Marine and yacht insurance, Spain
In recent years Spanish yacht insurance has seen some big changes due to the huge increase during the last decade in the number of boats sailing in Spanish waters. The consequent increase in accidents and injuries has caused the government in Spain to introduce compulsory third party liability insurance for pleasure boats sailing in Spanish waters.
This covers all motor yachts (including motorsailers, jet skis and jet bikes) and all sailing yachts over 6 metres.
The minimum limit of indemnity is 336.566,78 euros or about 240,000 sterling, although higher limits are available.
The insurance must provide cover for third party injury, material damage and any consequential economic losses suffered.
All vessels must carry evidence of Third Party Liability Insurance with minimum limits of indemnity as detailed above. This is usually provided by means of a certificate of insurance (in the case of vessels having flags from outside of Spain) or the policy schedule and receipts in the case of Spanish flagged vessels.
Whilst legal requirements require only third party liability, most boat owners take out comprehensive policies, which provide cover for the hull and machinery.
It is an offence for anybody in charge of a vessel not to have the appropriate yacht licence and if they are not in possession of the said licence may have the vessel confiscated or be subject to a fine.
We are able to insure all types of vessels including jet skies and charter boats with skipper or without.