Generali Náutico Boat Insurance Policy Conditions (English Translation)

Information clause ↑ top

This INFORMATION is issued in compliance with Articles 104 et seq. of the Regulation on the Organisation and Supervision of Private Insurance (R.D. 2486/98), concerning the insurer's duty to inform the policyholder.

Name and registered office of the insurer

GENERALI España de Seguros y Reaseguros S.A. (referred to interchangeably as the Company, Generali, the Insurer or the Insurance Entity). Registered office: Pl. de Manuel Gómez-Moreno, 5, 28020 Madrid. NIF: A48037642. Madrid Commercial Registry, sheet M-377257.

Supervisory authority

The Ministry of the Economy, through the Directorate-General for Insurance and Pension Funds (DGSFP), is responsible for supervising insurance activity and protecting the freedom of the insured to decide on, and maintain the contractual balance of, their insurance.

Complaints and how to proceed in the event of a dispute

The Company provides a Complaints and Claims Service (Servicio de Quejas y Reclamaciones), whose regulations can be consulted at www.generali.es. The policyholder, the insureds, the beneficiaries, injured third parties or their successors may submit complaints in writing to the Service, stating their personal details, signature, address, the policy or claim number, and the facts giving rise to the complaint. Address: Servicio de Quejas y Reclamaciones, Pl. de Manuel Gómez-Moreno, 5, 28020 Madrid — e-mail: reclamaciones.es@generali.com.

The Service, which operates autonomously and independently, will acknowledge receipt and must resolve, with reasons, within a maximum of two months (under Law 44/2002 on Financial System Reform Measures and Order ECO/734/2004 governing customer-service departments of financial entities). Its decisions are binding on the Insurer. Once two months have elapsed from the date the complaint was submitted without it having been resolved, or where the Service has rejected the request, the interested parties may bring their complaint before the Commissioner for the Defence of the Insured and of Pension-Plan Participants (Comisionado para la Defensa del Asegurado), a body attached to the DGSFP, at Pº de la Castellana, 44, 28046 Madrid (www.dgsfp.meh.es/reclamaciones). All of this is without prejudice to the right of the insured to seek the protection of the competent courts and tribunals.

Preliminary ↑ top

Exercising the contractual freedom recognised in positive law for “Large Risks” insurance, the parties define the cover of this contract in accordance with these General Conditions and with the Particular Conditions and all their annexes, supplements or appendices that complement or amend them, as well as the insurance application and the risk-assessment questionnaire signed by the policyholder — which is a fundamental document enabling the Insurer to give its consent to contract and to fix the policy conditions.

In matters not provided for in those Conditions, the following apply: Law 14/2014 of 24 July on Maritime Navigation; Law 50/80 on the Insurance Contract; Law 20/2015; Royal Decree 1060/2015 of 20 November approving the Regulation on the Organisation, Supervision and Solvency of insurers and reinsurers; and any rules developing, amending or complementing them. The foregoing is without prejudice to the priority application of the mandatory rules governing the Compulsory Third-Party Liability Insurance for recreational craft (Royal Decree 607/1999 of 16 April), in compliance with Article 78 of Law 27/1992 on State Ports and the Merchant Navy.

Basis of the contract ↑ top

This policy has been consented to and accepted by the Insurer on the basis of the declarations made by the policyholder regarding the circumstances of the risk insured. The contract shall therefore be void, and the Insured shall lose all rights, where important circumstances that could affect the assessment of the risk — and which he knew or ought to have known in his capacity as owner or operator — have been concealed or inaccurately declared, whether or not he was questioned about them when taking out the insurance.

Article 1 — Cover ↑ top

The Company undertakes to pay the indemnity corresponding to each of the guarantees expressly contracted in the Particular Conditions, in accordance with the limits established there and with these Specific General Conditions.

