ESTABLISHING THE VALUE INSURED

IF THE VESSEL IS NEW:
Value as new: the insured or declared value is the purchase value as new.

IF THE VESSEL IS USED OR SECOND HAND:
Real value: the insured value to be declared is the price which would be paid on the second hand market for the vessel in its current state of use and wear and tear. Current market value.

Brokmar offers its clients the possibility to set the insured amount at an agreed value, thus allowing the client to know how much they will receive for their boat in the event of its Total Loss.

Under IYC Terms and Conditions
DAMAGE APPRAISAL

IF THE VESSEL IS NEW:
In the event of a Total Loss: the Insured Value.
In the event of Partial Damages: compensation shall always be paid for the replacement value. Meaning, following the approval of the expert technician, the total amount of all invoices corresponding to the repair of the damages incurred (including hoisting, beaching and launching), discounting any excess foreseen in the contract.

IF THE VESSEL IS NEW:
In the event of Total Loss: the Insured Value.
In the event of Partial Damages: compensation shall always be paid for the replacement value. Meaning, following the approval of the expert technician, the total amount of all invoices corresponding to the repair of the damages incurred (including hoisting, beaching and launching), discounting any excess foreseen in the contract

This is calculated when the cost of the repairs to the damages incurred by the vessel exceeds the Amount Insured.

All other damages incurred by the vessel, in other words, any lesser amount.

Any person holding the relevant qualification to captain the vessel concerned.

Under Standard terms and condition, without prior declaration, navigation is covered within EU internal waters, Mediterranean Sea and outside of this, up to 200 miles from the Spanish or Portuguese coast. It also covers crossings between the Iberian Peninsula and the Canary Islands.
This territorial area is automatically covered by the policy, provided that the following two requirements are fulfilled at the time of the accident:

• Zone 1………………………………………………………without limit
  Zone 2…………………………………………………………..60 miles
  Zone 3…………………………………………………………..25 miles
  Zone 4…………………………………………………………..12 miles
  Zone 5…………………………………………………………….5 miles
  Zone 6…………………………………………………………….2 miles
  Zone 7………………………………………protected coastal waters
  *Among the crew there must be a holder of a Qualification allowing him to navigate within this distance from the coast

• Yacht Captain ……………………………………………………No limit
  Yacht Master …………………….……………………………..60 miles
  Recreational boat master……..……………………………12 miles
  Basic sailing master…………………………………………….4 miles
  Certificate of Ability……………….……………………………4 miles

According to the Royal Decree 607/1999 of 16 April, which passes the Regulation on compulsory Civil Liability insurance for recreational and sporting vessels:

All floating objects whose purpose is recreational or sports navigation which is motor propelled or those without a motor but greater than 6 meters in length must take out an insurance policy.

The indemnity limits required of this Civil Liability cover are:
Personal damages 240,404.86 € (limit per victim 120,202.42 €)
Material damages 96,161.94 €

In preparation for an inspection by the authorities the boat owner should always carry on board:

RECEIPT FOR THE CIVIL LIABILITY INSURANCE: An original or bank copy corresponding to the latest annual payment. If this is not available on board, a period of 5 working days will be granted within which to justify its validity, and in the event of the policy having recently expired, and for whatever reason, the owner does not have the receipt, presentation of the receipt for the installment payment for the expired period or previous year is sufficient.

NAVIGATION PERMISSION: This is the document giving a vessel permission to navigate in waters under Spanish flag registration.

NAVIGATION LICENCE OR INSPECTION CERTIFICATE (“ROL"): Required if the vessel has tonnage measurement over 20 gross register tonnage. It should also be acccompanied by its registration documentation.

CERTIFICATE OF SEAWORTHINESS: The document certifying that the vessel is in a seaworthy condition and that the safety and lifesaving equipment on board is suitable for its purpose. The vessel must undergo periodic inspections, established as follows:
Vessels whose length does not exceed 6m, for non-commercial use: Exempt from periodic inspections
Vessels whose length is greater than 6m but not exceeding 15m, for non-commercial use: Dry dock inspection every 5 years.