Insurance Policy

This clause outlines the specific conditions and exclusions related to the security deposit associated with the use

of the vessel.

1. SCOPE OF DEPOSIT

The security deposit is intended to cover minor damages or losses that may occur during the normal use of the

vessel. However, the deposit explicitly excludes coverage for the following situations:

2. EXCLUSIONS

a. Theft or Loss

The deposit does not cover theft or loss of any equipment, fittings, or personal property belonging to or found on the

vessel.

b. Towing and Salvage

The deposit does not cover any costs related to towing, salvage, emergency assistance, or similar services.

c. Repairs Outside Home Port

The deposit does not cover labour or repair work carried out outside the home port marina located in Kalkara, Malta.

d. Damage Resulting from Gross Negligence

The deposit does not cover any damage caused by gross negligence. The following are considered, but not limited to,

acts of gross negligence:

– Grounding of the Vessel – Any grounding incident is deemed gross negligence, without exception.

– Operating in Hazardous Weather – Use or maneuvering of the vessel in wind conditions exceeding Force 6 on the

Beaufort scale is considered gross negligence, except where such conditions arose unexpectedly and without prior

warning from otherwise calm weather.

– Leaving Maltese Territorial Waters Without Notification – Exiting local Maltese waters without prior written or verbal

notification to the company.

– Engine Damage Due to Inexperience – Any damage to the engine or its components resulting from operation by

inexperienced or unqualified crew.

– Rig and Sail Damage Due to Inexperience – Damage to the vessel’s rigging, sails, or associated systems caused by

improper handling or lack of skill by the crew.