Yacht Charter Trip Cancellation Insurance

Posted March 18, 2020 in Charter by Janine St.Denis

Many people begin thinking about their summer yacht holidays this time of year, but the rise of Coronavirus (COVID-19) on an international scale has many questioning to book or not to book.

While only time will tell the status of the virus this summer, there is no reason to forgo booking your holiday as iTravel’s LX travel insurance program will provide coverage should you decide to or have to cancel. This policy can be written to cover 100 percent of the cost of a trip in the event of a travel ban or extended delay and will cover up to 75 percent of costs if you decide you do not want to move forward with your intended holiday. In addition to covering the cost of the yacht charter, the policy can be written to cover airfare and hotel costs. The policy can be purchased up to 20 days after you have booked the charter. Policies usually cost between eight and 10 percent of the charter and variables to the price include the number and age of guests.

“We recommend that anyone and everyone considering chartering a vessel anytime in the foreseeable future make this investment,” says Managing Director of Private Insurance Services John Gaffney. “During these uncertain times, it is much better to be liable for only 25 percent than for the full 100 percent if you decide to cancel. As there are no real insights into what the future holds, the best measure is to prepare yourself for any possible outcome. These types of charter insurance policies not only are beneficial for charter guests, but they also are helpful for yacht owners as it alleviates possible friction should the guests cancel. It is possible that as the situation with COVID-19 progresses, some owners will require charter clients to hold a trip cancellation policy to book.”

Opting to hold iTravel’s LX travel insurance program is as simple as filling out a one-page form with the details of your trip. Private Insurance Service’s dedicated insurance brokers and staff can easily guide you through the process to ensure everything is correctly completed and you receive the best, most comprehensive coverage.

“We don’t want charter guests to be discouraged by Coronavirus or any other potential travel pitfalls. Presently there are no reasons to curtail your plans for this summer, but if things change, we can protect our clients to ensure they do not lose out,” says Gaffney.

In addition to trip cancellation coverage, the iTravel’s LX travel insurance policy also covers a long list of services, including but not limited to emergency travel arrangements, medical referrals, lost passports and other documentation assistance, lost luggage, emergency cash transfers, embassy, and legal referrals and emergency prescription replacement.

Northrop & Johnson’s charter brokers are monitoring the situation with COVID-19 and will continue to advise charter clients with the most up-to-date, the best information available and Private Insurance Services is ready to help you ensure your luxury holiday, so you can book with confidence. As reservations for charters in the Mediterranean tend to book up this time of year, if you have your heart set on a particular yacht, the time to book is now.

For more information on charter cancellation policies, please email info@privateinsuranceservices.com or call +1 954 320 7533.

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