Security deposit and deposit insurance

In order to charter a yacht, every charter company in Croatia will require a security deposit when chartering a yacht. If you cause damage you are responsible to the amount of security deposit and if your damage is less, upon disembarkation the rest will be returned to your account. You can always secure your security deposit with an insurance company and pay a damage waiver which is usually about 10 % from the value of security deposit. In both cases, if there is damage, the client is liable up to the amount of the deposit.

Damage Waiver Insurance covers the charter and owner of the vessel from any loss or damage to the vessel. Mostly the Damage waiver insurance is compulsory, but sometimes it is an optional to reduce insurance excesses from the total of security deposit.

This insurance does not cover:
•tPersonal injury or property (for the charter or guests)
•t3rd party damage (marinas, berths, beacons, environmental)
•tNot all cover groundings or lines wrapped around the props (other – be sure to ready your policy)
•tCancellation (weather or otherwise) – Damage waiver insurance cover varies between vessels and operators (please read your policy)

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