Yacht fire in Marina of Sanremo Italy

Evening,

Please pardon the ignorance...but what do you mean "self insured"? Does the owner walk into a State Farm/All State/Progressive, etc to insure his 80m yacht? Or the owner walks into one of the yacht insurance companies advertising in the yachting magazines for his boat??

Once again, I apologize as I am used to insuring my car, my residence, etc but not a $100mm yacht..

Cheers,

Hi,

I insure my vehicles and houses too.

The Owner I wrote about has the required insurance for pollution etc, the crew are full insured but he carries the hull risk himself.

So, if something major happens and the boat is lost he is seriously out of pocket

I worked for an owner that did that for everything. He owned his 3 big houses cash, the yacht cash, etc etc...... He had a blanket liability that covered all of his assets, but self insured for loss/fire/damage himself.......I guess he figured the insurance savings outweighed the risk.......

He wanted the smell of burning meat and got burning plastic instead.

As other members have stated that 'Insurance' is not mandatory in most places, but I think if you try to enter Monaco's ports IT IS required, along with a Pilot.
(I may be wrong, but this is what is was told when a friend to his yacht there).

Hi,

The yacht I referred to has been in Monaco this summer with no problems so i guess the arrgt works.