Insurance 2026
Greek Yacht Charter Insurance: Complete Guide 2026
What's covered, what's not, what the charterer's liability is. The insurance reality of yacht charter in Greek waters.
Quick answer
What charter insurance covers (and what it doesn't)
Owner's hull insurance (always present, no charterer cost): Damage to the yacht itself from operating accidents, collisions, grounding, weather events. Includes loss-of-use coverage for the owner. Standard policies typically cover up to the yacht's insured value (often 1.5-2x charter base rate). Owner's liability insurance (always present): Third-party injury or property damage caused by the yacht's operation. Marine collision liability. Standard coverage in the millions of EUR. Charterer additional-insured status (always present, no cost): The charterer is named as additional insured on the owner's policy for the charter period. This means the owner's policy responds to claims arising from your party's normal use of the yacht. Caution money / Security deposit (charterer pays, refundable): €25-€100K typical (depends on yacht size and value). Held by broker or owner. Refunded at end of charter unless damage. Covers minor damage events that don't reach the insurance threshold. NOT covered by standard charter insurance: Personal effects of charterer (laptops, jewellery, cash) — should be on personal travel insurance. Trip cancellation by charterer for personal reasons (medical, family) — separate travel insurance. Loss of guest cash or valuables in cabin safes — personal travel insurance. Pre-existing yacht mechanical issues — owner's responsibility, not charterer's.
Notes from George
- Always confirm caution money requirement at booking. Standard MYBA contracts specify the amount; some owners require above-standard.
- Personal travel insurance is essential. Charter insurance covers the boat; your trip is a separate insurable interest.
- Trip cancellation by you (medical emergency, family) is generally NOT covered by charter contracts beyond the cancellation schedule in the contract (typically 50-90% forfeiture). Get separate cancellation insurance.
- Weather-related charter cancellation (force majeure) is covered to some extent by the MYBA contract — refund minus owner's expenses. Specifics vary by contract.
- Caution money for very high-end yachts can be €100K+. Confirmed at signing; refunded usually within 14 days of charter end.
Frequently asked
About greek yacht charter insurance: complete guide 2026
Am I insured during the charter?
Yes. You're named as additional insured on the owner's policy for the charter period at no charge. The policy covers normal operation. Your personal effects need separate travel insurance.
What is caution money?
A refundable security deposit (typically €25K-€100K) covering minor damage events during charter. Held by broker or owner. Refunded at end unless damage. Different from insurance — caution money handles small claims that don't reach insurance thresholds.
What if I cause a major accident?
Major incidents are covered by owner's hull and liability insurance. Charterer is named as additional insured, so the policy responds. In gross negligence cases, the policy may seek to recover from the charterer; insurance underwriters typically don't pursue this for reasonable-care incidents.
What if I need to cancel?
Charter cancellation schedules apply (per MYBA contract): typically 50% forfeiture if cancelled 60-90 days out, 75% if 30-60 days, 100% if under 30 days. Trip-cancellation insurance from a personal carrier can cover this; we recommend it.
Should I get extra insurance for the charter?
Recommended: (1) Personal travel insurance covering trip cancellation, medical, lost luggage, personal effects. (2) Optional: charterer's third-party liability policy if you have specific concerns about your party's behaviour. Most clients use only (1).