ABSTRACT
This chapter looks at the application of the general principles of insurance law to yachts, and looks at the provisions which are typically put in place to provide insurance cover for the yacht and its equipment. An important distinction for the purposes of deciding which legislative provisions govern any contract of yacht insurance is the distinction between consumer insurance contracts and non-consumer insurance contracts. As with many other forms of marine insurance, the market has developed standard terms, which can be used for policies of marine insurance, the Institute Yacht Clauses (IYC). The IYC clauses contain no specific provision providing for marina benefits but some insurers do encourage the insured to keep the yacht in a marina by offering benefits in respect of claims made for loss or damage done while the yacht is in a marina. The yacht will also be covered while laid up or out of commission as stated in the schedule to the policy.
