and Machinery protection. This safeguards the costliest items on your vessel against losses stemming from latent defects, repair yard negligence, fire, heavy weather, theft, or even malicious damage.
Many Marine Hull and Machinery insurance options will provide “New for Old” replacement of electrical and mechanical parts on your vessel which are less than 5 years old. Further to this, it is possible to obtain a policy which waives all deductible costs for damages caused by third parties if your vessel is damaged while berthed in its usual marina.
Even if you have an older vessel which has proven to be a challenge to insure against hull or mechanical risks, there may be options available in exchange for an increased premium.
Marine Extra Perils Insurance
Operating any vessel at sea carries risks. For the yacht owner who wants full protection of their vessel and maritime activities it is possible to obtain fully comprehensive pleasure craft insurance in Hong Kong. Under a fully comprehensive Hong Kong Yacht Insurance policy coverage could include protection for:
- Social Yacht Racing and Yacht Racing
- Voluntary Rescue Work
- Personal Accidents
- Trailer and Transit Risks
Obtaining full coverage for all possible extended risks under a Hong Kong Marine Insurance policy will carry a higher premium than choosing the only the mandatory 3rd party protection, but the peace-of-mind provided to an owner knowing they are fully protected can be invaluable.
Employees
Marine Crew Employees’ Compensation Insurance
One of the most critical components to the successful operation of any vessel is the crew.
Under Hong Kong law any individual or company employing any person to work in any capacity must hold Employees’ Compensation Insurance Protection. Also known as EC Insurance, this type of coverage protects an employer’s liability towards workers who suffer an accident or injury in the routine course of their employment.
As crewing a vessel is often considered a “high-risk” occupation it can be a challenge for owners and crew in Hong Kong to obtain the required levels of Employees’ Compensation Insurance coverage. In some cases, CCW Global may be able to assist.
Quotation
Free Marine Hull and Yacht Insurance Quotes
If you would like to receive a free quote for insurance of your yacht or marine pleasure craft in Hong Kong, simply complete the short form located here and one of our expert brokers will contact you to discuss the insurance solutions which best meet your needs.
Alternatively, to learn more about our no-cost, no-obligation quotation process, or to learn more about your Hong Kong marine insurance options, Contact Us Today.
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