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We now offer Security Deposit Insurance!Wednesday, 30th May 2018
We’ve partnered with yachting insurance experts EIS to enable us to make it super-easy to add security deposit insurance to your holiday – giving you peace of mind that your charter holiday won’t be more expensive that you bargained for.
We now offer Security Deposit insurance!
Protect your security deposit by buying ‘security deposit insurance’ with PlainSailing.com and EIS insurance - insure a security deposit of up to €2,500 from just €200, or up to €4,000 for around €280!
What is a security deposit?
When chartering a yacht or catamaran, you’ll need to put a security deposit on a credit card (usually somewhere in the region of €1,000 - €3,000) - similar to leaving a security deposit when you hire a car.
If the boat comes back fine, then happy days, and they return your deposit in full, but if the boat returns in a worse state than it left the marina in, then the yacht owner can charge you for any damages and deduct it from your security deposit.
With brand new yachts costing upwards of £200k, and cats even more, then even a small amount of damage can quickly add up. You obviously have no intention of crashing or damaging the boat, but mistakes can become very expensive very quickly.
The maximum that you can be charged is the security deposit, but what if you can’t afford to pay that much in the event of a collision? Well, there is ‘Security deposit insurance’ you can get for that – and we can help you arrange it.
What is security deposit insurance?
Security deposit insurance is just that – it protects your security deposit so that you will get it back in full (less an excess), even if you cause accidental damage to the boat.
You pay the security deposit as normal, but if you’re charged any deductions for damage caused, then you can make a claim for a reimbursement from EIS insurer (subject to an excess). We help arrange insurance for you through EIS, who are yacht specialists, and who will reimburse claims within 14 working days.
How much does it cost?
A security deposit insurance policy to cover security deposits of up to €2,500 costs €200. A security deposit insurance policy to cover security deposits of up to €4,000 costs €280.
What does it cover?
This covers almost any deductions from your security deposit (including the outboard motor and anything else covered by your security deposit), with the exception of items which were lost (e.g. lost fenders) or intentional damage.
What is the excess?
In the event that you have to make a claim, there is an excess of 10% of the security deposit.
When can I buy it?
You can add charter security deposit insurance when making a booking, by logging in to your PlainSailing.com account, or by contacting us vie email or LiveChat. You can add it to your booking up to 48 hours before your charter starts – just ask our team:)
How do I make a claim?
In the event of needing to claim, you’ll need to contact EIS yacht insurance directly by telephone (+49-30-214-0820) or by e-mail to claims@ eis-insurance.com.
You’ll need to provide copies of the charter contract, evidence of the security deposit deduction paid (credit card receipt / sales voucher) and detailed statement of costs from the charter company (invoice, cost estimate) and signed by the skipper, as well as detailed photographs of the damage.
For more details, see: the EIS Insurance product factsheet (PDF)
Not booked with PlainSailing.com?
If you're a PlainSailing.com customer, then please get log-in or get in touch to add Security Deposit Insurance to your booking, and we'll sort out all the admin and add it to your final balance - easy. If you're not a PlainSailing.com customer, then you can still get security deposit insurance from EIS by clicking here, and then clicking 'Deposit insurance for charter yachts' from the list on the right hand side - but you'll have to do your own paperwork, I'm afraid.