What are the security deposits?
Each yacht or vessel is comprehensively insured, including third Party cover, beyond a deductible “excess” figure. The Refundable Security Deposit is held against the yacht’s insurance excess and, if there is no damage or loss to the yacht or her equipment, this figure is returned to you. Exception: for any loss or damage caused by gross negligence or wanton or wilful misuse by the charterer or by any of his party, to a value in excess of the Security Deposit amount, the charterer will be held liable for the total amount of loss or damage. Normally, you will be refunded the Security Deposit immediately at the end of the charter. However, if any damage and/or loss is extensive, the deposit or appropriate proportion will be returned, if applicable, as soon as possible after full assessment of rectifying such damage or loss has been made. The Refundable Security Deposit covers: · Loss of or damage to the yacht or it’s tender or to third parties. · Loss of or damage to the equipment listed
