Yacht Owners’ Charter Cancellation Insurance & Yacht Charterers’ Cancellation Insurance
Yacht owners and yacht charterers are exposed to losses in case of cancellation of a charter.
Yacht charter vacations are mostly booked using MYBA contracts, a standard format especially developed for the global yachting industry, although several standard contracts are also used in various regions of the world, each offering similar general protection for both the yacht owner and the charter client.
However, even the best contracts do not protect charter clients against all possible challenges and at Nordic we have developed solutions for charter cancellation insurance to cover the gaps that exist in all yacht charter contracts.
Nordic Marine Insurance can provide solutions to both owners and charterers.
For Yacht Charterers we can propose our charterer yacht cancellation insurance, a specialist type of insurance that has been designed to give charterers peace of mind if they have to cancel the trip or if they have to go home early.
For Yacht Owners we propose a charter cancellation cover that follows the same matrix as our primary layer loss of earnings and where the assured can recover the lost charter amount.