Article 2 — General exclusions ↑ top

2.1. Risks not specified in the Particular Conditions, or other than those strictly defined in these General Conditions.

2.2. Material damage, disbursements or expenses arising:

• a) when the person operating the craft lacks (or holds an expired) the navigation licence required by the competent Authority for the insured craft;
• b) when the loss occurs while the person operating the craft is under the influence of alcoholic drinks, drugs, toxic substances, narcotics and/or psychotropic substances;
• c) when the craft has been let or chartered to a third party (whether or not including crew) and this has not been notified to the Company for its acceptance and the application of the corresponding additional premium, if appropriate. By way of clarification, and as a concept distinct from the hire of the craft, losses occurring while the craft is engaged in the carriage of passengers are excluded in all cases;
• d) outside the navigation area established in these Conditions or in the Particular Conditions of the policy;
• e) caused intentionally by the Insured or by any other person to whom the craft or the control of navigation has been entrusted;
• f) arising from smuggling and/or prohibited or clandestine trade, or occurring during such activities;
• g) by quarantine, and the consequences of any sanitary disinfection measure;
• h) when the insured craft does not hold, in order, the documentation officially required;
• i) by war and other civil or international hostilities, explosion of submarine mines or torpedoes, captures, arrests, embargoes and detention by governments and authorities;
• j) by political or social disturbances, acts of terrorism or sabotage;
• k) as a consequence of ionising radiation or contamination by radioactivity from any nuclear fuel or waste or from the combustion of nuclear fuel; the radioactive, toxic or explosive or other hazardous or contaminating properties of any nuclear installation or nuclear component thereof; caused by war weapons employing atomic or nuclear fission and/or fusion or any other reaction or radioactive force or matter;
• l) by participation, operating solely under motor power, in races, bets or competitions of any kind, or in trials of the same;
• m) by the consequences of a preventive seizure or confiscation of the insured craft, whatever the cause and place, and the expenses that releasing the seizure might cause;
• n) by the insured craft being left adrift through the breaking of its moorings, while moored or anchored without due precaution and assistance on an open or insufficiently sheltered beach or coast.

2.3. It is expressly understood and agreed that this insurance contract shall not cover any liability (real or present) or any expense that arises and/or derives from and/or results from and/or is a consequence of, whether directly or indirectly, or is in any way related to asbestos and/or materials that may contain asbestos, in whatever form or quantity it appears.

2.4. Likewise, the following property is excluded from all the cover granted by this policy:

• a) money and stamped/sealed effects or any document representing value, and objects of silver, furs, paintings, works of art, antiques and stamp collections, jewels, jewellery, precious stones and objects of gold and platinum, even plated;
• b) objects and goods forming part of samples or catalogues, or intended for sale;
• c) jet-skis (personal watercraft) and any other vehicle or device with a motor.

Exclusions of the Compulsory Insurance for Recreational or Sports Craft

• a) damage caused to the policyholder, the operator or the owner of the craft identified in the policy, or to the insured user of the same;
• b) death or injury suffered by persons carried who make payments for the cruise or voyage;
• c) death or injury suffered by persons professionally engaged in the maintenance, upkeep and repair of the insured craft;
• d) death or injury suffered by the skipper or pilot of the craft;
• e) damage suffered by the insured craft itself;
• f) damage caused by the craft during its repair, while ashore, or when towed or transported by land, whether on a vehicle or in any other way;
• g) damage to property which for any reason (ownership, deposit, use, handling, transport or otherwise) is in the keeping of the insured, of persons dependent on him, or of the craft's occupants;
• h) personal or material damage suffered by persons on the occasion of voluntarily occupying a craft operated by a person who lacked the appropriate licence, if the insurer proves that they were aware of this circumstance;
• i) damage caused to craft and objects under tow for the purpose of saving them, and to their occupants;
• j) personal and material damage caused by insured craft that have been robbed or stolen;
• k) the payment of penalties and fines, and the consequences of their non-payment;
• l) damage caused by the participation of craft in regattas, trials, competitions of all kinds and their training, including bets and challenges, without prejudice to Article 3.2 of Royal Decree 607/1999 of 16 April.

Article 3 — Navigation area ↑ top

The guarantees of the insurance take effect in inland waters and up to the limits of the Exclusive Economic Zone (200 miles) of Spain and of the European Union member states. The crossings between the Iberian Peninsula and the Canary Islands are included. In any case, this navigation must be that which is authorised, provided it does not contravene the navigation officially assigned to the insured craft according to its characteristics and to the powers of the navigation licence held by the person operating the craft. Breach of the navigation-area limits as defined above automatically invalidates cover, unless that change has been notified to and authorised in advance by the Company.

