Boat Insurance

Is it mandatory to take out boat insurance?

In Spain, Royal Decree 607/1999 requires recreational or sports vessels to have Civil Liability insurance in the following cases:

• motorized boats
• Boats that have a length greater than 6 meters (even if they do not have an engine)

Can I increase the capital of Civil Responsibility in the insurance of the boat?

RD 607/1999 provides that the limits of compulsory insurance are as follows: 

• Material damage: €96.162
• Personal injuries: €240.406

However, these limits can be extended by the Voluntary Civil Liability guarantee , the amounts of which will depend on each insurer.

Can any type of boat be insured?

Regardless of the obligation to take out Civil Liability insurance, it is possible to insure any type of boat: motorboats, barges, sailboats, jet skis, etc.

Can a boat for rent be insured?

Recreational boats used for profit (registration under List 6) can also be insured, just like those used for non-profit purposes (registration under List 7). If you intend to use your boat for chartering or leisure and tourism activities, you should consider taking out accident insurance for the occupants.

What optional coverage can I take out in boat insurance?

In addition to the mandatory Civil Liability guarantee, the following optional coverages can be contracted:

• Material damage, including damage to the hull, engine, personal effects, accessories or sails as a result of shipwreck, stranding, stranding, boarding, crash or collision with fixed or floating objects, storm, fire or explosion and theft.
• debris removalwhen so ordered by the authorities
• Towing at sea and salvage costs, in case of breakdown or accident
• Personal accidents of the occupants, including medical assistance and coverage in case of death or disability.

What is boat insurance with English conditions?

English conditions, or Institute Yacht Clauses (IYC), are characterized by greater insurance protection. They are similar to all-risk insurance , where everything not expressly excluded in the policy is covered.

Is it possible to take out boat insurance?

For insurance purposes, there is no difference between boat insurance and motorboat insurance.

Is it possible to bring the boat insurance receipt?

Although there is no such obligation, it is advisable to carry both the copy of the policy and the receipt on the boat. It may be required by the authority, or even need the policy number to request assistance from the company. 

How much does boat insurance cost more or less?

The price of boat insurance in the Canary Islands depends on the type of boat, its intended use, and the coverage you require. With our insurance brokerage in Tenerife and Las Palmas, you can calculate the price of your boat insurance in just a few minutes.