# Charter deposit insurance



## alex_sauvage (Aug 31, 2012)

Does anybody knows/used a good company which can provided "insurance" for your charter damage deposit??? So you pay smaller amount (~5-10%) upfront, rather than be faced with multi-thousand bill later if the boat gets damaged somehow?


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## FarCry (Apr 21, 2007)

Many charter companies are providing a deductible reduction agreement (DRA) with the charter contract. So you are asking for a DRA for the DRA????? 

Are you SUPER cautious or are you that dangerous?


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## alex_sauvage (Aug 31, 2012)

FarCry said:


> Many charter companies are providing a deductible reduction agreement (DRA) with the charter contract. So you are asking for a DRA for the DRA?????
> 
> Are you SUPER cautious or are you that dangerous?


I hope neither 
The company I am chartering from has not provided an option of "DRA" ( as you call it). I know that some of them do, like Sunsail, Mooring...
I found a few insurance companies which sell that type of insurance, just wondering if anybody had first hand experience with them. They all seems to be very Europe oriented (at least ones I have found) and some won't even deal with Americans or Canadian.


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## Jashley (Sep 1, 2013)

alex_sauvage said:


> I hope neither
> The company I am chartering from has not provided an option of "DRA" ( as you call it). I know that some of them do, like Sunsail, Mooring...
> I found a few insurance companies which sell that type of insurance, just wondering if anybody had first hand experience with them. They all seems to be very Europe oriented (at least ones I have found) and some won't even deal with Americans or Canadian.


The Damage Deposit is typically equal to the Insurance Deductible on the boat. That can run $8,000 on a large catamaran. Most bareboat companies offer an optional "CDW" Collision Damage Waiver that lowers the damage deductible, for a FEE.....typically $50/day and up. In those cases, the company is "self-insuring" the damage deductible in the hope that the excess fees they collect will offset any damages. This option is much rarer in Europe, or in smaller fleets. Maybe you should charter with a company that offers the option you are looking for....


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## alex_sauvage (Aug 31, 2012)

Jashley said:


> The Damage Deposit is typically equal to the Insurance Deductible on the boat. That can run $8,000 on a large catamaran. Most bareboat companies offer an optional "CDW" Collision Damage Waiver that lowers the damage deductible, for a FEE.....typically $50/day and up. In those cases, the company is "self-insuring" the damage deductible in the hope that the excess fees they collect will offset any damages. This option is much rarer in Europe, or in smaller fleets. Maybe you should charter with a company that offers the option you are looking for....


Thanks for your reply, but unfortunately it is not what I was asking for: I already charter the boat, so to go with another company is not an option. I know there are companies which provide this kind of insurance (for significantly lees money that "big companies" will charge), but I am looking for first hand experience that somebody had with them.
Regards, Alex


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