Yachts are vessels used for pleasure, cruising, or racing. A lucky few own a yacht, and many of us rent them during Hong Kong summers. They are a great way to get away from the city and relax.
Although owning a yacht come with risks and responsibility, each owner should recognise it. One of these risks is the chance of yacht accidents in Hong Kong. With surprising Hong Kong weather, these yacht accidents could occur anywhere on the sea.
Breaking down in the middle of nowhere can be one of the worst feelings of panic and hopelessness. Therefore, boat and yacht owners must purchase insurance. The following case study will explain how yacht insurance rescued a family from a yacht accident in Hong Kong.
Client background- Personal Yacht Owner
Our client is a yacht owner in Hong Kong who mainly uses his vessel with family and friends. He has owned his 15m yacht for five years and enjoys taking it out to host parties and family events during the summer.
Yacht owners must understand boating/yacht risks and keep their yachts maintained. There are several risks, including yacht accidents, third party accidents, breakdowns, getting lost, fires, and weather risks.
These risks can cost the owner a significant amount financially and are followed by stress. Yacht risks are owners’ worst nightmare, especially out in the ocean.
Client Problem- Yacht Accident in Hong Kong
The client faced his first yacht accident in Hong Kong due to a sudden storm. He and his family had taken the boat out in late July. Unfortunately, he forgot to check the weather conditions, as it looked sunny and clear. They had reached the ideal spot and spent around two hours until it began to rain.
Over time the rain got heavier, and the wind started to build up. The yacht owner decided to make his way back to the shore. Sadly, the storm kept getting worse and made the journey back much worse. The rough waves pushed the yacht onto some rocks on the way back.
The yacht did not start and wasn’t able to move. There was no other boats in sight, and the family were worried and started to stress. They did not know what to do and who to call for help.
How Yacht insurance was the Best Solution to the Yacht Accident?
These kinds of events can be scary and costly. Thankfully, the yacht owner had purchased yacht insurance beforehand. Having yacht insurance meant he could call the 24/7 customer service hotline, which assisted in solving the problem. The customer service informed the nearest cost guards (marine police patrol), who reached the yacht and rescued the family from the location of the yacht accident. They dropped the family to safety while a towboat moved the vessel to a typhoon shelter.
Yacht insurance is a policy that provides protection and services at any time for the vessel and the valuables associated with the yacht. The insurance will repair or replace your yacht and provide emergency services.
After the yacht was analysed, there was a large amount of damage to the body (hull) and the engine. However, the yacht insurance provided funds to repair the vessel so that it could be enjoyed again soon.
Hence, the yacht insurance reimbursed the following costs :
- Engine servicing: HKD 10,000
- Hull Repair: HKD 50,000
- Emergency Towing Service: HKD 2,000
Total costs: HKD 62,000
Yacht insurance will provide the owner with the best connections needed during a yacht accident in Hong Kong. A professional yacht insurance provider will solve the issue quickly and first make sure that you and the passengers are safe. The 24/7 service will inform the policyholder step by step what should be done to solve the problem and help until the case is solved.
The insurance does more than save costs; it’s about being safe on the sea and having expert advice instantly. Additionally, insurers can customise the insurance for any type of vessel and even for a company that rents yachts.
To Learn More about Yacht Insurance and get the best coverage for your yacht or boat, contact Red Asia Insurance.