Article 4 — Duration of the insurance and payment of premiums ↑ top

4.1. The policy is perfected by the consent expressed through the signature of it or of the corresponding provisional cover document.

4.2. The guarantees indicated in the Particular Conditions take effect once the corresponding premium has been paid. Payment of the premium during or after the occurrence of a loss, while the effects of the insurance are suspended, gives the Insured no right to indemnity of any kind. The premium, including the corresponding surcharges and taxes, is paid against receipt at the Insurer's address or that of its representatives. The first annual premium is paid at the time the policy is taken out, and subsequent premiums are paid in advance on the due date or, at the latest, within the following 30 calendar days. After this period the insurance is automatically suspended without any notice, the Insurer being able to cancel the policy, keep it in force accepting the overdue premium, or keep it suspended and sue for payment of the overdue premium(s). If the Company accepts the overdue premium, its obligations begin at 00:00 on the day following payment and acceptance of the premium.

4.3. The insurance period is that fixed in the Particular Conditions and, on its expiry, it is understood to be extended for a further year, and so on at the expiry of each annual period.

4.4. Duration of the contract. This policy has a duration of one year from its effective date. Once that period has elapsed it is automatically extended for successive one-year periods. Opposition to renewal: without prejudice to point 1 above, the parties may oppose the renewal of the contract by written notice to the other party, given at least one month before the end of the current insurance period where the party opposing renewal is the policyholder, and two months where it is the insurer. Amendments to the policy: the insurer must notify the policyholder, at least two months before the end of the current period, of any amendment to the insurance contract.

Article 5 — Declarations and communications ↑ top

The policyholder and, where applicable, the Insured or the Beneficiary have the following obligations and duties:

5.1. On taking out the insurance and during its term

To have declared to the Company all the circumstances known to him that could influence the assessment of the risk.

5.2. In the event of aggravation of the risk

To notify the Company, as soon as possible, of all circumstances that aggravate the risk. If the aggravation is not attributable to the policyholder or the Insured and the Company does not accept its cover, the Company is obliged to refund the part of the premium corresponding to the unexpired period of insurance.

5.3. In the event of transfer of the insured property

In the event of transfer, sale or assignment of the insured craft, this contract is cancelled from the very moment the transfer, sale or assignment to the new acquirer takes place, unless the Company gives its written agreement to the continuity of the guarantees granted in the contract for the new holder or acquirer.

5.4. Communications

1. Regime and form of communications and notifications between the parties. All communications and notifications that the parties must make to each other under this contract, relating to its performance and execution and/or to the exercise of the rights and obligations arising from it, must always be made in writing and shall be governed by this article of the policy. Exceptionally, where the applicable rules do not require the communication to be in writing, those made by the Insurer to the policyholder and/or the Insured by telephone shall be valid and fully effective when recorded on a durable medium that guarantees their integrity, provided the recipient has previously given express consent to that recording.

2. Means of making communications and notifications. The insurer may make and send to the policyholder, the insureds, beneficiaries and their successors the communications and notifications referred to in point 1 above, with full legal validity and effectiveness and full contractual effect, by postal mail, burofax, fax, e-mail or text message (SMS) sent to a mobile telephone. Where made by postal mail or burofax, communications sent by the Insurer must be addressed to the address stated in the policy by the policyholder and/or the Insured, or to the address later notified to the Insurer. Where made by fax, SMS or e-mail, they must be addressed, respectively, to the fax number, mobile-telephone number or e-mail address stated in the policy by the policyholder and/or the Insured, or later notified to the Insurer or to the mediator who, where applicable, intervened in the contract. Communications and notifications sent by the policyholder and/or the Insured to the Insurer must always be addressed to its registered office stated in the policy, or to any of its branches open to the public.

3. Effective date of the notifications and communications. The communications and notifications the parties make to each other take effect from when they are received by the addressee, regardless of whether or not the addressee reads them. However, communications made by postal mail or burofax take full contractual effect from when the Postal Service first attempts delivery to the addressee at his address, regardless of whether that attempt fails for any reason. Communications by e-mail or SMS take full contractual effect from the date they are received at the destination e-mail address or mobile number, regardless of whether or when the addressee opens them.

