All boats are insured against liability for damages over and above the amount of your security deposit. In the event of a major damage the owner will be forced to cash the security deposit that you lodged at the start of the charter. To ensure that your charter will not turn into a financial disaster we recomment to take a charter deposit insurance cover which you can do directly with the insurance company any timme before your charter.
The German based EIS European insurance group will insure you against your security deposit.
How it works: You still lodge a Non refundable security deposit in the form of a credit card at the beginning of the charter (Authorization only and No money transfer). In the even of a damage to the boat the owner will cash your deposit and then you will claim the damage amount from EIS. This way your risk will only be the 8% of the deposit amount you paid to EIS. Example: Security Refundable deposit € 2000 x 8% = € 160 paid direct to the insurance company after completion of the application.
In the event to a damage it will cost you a 10% of the value of the claim with a minimum amount of € 100.00. Example: Security deposit lodged € 2000 and Damage amount € 1600 you have to pay an extra 10% of the damage. In this case € 160.00. If there is no damage then you are refunded the Security deposit.
We recommend you take at least the Charter Deposit Insurance not to have any bad feelings at the end of your charter in case of any damages to the boat.