Covers losses to hull, machinery, materials, equipment, engines, gear and everything connected therewith (as per institute Yacht clause “Cl.328 dated 1/11/1985 ”and extension clause (1.11.85) Cl.332) 

Covers personal effects (as per clause “Cl.331” dated 1/11/1985) and up to $10,000 in the aggregate and with a sublimit for any single item of up to $3,000 (excluding cash, credit cards, jewelry and fine arts) 

Covers the liability of the insured in respect of bodily injury and property damage occurring to third parties and passengers. The limit of the cover for any one occurrence or in the annual aggregate is up to $500,000, unless otherwise agreed 

Covers the liability of the Insured towards water skiers up to 50% of the yacht value with a maximum limit of $100,000 per skier in any one occurrence 

Cruising limits: Mediterranean Sea, Red sea, Arabian Gulf, Aegean Sea, Black Sea , Ionian Sea, Spanish Liability, Italian Liability and Greek Liability

Pleasure Boats are covered as per the international Insitute Yacht Clause CL328 as follows:

VESSEL 

Vessel means the hull, machinery, boat(s), gear and equipment, such as would normally be sold with her if she changed hands.

IN COMMISSION AND LAID UP

The vessel is covered subject to the provisions of this insurance:
>While in commission at sea or on inland waters or in port, docks, marinas, on-ways, gridirons, pontoons, or on the hard or mud or at place of storage ashore, including lifting or hauling out and launching, with leave to sail or navigate with or without pilots, to go on trial trips and to assist and to tow vessels or craft in distress, or as is customary, but it is warranted that the vessel shall not be towed, except as is customary or when in need of assistance, or undertake towage or salvage services under a contract.While laid up out of commission as provided for in Clause A4 below, including lifting or hauling out and launching, while being moved in shipyard or marina, dismantling, fitting out, overhauling, normal maintenance or while under survey,(also to include docking and undocking and periods laid up afloat incidental to laying up or fitting out and with leave to shift in tow or otherwise to or from her lay-up berth but not outside the limits of the port or place in which the vessel is laid up) but excluding, unless notice be given to the Underwriters and any additional premium required by them.
>The gear and equipment, including outboard motors, are covered subject to the provisions of this insurance while in place of storage or repair ashore.

NAVIGATING AND CHARTER HIRE WARRANTIES

>Warranted not navigating outside the limits stated in the Schedule to the policy or, provided previous notice be given to the Underwriters, held covered on terms to be agreed.
>Warranted to be used solely for private pleasure purposes and not for hire charter or reward, unless specially agreed by the Underwriters. 

LAID UP WARRANTY

>Warranted laid up out of commission as stated in the Schedule to the policy, or held covered on terms to be agreed provided previous notice be given to the Underwriters.

SPEED WARRANTY

>Warranted that the maximum designed speed of the vessel, or the parent vessel in the case
of a vessel with boat(s), does not exceed 17 knots.
>Where the Underwriters have agreed to delete this warranty, the conditions of the Speedboat Clause 19 below shall also apply.

CONTINUATION

>Should the vessel at the expiration of this insurance be at sea or in distress or at a port or place of refuge or of call, she shall, provided prompt notice be given to the Underwriters, be held covered at a premium to be agreed until anchored or moored at her next port of call in good safety.

ASSIGNMENT

>No assignment of or interest in this insurance or in any moneys which may be or become payable thereunder is to be binding on or recognized by the Underwriters unless a dated notice of such assignment or interest signed by the Assured, and by the assignor in the case of subsequent assignment, is endorsed on the policy and the policy with such endorsement is produced before payment of any claim or return of premium thereunder.

CHANGE OF OWNERSHIP

>Should the vessel be sold or transferred to new ownership, or, where the vessel is owned by a company, should there be a change in the controlling interest(s) of the company, then, unless the Underwriters agree in writing to continue the insurance, this insurance shall become cancelled from the time of such sale transfer or change and a pro rata daily net return of premium be made calculated on the premium charged for the in commission and/or laid up period.
>If however the vessel shall have left her moorings or be at sea at the time of sale or transfer such cancellation shall if required by the Assured be suspended until arrival at port or place of destination.

PERILS

This insurance covers loss of or damage to the subject-matter insured caused by:
> Perils of the seas rivers lakes or other navigable waters

> Fire

> Accidents in loading, discharging or moving stores, gear, equipment, machinery or fuel explosions

> Malicious acts.

> Theft of the entire vessel or her boat(s), or outboard motor(s) provided it is securely locked to the vessel or her boat(s) by an anti-theft device in addition to its normal method of attachment, or, following upon forcible
entry into the vessel or place of storage or repair,.

> Contact with dock or harbor equipment or installation, land conveyance, aircraft or similar objects or objects falling therefrom

>Latent defects in hull or machinery, breakage of shafts or bursting of boilers (excluding the cost and expense of replacing or repairing the defective part broken shaft or burst boiler)

>The negligence of any person whatsoever, but excluding the cost of making good any defect resulting from either negligence or breach of contract in respect of any repair or alteration work carried out for the account of the Assured and/ or the Owners or in respect of the maintenance of the vessel,

>This insurance covers the expense of sighting the bottom after a stranding, if reasonably incurred specially for that purpose, even if no damage be found.

NOTICE OF CLAIM AND TENDERS

> Prompt notice shall be given to the Underwriters in the event of any occurrence which may give rise to a claim under this insurance, and any theft or malicious damage shall also be reported promptly to the Police.
> Where loss or damage has occurred, notice shall be given to the Underwriters prior to survey and, if the vessel is abroad, also to the nearest Lloyd's Agent so that a surveyor may be appointed to represent the Underwriters should they so desire.
> The Underwriters shall be entitled to decide the port to which the vessel shall proceed for docking or repair (the actual additional expense of the voyage arising from compliance with Underwriters' requirements being refunded to the Assured) and shall have a right of veto concerning a place of repair or a repairing firm.
> The Underwriters may also take tenders or may require tenders to be taken for the repair of the vessel.

LIABILITIES TO THIRD PARTIES

> The Underwriters agree to indemnify the Assured for any sum or sums which the Assured shall become legally liable to pay and shall pay, by reason of interest in the insured vessel and arising out of accidents occurring during the currency of this insurance, in respect of.
>Loss of or damage to any other vessel or property whatsoever
>Loss of life, personal injury or illness, including payments made for life salvage, caused on or near the vessel or any other vessel any attempted or actual raising, removal or destruction of the wreck of the insured vessel.

SISTERSHIP

Should the vessel hereby insured come into collision with or receive salvage services from another vessel belonging wholly or in part to the same Owners or under the same management, the Assured shall have the same rights under this insurance as they would have were the other vessel entirely the property of Owners not interested in the vessel hereby insured; but in such cases the liability for the collision or the amount payable for the services rendered shall be referred to a sole arbitrator to be agreed upon between the Underwriters and the Assured.

NAVIGATION BY OTHER PERSONS

The provisions shall extend to any person navigating or in charge of the insured vessel with the permission of the Assured named in this insurance (other than a person operating, or employed by the operator of, a shipyard, marina, repair yard, slipway, yacht club, sales agency or similar organization) and who while so navigating or in charge of the vessel shall in consequence of any occurrence covered by this Clause 11 become liable to pay and shall pay any sum or sums to any person or persons, other than to the Assured named in this insurance, but indemnity under this Clause shall insure to the benefit of the Assured and only to a person navigating or in charge of the vessel as described above, at the written request of and through the agency of the Assured.