4. Communications through insurance mediators. Communications made by the policyholder to the insurance agent who mediates or has mediated the contract have the same effect as if made directly to the insurance entity. Communications made by an insurance broker to the Insurer on the policyholder's behalf have the same effect as if made by the policyholder himself, unless he indicates otherwise. Communications and notifications made by the Insurer to the policyholder or the insureds through the agent or broker who mediates or has mediated the operation have the same effect as if made directly by the Insurer.

Article 6 — Claims ↑ top

In the event of a loss the policyholder or the Insured have the following duties and obligations:

6.1. Notification and declaration of damage

Within a maximum period of seven days from becoming aware of the loss, providing all kinds of information about its circumstances and consequences.

6.2. Theft or robbery

In the event of theft or robbery, the policyholder or the Insured must report the fact to the competent Authority, stating the stolen objects and their value.

6.3. Legal documents

To pass to the Company all judicial or extrajudicial documents addressed to him or to the party causing an event giving rise to liability covered by the insurance.

6.4. Mitigation and preservation

To lessen the consequences of the loss using all the means at his disposal. Breach of this obligation entitles the Insurer to reduce its payment in the appropriate proportion. To preserve the remains and traces of the loss until the settlement of the damage is complete, save justified material impossibility. This obligation gives rise to no indemnity.

6.5. Determination of causes, valuation and settlement of damage

• As soon as possible the Company will attend the place of the loss to begin verifying the causes and manner of occurrence of the loss, as well as the damage suffered by the insured craft.
• If the parties agree, the loss is settled and the agreed indemnity is paid.
• If no agreement is reached within 40 days from receipt of the loss declaration, each party will appoint an expert (perito), their acceptance to be recorded in writing. If the experts disagree on any circumstance of the loss, they will appoint a third expert and together issue a new expert report, which in all cases is binding on the parties.
• Each party pays the fees and expenses of its own expert. The other expenses, including those of the third expert, are borne equally between the Insured and the Insurer.

Article 7 — Assessment of the damage ↑ top

This insurance cannot be a source of unjust enrichment for the Insured. To determine the indemnity, account is taken of the value of the insured interest at the moment immediately before the occurrence of the loss.

7.1. Proportional rule (regla proporcional)

7.1.1. Total loss + abandonment. If at the time of the loss the insured value is lower than the real value of the insured interest, the Insurer will indemnify the damage in the same proportion in which the insured value covers the real value of the insured interest.

7.1.2. Partial damage. If at the time of the loss the insured value is lower than the real value of the insured interest, the Insurer will indemnify the damage in the same proportion in which the insured value covers the real value of the insured interest.

7.2. Assessment of the damage

The damage is assessed subject to the following rules:

• a) in the event of total loss of the craft, the real value of the craft;
• b) in the event of partial damage, the cost of the repairs and the eventual costs of transport from the place of the accident to the nearest appropriate yard;
• c) where the damage consists of tears, breaks or rips of the sails, the Company will reimburse only the cost of the repair carried out;
• d) expenses are computed per invoice;
• e) the evaluation of the indemnity payable to the third-party claimant, in the case of civil liability, is made on the basis of: a settlement authorised by the Company; a final court judgment; the judicial and extrajudicial costs and expenses that do not constitute a personal penalty; the fees of lawyers, court agents and other professionals, where applicable, assessed per their bills. In any case, the maximum sum of the civil-liability guarantee covered by the insurance is understood to be free of any deduction for judicial or extrajudicial costs incurred by the Company in processing the claim, where those costs added to the indemnity paid exceed that maximum sum insured. The set of damage, loss and expense caused by one and the same act or event covered by the policy is treated as a single loss, whatever the number of injured third parties, all the harmful consequences being deemed to have occurred at one and the same moment, coinciding with the manifestation of the first of them;
• f) personal injury is settled according to the opinion of the relevant doctor.

7.3. First-loss insurance

Where Personal Effects cover has been taken out — which is on a first-loss sum-insured basis — the damage is indemnified up to the amount fixed in the policy, without applying the proportional rule.

