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Charter Insurance

The ACE Charter Policy provides comprehensive and highly tailored coverage for yachts chartered exclusively for private pleasure purposes, with six or fewer passengers.  Select bareboat charter vessels are also eligible.

Coverage

  • Agreed Value Coverage – We pay the entire agreed amount, with no deductible, for a total loss.
  • Replacement Cost Loss Settlement – Repair or replacement of covered property is paid for without deduction for depreciation for many partial losses.
  • Liability Protection – Limits of coverage to suit your personal needs, including: legal defense costs, pollution clean up and containment coverage, wreck removal and Jones Act coverage for paid crew. Alcohol-related claims are excluded under this policy, as are any claims arising from swimming, scuba diving and parasailing.
  • Medical Payments – Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel.  These benefits are provided on a per person basis, rather than per occurrence.  Optional and customized limits are available.  Claims arising from swimming, scuba diving or parasailing are excluded.
  • Uninsured Boater Coverage – Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.
  • Oil Pollution Act of 1990 (OPA) Coverage – If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit up to the required OPA statutory limits, regardless of the Liability limit chosen.  Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.
  • Longshore and Harbor Workers’ Compensation Act (LHWCA) – When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.
  • Personal Property & Fishing Equipment Coverage – Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner, family members or clients.  Optional higher limits are available.
  • Towing & Assistance – Our policy includes this coverage free of charge, with optional higher limits available.
  • Tender/Dinghy Coverage – Optional coverage limits and deductibles are available.
  • Trailer Coverage – Optional protection is available with a low deductible.

Departure Charter® Policy Option

The Departure Charter® Policy option is an economical alternative for customers interested in a basic charter insurance policy at an affordable cost.  This policy offers basic coverage that addresses most serious losses, with loss settlement on an actual cash value basis and significantly lower premiums.

The Departure Charter® Policy provides the same coverage as the Charter policy with the following differences:

Physical Damage Coverage:

Charter Policy

Departure Charter® Policy

Total Loss Settlement

Agreed Value

Actual Cash Value

Partial Loss Settlement

Replacement cost most items

Actual Cash Value

Equipment Stored Ashore

Up to 100% of Vessel Limit

Up to 50% of Vessel Limit

Machinery Coverage

Up to 100% of Vessel Limit

Up to 25% of Vessel Limit

Salvage  Coverage

Up to 100% of Vessel Limit

Up to 25% of Vessel Limit

Overland Transport

Unlimited mileage

250 mile radius of home address

Overland Transport

All Risk

Named Peril

Mechanical Breakdown

Covered

Not Covered

Ice, Freezing, Temperature

Covered

Not Covered

Resulting from Latent Defect

Covered

Not Covered

Damage from Electricity

Covered

Not Covered (Lightning covered)

Mysterious Disappearance

Covered

Limited Coverage

 

 

 

Personal Property Coverage:

Charter Policy

Departure Charter® Policy

Fishing Equipment stored ashore

Covered

Not Covered

Damage from Electricity

Covered

Not Covered (Lightning covered)

 

 

 

Medical Payments Coverage:

Charter Policy

Departure Charter® Policy

Coverage Limit Basis

Per Person

Per Accident

 

Applications

Document Name Size Date
Marine Insurance Application.doc 0 KB 02/07/2014