Before You Race: A Yacht Insurance Checklist
Published on April 16th, 2014
There will be a buzz of excitement on June 20 as the 49th Biennial Newport Bermuda Race kicks off in Newport, RI. Race sponsor Pantaenius America provides the following information to be ready…
– Contact your insurance company to advise them that you are participating in the Newport to Bermuda Race 2014 and arrange endorsements to your existing policy.
– Review your current liability limit and determine whether an increase may be necessary. – Confirm that your current policy Navigation area includes Bermuda, racing, and your return. Also, review the policy for physical damage limits and deductibles.
– Determine whether there are date requirements (a warranty) to be north of Bermuda prior to your return. If so, endorse the existing requirement dates to accommodate your passage to – Bermuda and return.
– Have your entry crew list available to forward to your insurer if required.
– Review your policy for the number of paid crew to assure that the number of employed crew match the designated number on your policy. If people are employed, the number of paid crew must be noted (endorsed) to be included within the Liability coverage.
– Are you hiring/paying any extra people for your yacht’s return to the States? Returning crew completing the return delivery from Bermuda may be employed-whether by stipend, bonus, daily rate or other compensation. Be certain that the total number of compensated individuals is included under your Liability coverage as well.
– Be certain that your insurance premium is paid up to date. You don’t want to have a payment due statement arrive and go unpaid while you are racing.
Race website: http://bermudarace.com