YACHT-POOL charter price insurance in case of insolvency of the charter company!
The bankruptcies of the world’s largest German online charter agency Zizoo and the English online agency Myrentboat have once again clearly demonstrated this. Here, too, many charterers have recently lost their charter payments because they were dazzled by cheap prices.
Both companies were rated very highly by TrustPilot – until things went wrong.
Zizoo has now been taken over by an English online agency with a lively past. Which now claims to be the world’s largest agency.
The Sweden Yachts Group with the brands Malö, Regina, CR and Sweden Yachts was still describing itself as “one of the world’s leading yacht builders” in mid-March, but by the end of March it was bankrupt. A number of buyers lost their deposits, allegedly ranging from €240,000 to €1,000,000 each
The scam is the same in the yacht building and charter business: old holes are plugged with fresh down payments. This does not always have to be intentional, sometimes it is just a lack of management. One thing is certain: you should not rely on appearances.
- Some decisions and changes cannot be foreseen by outsiders. For example, the sale of a company to an investor company while retaining the established agency name at the front. However, the contractual partner for the charterer is actually the investor company to which his charter payments flow. This is difficult or impossible for outsiders to recognise and they know nothing about the creditworthiness of the company.
- Great advertising and a great market presence, and even great services, say nothing about a company’s economic creditworthiness. This applies to every industry, including the charter industry.
Problem solution:
Alternative 1 – Charter Cancellation PLUS Insurance
Alternative 2 – CHARTER PRICE INSURANCE* Protection against insolvency of the charter agency and/or fleet operator
The advantages of charter price insurance at a glance
- Insovences are 30% higher this year than in the previous year, and the trend is rising.
- FTI, the 3rd largest tourism company in Germany, was insolvent in June 2024.
- Thomas Cook, the 2nd largest tourism company, went bankrupt in 2020.
- Zizoo, by its own admission the world's largest charter broker, insolvency 2023.
- Great star ratings -as in this example- are often more of a will-o'-the-wisp than a help.
- In practice, the economic situation of a company cannot be assessed from the outside.
- Charter payments can therefore become a blind flight.
- Not with Yacht-Pool charter price insurance / (alternative to the tried and tested insurance certificate).
- YACHT-POOL protects you from losing your charter payments.
Further insurances for charter skippers:
Skipper liability
The skipper is liable for damages that he has culpably caused to others with his present and future assets – without limitation – this is your risk! YACHT-POOL includes gross negligence and defense against unjustified third-party claims
Charter deposit insurance
Every experienced skipper knows how quickly the harmony of the crew is severely disrupted if damage is caused by him or a crew member and everyone is asked to pay. As united as the crew was before the start of the charter,
Skipper accident insurance
I have accident insurance” you might think. We have developed the special skipper accident insurance for the following reason: Various accident insurers exclude accidents from “risk-prone” sports (increasing trend)
Charter consequential loss insurance
There is a risk that you will cause damage to the charter vessel and therefore the vessel will no longer be operational in time for the subsequent charter and because you are legally or on the basis of the charter contract responsible for the damage.
