Vessel insurance

Vessel insurance provides financial protection for all types of vessels, such as ships, yachts, speedboats, boats, and jet skis. Whether you’re using your vessel for private, commercial, or recreational purposes, vessel insurance allows you to enjoy your time without worrying about potential accidents or damage, both during sailing and while the vessel is docked.

You’ll be indemnified regardless of whether the damage occurred due to your or someone else’s fault. Sail with peace of mind and sleep soundly, knowing that your vessel is protected 24/7 with the DDOR Novi Sad casco insurance policy.

What is covered by vessel insurance?

Vessel insurance provides comprehensive protection for your vessel and equipment, covering:

vessels (ships, yachts, speedboats, boats, jet skis, etc.);
additional or specialized equipment, if stipulated separately;
costs for salvaging sunken vessels, if stipulated separately.

This policy provides coverage for damage in the following situations:

navigation accidents (collision, impact, running aground, etc.);
fire and explosions on the vessel, another vessel, or the shore;
severe weather, storms, and similar extreme conditions;
contact with or scraping of the riverbed on marked waterways;
loss of anchor, anchor chain, or propeller, as well as propeller shaft breakage;
theft of the vessel or its inventory, provided that the vessel was stored in a secured and protected area as specified in the insurance policy.

Key benefits of vessel insurance

Vessel insurance is designed for owners of private and commercial vessels who want to insure their vessels against various risks. The key benefits offered by DDOR Novi Sad include:

coverage of costs incurred during salvage or mitigation of damage on the insured vessel;
option to insure multiple vessels under a single policy;
in the event of total loss, you’ll receive the full amount of insurance indemnity, equal to the insured value of the vessel;
in the event of partial loss, coverage of costs incurred during restoration of the vessel, up to the insured value of the vessel.

Loss sustained by third parties

The vessel insurance policy also covers liability for losses sustained by third parties, up to the insured value of the vessel, in cases where you’re at fault.

DDOR Novi Sad will cover all losses resulting from collision or impact, including:

damage to another vessel;
damage to a structure secured on water or on the shore.

Price of vessel insurance

The price of vessel insurance depends on several factors which affect risk assessment and premium calculation. These include the type and purpose of the vessel (ship, yacht, speedboat, boat, or jet ski), value and age of the vessel, engine power, and the navigation area.

This insurance offers financial security by covering unforeseen expenses that can significantly exceed the annual premium. Investing in an adequate insurance policy ensures smooth sailing and the protection of your property while allowing you to effectively plan your costs.

Frequently asked questions

What areas are covered by vessel insurance?

Vessel insurance is valid on inland waterways, encompassing all navigable routes within the territory specified in the insurance contract.
How is the value of the vessel determined for the insurance policy?

The value of the vessel for which the premium is paid is determined in agreement with the client. However, the value cannot be lower than the actual value of the vessel at the time the contract is concluded.
What factors affect the insurance premium?

The insurance premium primarily depends on the vessel type (ship, speedboat, boat, etc.) and age.
What to do in case of an incident?

In case of an incident, you need to report it immediately to the harbormaster’s office responsible for the territory where the event occurred. A damage surveyor or an assessor of the corresponding field will determine the cause, extent, and value of the damage.
What is covered by the insurance in the event of partial loss or theft?

The insurance covers all partial losses of the hull, propulsion engines, equipment, and inventory of the insured vessel. In the event of a burglary theft, indemnity will be paid provided that the stolen parts were stored in a locked space.

Vessel insurance