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- Do You Need Insurance to Charter a Yacht in Greece?
Do You Need Insurance to Charter a Yacht in Greece?
When you charter a yacht in Greece, the charter company's policy already insures the hull and carries the compulsory third-party liability. As the charterer, you are personally liable only up to the security deposit, usually €1,000 to €5,000. Charter deposit insurance, also called damage waiver, is an optional policy that refunds that deposit if the yacht is damaged. DigiCare arranges cover for owners and charterers across Greece, Cyprus and Malta.
Planning a charter or buying your own boat? Get a free yacht insurance quote and we will match the cover to your trip.
€1,000-5,000
Typical security deposit
Your personal liability as charterer
2-15%
Deposit insurance cost
As a share of the deposit, per charter
€200-500
Company waiver / week
In-house damage waiver, often pricier
300 GT
Greek liability threshold
Pleasure vessels under 300 GT, Law 4926/2022
Chartering a yacht in Greece works differently from buying travel insurance for a hotel holiday. The boat itself is already insured by the charter company, so you are not buying hull cover. What you are deciding is whether to protect the refundable security deposit you hand over at the base, and whether your travel policy covers sailing at all.
This page explains who insures what, what the security deposit really is, and the two ways to protect it. If you are weighing chartering against ownership, our guide to buying a boat in Cyprus covers the running costs and registration side of ownership.
Do You Need Your Own Insurance to Charter a Yacht in Greece?
The charter company's policy does two jobs. It insures the hull, rigging, engine and equipment against major loss, and it carries the third-party liability that Greek law requires for every vessel it sends out. That liability cover pays for injury or damage you cause to other people, boats or property while you sail.
What the company's policy does not do is protect you from the excess. If you run aground, drag anchor into another boat or lose the dinghy, the company keeps part or all of your deposit to cover the repair. A separate policy fixes that gap, and you can arrange yacht cover through our yacht insurance service for both charter trips and boats you own.
Charter Deposit Insurance vs the Charter Company's Damage Waiver
Deposit insurance, sometimes sold as damage waiver insurance, works like a refund. You still pay the deposit to the base, and if the company deducts money for damage, you claim it back from your insurer. It is bought before the trip and covers the whole charter for a fixed premium.
Two ways to protect the security deposit
| Feature | Standalone deposit insurance | Charter company damage waiver |
|---|---|---|
| Bought from | Specialist marine insurer | The charter company at the base |
| Typical cost | 2-15% of the deposit value | About €200-500 per week |
| How you pay damage | Pay deposit, then claim it back | Reduced or no deposit up front |
| Exclusions | Fewer, clearly listed in the policy | Often more, and vary by company |
Figures are typical market ranges for Greek and Mediterranean charters and vary by yacht size and season.
What Does Greece Legally Require to Charter a Yacht?
The insurance certificate, in Greek or English, must be kept on board and shown to the Port Authority if asked. The charter company provides this document with the boat's papers, so check it is in the ship's folder before you leave the dock.
- A valid sailing licence. The skipper must hold a recognised certificate. Greek harbourmasters accept the ICC, RYA Day Skipper and most national licences.
- A second competent crew member. For bareboat charters Greek rules generally require a co-skipper to be named on the crew list.
- Third-party liability certificate on board. The charter company's insurance document, in Greek or English, must be available for the Port Authority.
- A signed crew list. Filed with the port before departure, listing everyone aboard for the voyage.
Bottom Line
You do not need to insure the yacht itself when you charter in Greece, because the charter company already does. What you can protect is the security deposit, either with standalone deposit insurance from a specialist marine insurer or the company's own damage waiver at the base.
Compare the cost and, more importantly, the exclusions of each. If you also own a boat or plan to buy one, talk to us about a policy that covers both your own vessel and the deposits on any yachts you charter.
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Get a Free QuoteMore Yacht Insurance FAQ
Is boat insurance mandatory in Cyprus, Greece and Malta?
It varies. Cyprus has no national law, but marinas require third-party cover to berth. Greece makes it compulsory for all boats under 300 GT, and Malta for engines over 9.9 HP.
Read the full answerHow much does yacht insurance cost in Cyprus, Greece and Malta?
From about €25 a year for third-party cover on a small motorboat to 1-3% of hull value for full cover. A €100,000 yacht typically costs €1,000 to €3,000 a year.
Read the full answer