Insurance of vessels

Compulsory insurance covers the damage that third party owners charge. Since there is an increasing number of vessels on our coast, there are already opportunities to get to the incident, and therefore the vessel's inspections are also enhanced. All this is done with the aim that if the incident comes, the consequences are as little as possible.

Obligatory insurance (necessary document to obtain vignette in Montenegro) covers only the non-pecuniary damage suffered by the injured person due to death, bodily injury or health damage. In the event of damage caused by an uninsured vessel, payment of compensation to an injured person is initially made from the Guarantee Fund, after which the entire amount of damage with the related costs is claimed by the person responsible for causing an accident in a regular or judicial proceeding. 

Law in Montenegro provides that policies cover liability for damages to third parties up to a limit of 50000€ for motor boats, up to 200000€ for speed boats and scooters, up to 800000€ for yachts, while the limit for ships is from 100000€ to 500000€ in respect of their size.

Australia is the first country in the world to have made a smartphone application to compare the benefits offered by their insurance company in securing. Through this application, you participate in a humanitarian campaign, as with each policy purchased through this application, you donate $5 Australian to help sailors with special needs. In order to protect you from the pecuniary damage that may arise on your vessel or third party, you need to have Full (Casco) Insurance.

We do not have such applications in our country, but there are team people in Yacht Agent Montenegro, who will answer all your questions about boat insurance and allow you to insure your vessel in the way it suits you best.