Yacht Insurance

The sea can throw a curve even to the most experienced yachtsmen. A slightest damage to the vessel is fraught with major financial losses as repair and replacement of parts mean heavy expenses. Insurance offers reliable protection from possible risks. This is an obligatory requirement to the benefit of yacht owners in Europe and other developed countries. Crews are denied customs clearance, mooring or rights of inland and international passage without an official insurance policy.
Indemnity brings the damage down to a minimum or fully covers the vessel’s recovery costs.  To have your yacht insured in Europe, feel free to contact ScanMarine TM (Cofrance SARL): our maritime lawyers will help you select a reliable insurer and take out a proper insurance against maximum possible risks.

Types of Insurance

Abounding forms of insurance policies can be classified in two groups. H&M – Hull-and-Machinery covers damage-related risks of the yacht all the way to its total loss. P&I – Protection and Indemnity Insurance, also known as TPL – Third-Party-Liability, deals with all matters of third party liability. Let us consider each alternative in more details.


Each owner takes care of his/her yacht unwilling to expose it to any risks. However, the sea may be dangerous and unpredictable, and the risk of damage to the vessel is omnipresent. Hull-and-Machinery protects the vessel’s hull and equipment and covers all types of damage.

The policy provides for common situations: grounding, severe storm, reefs, swirling, explosion, fire or hijacking. Hull-and-Machinery can also cover some most improbable circumstances: damage caused by an earthquake, robbery by pirates, collision with an aircraft, etc. Insurance will reimburse the vessel’s repair or complete value in the event of total loss.


Protection and Indemnity Insurance or Third-Party-Liability is a marine third party liability insurance that covers expenses in the event of harm caused to third parties. Collision with another vessel at sea or careless mooring are the most common insurance events.

This policy also covers damage to the environment and maritime infrastructure including bridges, marines or piers. In an accident there are costs of evacuation and medical treatment of victims and depollution of the sea. In this situation the yacht owner is held liable despite the fact that accidents are generally unintentional.

Insurance provides reliable protection for yachts, people and cargo. The most important component here is human life, and the policy covers all events from non-pecuniary damage to fatal outcome.

P&I clubs now ensure protection against the risks of cyber-attacks and other challenging problems. Insurance also provides reimbursement for

Damage to flora and fauna,

Medical costs,

Damage caused by oil spillover and loss of cargo,

Repatriation of fare evaders,

Refloating or towing of a sunken vessel,

Fines for unintentional violations, etc.

Selecting an Insurer

Selection of an insurer is a matter to be tackled in a most responsible manner. A reliable company will offer you a policy of the type you need and guarantee indemnification. However, unscrupulous moneymakers are not uncommon on the European market either. Upon occurrence of an insured event they are reluctant to pay indemnity using all kinds of tricks embodied in an improperly drafted insurance policy. All this means court proceedings and time and financial losses for the yacht owner.

To avoid this situation feel free to contact international insurance broker ScanMarine TM (Cofrance SARL) licensed in France and operating all over Europe.  Marine lawyers will help you select a reliable insurer and enter into an insurance contract on advantageous terms and conditions. Our staff will issue a policy to confirm insurance of your vessel and third-party liability.

We cooperate with licensed insurance companies, who are backed by extensive track record,  have representation offices in Europe and North America, and enjoy positive customer feedback from various countries.  Interaction with reliable counterparts is a guarantee of trouble-free operations, prompt resolution of challenging situations, order and confidence in the future.

Taking Out Insurance

The staff of ScanMarine TM (Cofrance SARL) will help you collect a standard set of documents required by insurance companies and including:

Vessel’s certificate,

Sale documents,

Yachting certificate,

Tonnage certificate,

Owner’s passport.

Legal persons are additionally required to submit the company’s registration documents and a power of attorney for concluding an insurance contract and, in some cases, to pass a surveyor’s inspection.

The term of an insurance policy is fixed in each particular case. The policy may be valid for the duration of navigation, a charter party, yacht storage in the port or throughout the year. Minor mistakes or inaccurate information may be used as grounds for termination of the contract and denial of indemnity to the company. If, owing to cooperation with ScanMarine TM (Cofrance SARL), all paperwork is done properly, indemnity is guaranteed to be paid out within one or two weeks after the accident.

Cost of Insurance

Insurance cost depends on a great number of factors and is calculated in each particular case. The key considerations include:

Value and type of the yacht,

Intended purpose

Vessel’s age,


Operation conditions.

Insurance company tariffs differ as well; however, they don’t generally exceed 4% of the maximum indemnity amount. The higher the risks, the more expensive the policy is. Insurance contracts frequently provide for partial recovery of losses by the policy holder. Experienced lawyers of ScanMarine TM (Cofrance SARL) will help you gain insight into details and take out a policy on advantageous terms and conditions.

Some facts about ScanMarine TM (Cofrance SARL)

ScanMarine TM (Cofrance SARL) has representation offices in over a hundred cities on four continents. In particular, since 2007 we have opened offices in Russia and former CIS countries and obtained a vast experience of servicing customers in those countries. Our staff speaks the main European tongues and has also a good command of the Russian, Kazakh, Georgian and Chinese languages.

ScanMarine TM (Cofrance SARL) will help you insure your vessel irrespective of its place of registration. We have on many occasions dealt with yachts registered on “exotic” islands and offshore vessels sailing under a flag of convenience.

A prominent place among the customers of ScanMarine TM (Cofrance SARL) has always belonged to the owners of super yachts worth a fortune. Insuring a vessel like that is a particularly responsible step, as indemnity in an accident may amount to tens and even hundreds of millions of euros.

A separate line of operations is financing the purchase or construction of a yacht “from the scratch”. This is another focus area of maritime broker ScanMarine TM (Cofrance SARL). The company’s staff takes care of turn-key transaction support. We:

Select a model and a shipbuilding yard,

Draw up an ownership and financing chart (loan, leasing, full buyout),

Perform due diligence,

Collect documents and execute the transaction step by step,

Have the vessel registered in the selected country,

Have the yacht insured,

Recommend a servicing company,

Deal with the matters of mooring, maintenance, crew support and lease.

You may contact the international broker center ScanMarine TM (Cofrance SARL) with any question regarding yacht purchase, construction, financing and insurance on the direct phone number in your city or online. Our staff is available for contacts 24 hours: we’ll be happy to have you among our customers!