A. It is best to take out a comprehensive policy, which will cover for loss or damage caused by storm, accident, fire, theft, attempted theft and vandalism, except those specifically excluded in the policy. This policy covers both the material damage to your hull and your liability towards third parties.
Q. What is not covered?
A. Exclusions on some of the comprehensive policy are: wear and tear, gradual deterioration, machinery breakdown, marine life, and animal damage.
Q. How much should I insure my boat?
A.Usually you should insure it for the purchase price plus additional equipment.
Q. What happens in case of damage and injury to other persons?
A. The basic ‘third party’ policy provides coverage for personal injury to another person or your passengers for which you are liable. It also covers your liability for accidental damage to other property such as another boat or marina.
Q. Can more than one owner be listed under the policy?
A. An owner is someone with a financial interest in the boat, in which case details of such owners have to be provided to the Company.
Q. Could I use my boat during the laid-up period of insurance?
A. The Citadel yacht and pleasure craft insurance policy provides cover for limited navigation during the laid-up period, whereby subject to certain conditions, you may make use his boat.
Q. Is my boat covered whilst it is in the garage during the laid-up period?
A. Yes, if you have taken a twelve-month cover on a comprehensive basis, your policy cover will operate whether the vessel is laid-up or in-commission.
Q. Is my boat covered whist it is being taken to and from the place of storage?
A. The transit extension under the yacht and pleasure craft policy covers loss or damage to your boat in transit by road within the Maltese Islands.
