Generali Marine (Boat) Insurance Policy Conditions (English Translation)

Definitions & object of the insurance ↑ top

The policy covers the guarantees agreed in the Particular Conditions in connection with the ownership and/or use of the recreational craft described there. The key defined terms are:

• Recreational craft (Embarcación de Recreo): the boat, including the equipment supplied as standard by the builder or required by law for navigation.
• Accessories (Accesorios): added equipment not supplied as standard and not legally required — covered only if listed in the Particular Conditions.
• Personal effects (Enseres Personales): the insured's belongings on board (not money, cheques or documents).
• Third party (Tercero): anyone other than the policyholder, the insured/owner, the skipper and crew, professionals servicing the boat, and people being towed (e.g. water-skiers).
• Agreed value (Valor Convenido): the value of the boat accepted in the policy, used to settle a hull claim.
• Constructive total loss (Pérdida Total Constructiva): where the cost of repair exceeds 75% of the insured capital (in the first year) or 75% of the real value (after that).
• Deductible (Franquicia): the amount deducted from a covered loss, as set in the Particular Conditions.

Damage to the boat & accessories ↑ top

Covers damage to the boat, the listed accessories and the insured's personal effects — while afloat, while being transported by another vehicle, or while ashore — from the following risks:

• Sinking; collision with a fixed or floating object; grounding, stranding or touching the bottom.
• Fire; lightning strike; explosion of the engine; heavy sea (golpe de mar).
• Hidden defect of the hull or engine (design, assembly or materials) — the policy covers the consequences, not the repair of the defective part itself.
• Accident of the vehicle transporting the boat.
• Theft or attempted theft — but only where it involves force, break-in or intimidation.
• Vandalism or malicious acts by third parties.

It also covers, within the insured capital, marine towing or salvage costs after a breakdown, reasonable loss-mitigation costs, and windscreen breakage. The guarantee is written at agreed value; partial damage is settled at new-replacement value where repair is reasonable, and a claim over 75% of the insured capital may be treated as a constructive total loss.

Personal effects

Personal effects damaged in a covered hull event are indemnified up to 5% of the boat & accessories sum insured, capped at €6,000 (no underinsurance rule).

Main exclusions

War, rebellion, strikes and government seizure; illegal acts, gross negligence or fraud, and accidents while the person in charge is under the influence of alcohol or drugs; racing and competition, and commercial or profit-making use (other than giving maritime assistance); claims while the boat is left moored or anchored unattended in unprotected waters; the detachment or falling of engines or accessories; wear, deterioration and lack of maintenance; and nuclear risks.

Compulsory third-party liability ↑ top

The cover Spanish law requires (Royal Decree 607/1999). It covers the non-contractual civil liability of the owner, authorised users, the skipper and crew, and any water-skiers the boat tows, for injury, material damage and resulting loss caused to third parties, to ports or to marine installations — from collision and, generally, the other consequences of using the craft in sea or inland waters — within the terms and limits of the compulsory-insurance Regulation.

It also covers judicial bonds (never fines or penalties) and the legal defence of the insured persons by the insurer's lawyers, up to 50% of the sum insured for this guarantee. The standard regulatory exclusions apply (for example damage to the policyholder/owner/user, to paying passengers, to the skipper, to the insured boat itself, damage while ashore/under repair/being transported, damage by a stolen boat, fines, and racing/competition).

Voluntary third-party liability ↑ top

Extends the third-party liability cover above the limits of the compulsory insurance, up to the capital agreed in the Particular Conditions, for the same insured persons and the same kind of injury, damage and resulting loss caused to third parties. The same regulatory exclusions apply.

Damage-claim recovery (legal expenses) ↑ top

Covers the cost of claiming back, amicably or in court, the damage a responsible third party causes to your boat in an accident. It pays for the out-of-court steps to obtain compensation and, if that fails, the legal defence to pursue the claim.

• You have a free choice of lawyer and court agent where there is a conflict of interest.
• The limit is €3,000 per claim for the fees of lawyers/agents you appoint (no limit where the insurer appoints them).
• You may submit any disagreement with the insurer over this guarantee to arbitration.

Personal accident (those on board) ↑ top

Covers the passengers of the boat and people being towed (water-skiers, etc.) for an accident occurring while using the insured craft. The cover has four parts, up to the per-person capitals in the Particular Conditions:

• Death: the death capital is paid to the designated beneficiaries or the legal heirs.
• Permanent disability: a percentage of the capital according to the policy's disability scale (baremo) — with the right/left-hand percentages reversed for a left-handed person, and assessed regardless of the victim's occupation.
• Medical expenses: reasonable medical, pharmacy and hospital costs incurred in Spain to treat the injuries.
• Funeral expenses: the cost of the funeral in Spain, up to the per-victim capital.

Special age rules: those under 14 are covered only for disability, medical and funeral expenses; those over 65 only for funeral expenses. Cover for a victim runs until the injuries heal or stabilise, the capital is reached, or three years pass. Not covered: accidents on land; war; illegal acts, gross negligence or alcohol/drugs; racing/competition or commercial use; an unlicensed skipper; and illness or poisoning unless it results from a covered accident.

Boat & travel assistance ↑ top

An assistance service for the insured and the boat. The main benefits (each up to the stated limit) are:

• Hotel: if the boat is immobilised by breakdown or accident for less than four days, up to 3 nights at €60 per person/day (max €720 for all insured).
• Boat custody: custody costs of an immobilised boat up to €300.
• Medical expenses abroad: up to €750 per person (€4,500 for all on board) — the first €30 is borne by the insured.
• Medical transfer of the sick or injured to a better-equipped or specialist hospital near home in Spain, and repatriation of mortal remains to the place of burial in Spain (excluding the funeral itself).
• Delivery of medicines not available locally; search and dispatch of spare parts for the boat or its trailer (you pay the cost of the parts).
• Nautical charts and an information service (Spanish ports and yacht clubs, weather and sea state, nautical events, refuelling and berths).

Common provisions & indemnity ↑ top

With the insured's consent, the insurer may repair or replace the damaged item instead of paying cash. Partial damage is settled on a new-replacement-value basis where repair is reasonable; from the second year of cover, total or constructive total loss is settled at real value, not exceeding the insured capital. The total payable under the hull guarantee for any one event cannot exceed the insured capital for the damaged item. A claim must be notified within seven days, and the insured must take reasonable steps to limit the loss.

Extraordinary risks (Consorcio de Compensación de Seguros) ↑ top

Damage from extraordinary events is indemnified by the public Consorcio de Compensación de Seguros, funded by a surcharge collected with your premium, under Royal Legislative Decree 7/2004. This covers certain natural phenomena (such as extraordinary floods, earthquakes, tsunamis, volcanic eruptions and atypical cyclonic storm), terrorism, rebellion and riot, and acts of the Armed or Security Forces in peacetime, on the terms set by the Consorcio. Claims can be reported to the Consorcio directly (900 222 665).