7.4. Salvage and recoveries

Only if, after the indemnity has been fixed, salvage, recoveries or reimbursements are obtained, the Insured is obliged, within 48 hours of becoming aware of it, to inform the Company in turn and to accept the reduction, or to refund the amount by which they were included in the indemnity, less any depreciation suffered as a result of the loss.

Article 8 — Payment of the indemnity ↑ top

8.1. Where the damage has been fixed by amicable settlement, the Company will pay the agreed sum within a maximum of five days from the signing of the agreement.

8.2. Where the damage has been fixed by agreement of the experts, the Company will pay the amount they indicate within five days from the moment both parties have consented to and accepted the expert agreement, which then becomes unchallengeable.

8.3. Where applicable, before paying the indemnity, a certificate evidencing the freedom from charges of the damaged craft will be required.

8.4. In any case, within 40 days from receipt of the loss declaration, the Company must pay the minimum amount to which the loss may amount according to the circumstances known to it.

Article 9 — General provisions ↑ top

9.1. Subrogation

Automatically after payment of the indemnity, the Company is subrogated to all the rights, remedies and actions belonging to the Insured against the authors of or those responsible for the loss, and even against other insurers if there are any, up to the limit of the indemnity, the Insured being liable for the harm that his acts or omissions may cause to the Company's right of subrogation. Where the Insured and the Company concur against a liable third party, the recovery obtained is shared in proportion to their respective interests.

9.2. Disappearance of the insured interest

If during the term of the insurance the insured interest or property disappears or is abandoned, the insurance contract is extinguished from that moment, the Company being entitled to keep the unearned premium. The insurance is void if, at the time of contracting, the risk did not exist, the loss had already occurred, or the Insured had no interest in the indemnity of the damage.

9.3. Prescription (limitation)

Actions arising from the contract are time-barred after two years where they relate to the property guarantees, and after five years for those concerning persons, counted from the day on which they could be exercised.

9.4. Jurisdiction

This insurance is subject to Spanish legislation and, within it, the competent judge to hear actions arising from it is that of the Insured's domicile; for this purpose the Insured will designate a domicile in Spain if his own is abroad.

Chapter I — General provisions

Article 1. Object of the insurance. 1. The compulsory third-party liability insurance has as its object the cover, within the scope and limits fixed in this Regulation, of the extracontractual civil liability that may be incurred by the operators or owners of recreational or sports craft, the persons who — duly authorised by the owner — operate them, those who assist them in their handling, and the water-skiers the craft may tow, for the material and personal damage and the resulting losses that, through fault or negligence, they cause to third parties, to ports or to maritime installations, as a consequence of collision, contact and, in general, the other events arising from the use of the craft in Spanish maritime waters, as well as by the skiers and objects they tow at sea. 2. In addition to the foregoing, the policy formalising the compulsory liability insurance contract may include other covers freely agreed between the parties, governed in both cases by Law 50/1980 of 8 October on the Insurance Contract.

Article 2. Recreational or sports craft. For the purposes of this Regulation, the following are considered recreational or sports craft: floating objects intended for recreational and sports navigation propelled by motor, including jet-skis (personal watercraft), as well as those without a motor having a length of more than six metres.

Article 3. Insurance of Spanish craft. 1. Every operator or owner of recreational or sports craft must have insured the civil liability they may incur in connection with the navigation of their craft or, while berthed, during the periods in which the craft are exposed to the situations of risk provided for in this Regulation. 2. For the risks arising from participation in regattas, trials, competitions of all kinds and their training, including bets and challenges, a special insurance must be taken out to cover the participants' civil liability, at least for the amounts and with the scope of the compulsory cover established in this Regulation.

Article 4. Insurance of foreign craft. 1. The operators or owners of foreign recreational or sports craft that navigate the Spanish territorial sea and its inland maritime waters, provided they enter or leave a Spanish port, must insure the civil liability they may incur in connection with navigation, or evidence, where applicable, the existence of insurance with the scope and conditions prescribed for operators or owners of Spanish craft in this Regulation. 2. Where the insurance is taken out on the craft's entry into the territorial scope of application of this compulsory cover, the document evidencing it must contain at least the following indications: a) that the guarantee is granted within the limits and conditions provided as compulsory in Spanish legislation and, specifically, in this Regulation; b) that, in the event of a loss, the limits and conditions provided as compulsory in Spanish legislation and, specifically, in this Regulation, will apply; c) the indications established in Article 12 of this Regulation.

