Yacht-Pool sets an example: With new seals of approval, the insurance broker wants to provide guidance and contribute to loss prevention
It runs like a common thread through the history of the Yacht Pool, which Dr. Friedrich Schöchl founded more than 45 years ago as a “pool of policyholder interests” and still sees it as such today. Whether it was a matter of what he saw as unacceptable insurance conditions, gaps in charter insurance cover, “toxic” clauses in charter contracts or unsecured advance payments from charter customers to fleet operators, it always sparked a desire for change in him. Schöchl became one of the pioneers of all-risk cover in yacht hull insurance, inventing skipper liability insurance and subsequently six other charter insurance policies. He developed a “Charter Fair Contract”(www.charterfairtrag.de) in which the rights and obligations of both the charter company and the charterer are clearly and fairly regulated. For example, Yacht-Pool guaranteed the reimbursement of down payments in the event of the fleet operator’s insolvency or inability to pay with a “security certificate”.
Yacht-Pool awards seal of quality
Today, Yacht-Pool awards the “Checked & Trusted Financial Security System” quality seal to charter companies whose creditworthiness, business conduct and fleet condition have been rigorously checked beforehand. Like the “Fair Charter” logo (Terms & Conditions), this seal is awarded annually. But life on a boat is always bringing to light new deficits that call for compensation. Yacht-Pool is now launching two new quality seals. The first – “Checked & Trusted Skipper” – is based on complaints from charter companies about the “increasing lack of quality among charter skippers”, “with yachts becoming more and more expensive at the same time”. The consequences are increasing claims costs, which will also be reflected in higher insurance premiums in the long term. Yacht-Pool is therefore working on a virtual teaching program. It is designed to provide skippers who have already obtained a license with knowledge that is not covered by conventional training.
This “Post Graduate Skipper Program” can be completed from home. At the end there is also a virtual exam and, if successful, a certificate. Because experience has shown that some marinas leave a lot to be desired when it comes to the care of the boat entrusted to them, Yacht-Pool has developed a detailed quality code in cooperation with leading marinas, which also focuses on damage prevention, but also on the service that can legitimately be expected. Marinas that comply with it receive the “Checked & Trusted Secure Marina” certificate and boat owners moored in such marinas receive a bonus on their insurance.
CHARTER-FAIRTRAG
CHECKED & TRUSTED – FINANCIAL SECURITY SYSTEM
CHECKED & TRUSTED SECURE MARINA
CHECKED & TRUSTED SKIPPER
