Something new is also happening in the world of marine insurance. It is proposed by Siat Assicurazioni (Unipol Group), which has created the new “combined” policy Siat Sail.
This is a modular policy with four possibilities: damage to the vessel, third-party liability for personal injury and property damage, master’s and passengers’ injuries, and finally assistance during navigation for the vessel and persons.
Modularity consists in the articulation of the policy into four separate sections-namely, Body, Liability, Accident and Assistance-which, according to the customer’s choice, can be purchased in their entirety, or in different combinations, with the only requirement that at least one of the two “main” coverages, Body or Liability, be present.
Here are the details of the four possibilities
1) Body: own damage to the recreational unit.
Covers Total Loss, Abandonment, Salvage Expenses, Wreck Removal and Partial Damage.
The policy includes in the covers:- Flood, flood, earthquake and volcanic eruptions- Unprotected waters- Replacement to new up to 3 years of age of the vessel- Waiver of recourse for fire damage- Land transfers for units up to 10 m in length- Waiver of the proportional rule for partial damage- Sailing or driving school- Socio-political events- Luggage and personal belongings.
2) Watercraft Liability: Third Party Lia bility for Damage to Persons and Property of Third Parties Covers Third Party Liability for damage to Third Parties arising from the navigation or storage of Recreational Units. In addition to the coverage provided by law (personal injury), the policy covers:- Damage to property and animals of third parties (including transported)- Damage to third parties caused while sailing- Damage occurred while using the Unit for driving school- Damage caused ashore during storage, hauling, launching including fire damage however it occurred- Damage to transported persons.
3) Injury to Driver/Commander and Carriers.
Covers the consequences of Accidents suffered by the Driver/Commander and/or Transportees on the pleasure craft from the time they board until the time they disembark, including embarkation and disembarkation.
4) Assistance in navigation
Provides Assistance to the vessel and the person (Insured and Family Members) while sailing and laying up outside the usual port of stay.
In addition to this modularity of the Siat Sail policy, as far as coverage for damage to the recreational unit is concerned, one can choose from three coverage alternatives of decreasing breadth (Platinum, Gold, and Silver) and in addition can purchase some specific coverage extensions with respect to the guarantee provided by the policy.
For info: siatsail@siatass.com
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