Article 5. Navigation without insurance. The navigation of the craft referred to in Article 1 of this Regulation that are not insured in the established manner is considered a serious infringement in accordance with Chapter III of Title IV of Law 27/1992 of 24 November on State Ports and the Merchant Navy.

Chapter II — Scope and limits of the insurance

Article 6. Material scope. 1. The compulsory insurance covers the following risks: a) death or bodily injury of third persons; b) material damage to third parties; c) economic losses suffered by third parties that are a direct consequence of the damage referred to in a) and b) above; d) damage to vessels by collision or without contact. 2. Save agreement to the contrary, the insurer bears the payment of the judicial and extrajudicial costs inherent in the defence of the insured and the management of the loss.

Article 7. Exclusions. The cover of the compulsory third-party liability insurance does not comprise: a) damage caused to the policyholder, the operator or the owner of the craft identified in the policy, or to the insured owner of the same; b) death or injury suffered by third persons carried who make payments for the cruise or voyage; c) death or injury suffered by persons professionally engaged in maintenance; d) death or injury suffered by the skipper or pilot of the craft; e) damage suffered by the insured craft; f) damage caused by the craft during its repair, while ashore, or when towed or transported by land, whether on a vehicle or in any other way; g) damage to property which for any reason (ownership, use, handling, transport or otherwise) is in the keeping of the insured, of persons dependent on him, or of the craft's occupants; h) personal or material damage suffered by persons on the occasion of voluntarily occupying a craft operated by a person who lacked the appropriate licence, if the insurer proves that they were aware of this; i) damage caused to craft and objects under tow for the purpose of saving them, and to their occupants; j) damage caused by the participation of craft in regattas, trials, competitions of all kinds and their training, including bets and challenges, without prejudice to point 2 of Article 3 above.

Article 8. Quantitative limits. The compulsory third-party liability insurance covers, against third parties, the reparation of damage to persons up to a limit of €120,202.42 (20,000,000 pesetas) per victim, with a maximum limit of €240,404.84 (40,000,000 pesetas).

Chapter III — The insurance contract

Article 9. Policyholder. 1. The insurance must be arranged by the operator or owner of the craft, considered to be the natural or legal person in whose name the craft appears in the corresponding administrative register. 2. However, any other person or user who has an interest in insuring the craft may also arrange it, and must state the capacity in which they contract.

Article 10. Insurance entities. 1. The operators or owners of Spanish craft must take out the insurance governed by this Regulation with insurance entities that have obtained, in class number 12 of the classification contained in Article 6 of Royal Legislative Decree 6/2004 of 29 October approving the consolidated text of the Law on the Organisation and Supervision of Private Insurance, the corresponding authorisation from the Ministry of the Economy and Finance, or that, being domiciled in the European Economic Area, hold authorisation to operate in Spain in that class under the regime of freedom to provide services or the right of establishment. 2. The operators or owners of foreign craft are subject to Article 4 of this Regulation.

Article 11. Documentation of the insurance contract. 1. The insurer must necessarily deliver to the policyholder a document which will necessarily contain a clear and precise reference to the rules applicable to this type of insurance and the other points determined in the regulation of the insurance contract and of the organisation and supervision of private insurance. 2. Likewise, once the premium has been collected, the insurer must deliver to the policyholder proof of payment.

Article 12. Documentation evidencing the validity of the insurance. 1. The receipt of payment of the premium for the current insurance period will be proof of the validity of the insurance, provided it contains at least the following specifications: a) the insurance entity underwriting the cover; b) sufficient identification of the insured craft; c) the cover period, indicating the date and time at which its effects begin and end; d) the indication that it is compulsory-insurance cover. 2. This evidencing documentation must be kept on board the craft. If it is required by the competent authorities and is not found on board, the policyholder has a period of five working days to justify the validity of the insurance to them.

Closing note of the booklet: “These General Conditions have been drafted in a simplified form to make them as easy as possible to understand. Please read them carefully and ask your Mediator, or any Generali branch, for any clarification you consider appropriate.” — ref. G51189, 01/2026. Insurer: GENERALI España, S.A. de Seguros y Reaseguros.