Tourist boats obliged to take out an insurance policy

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ISTANBUL

Sightseeing boats and other tourist sea craft have the right to be insured against accidental damage since May 1, according to an industry professional.

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The Private Insurance and Pensions Regulatory and Supervisory Agency (SEDDK) issued a notification in March to require owners of boats, yachts and other seagoing vessels for tourist and commercial use capable of carrying at least 12 passengers to subscribe a liability insurance policy, Türk P&I said CEO Ufuk Teker.

“Now port authorities have started preventing seagoing vessels without necessary cover from setting sail,” he said.

Compulsory liability insurance policies will be prepared against bodily injury, accidental damage to third parties and environmental damage caused by the vessel, according to Teker’s remarks.

The new settlement will encompass around 3,000 boats and yachts popular in resorts in Turkey’s Aegean and Mediterranean regions, such as Bodrum, Marmaris, Fethiye, Kaş, Kemer, Demre, Side and Alanya.

“There are also schooners [schooners] which leave weekly for other ports and the Greek islands. And there are larger yachts. They were all covered by compulsory liability insurance,” Teker said.

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“Some of these ships have very low insurance coverage limits and some of them are uninsured. Now they all have to insure themselves and increase their coverage limits by May 1. That way , tourists will enjoy their vacation with insurance guarantee,” he added.

The coverage limits of marine vessel insurance policies are generally high compared to other types of insurance. Insurance coverage for a seagoing vessel is approximately $400,000 per passenger.

Annual premiums for marine vessel insurance policies range from $1,000 to $1,500.

The ticket price for a daily sightseeing tour in the Aegean resort of Fethiye is around 300 Turkish liras ($20), but the price could increase with additional services, such as meals, drinks and music live.

The demand for Aegean and Mediterranean yacht tours, known as Blue Cruise, has increased significantly during the COVID-19 pandemic period.

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