When you buy a used boat, don’t forget to buy insurance too!
Surprisingly, there is no compulsory insurance for sailing or motor yachts in Germany or in many other European countries. Nevertheless, there is more than one good reason to protect yourself against liability risks and the loss of your investment. However, what is there to consider when an insured boat is sold and changes hands? Does cover for the vessel continue in the event of a sale? Does the existing policy have to be cancelled and if so, by whom? Gunnar Brock, legal advisor and authorised signatory at Pantaenius, clarifies the most important questions.