Charter Deposit Insurance

When you pick up a charter yacht, the base holds a security deposit against loss or damage — often several thousand euros, and more on a catamaran. A bent stanchion, a fouled propeller or a lost dinghy can all come out of it. Deposit insurance means that if the base keeps some or all of it, you can claim it back. Vela clients now get 10% off this cover from Topsail Insurance.

Vela client discount: when you book your charter with us, we'll send you a code for 10% off your Topsail quote. Get a Topsail quote →

How the security deposit works

Almost every charter comes with a refundable security deposit, paid at the base at check-in — usually by credit card. Its size depends on the boat and the charter company: lower on a smaller monohull, higher on a large yacht or catamaran. We'll tell you the exact figure for your boat before you book.

At check-out the base inspects the boat. If everything's in order, the deposit is released. If something has been damaged or lost, the cost of putting it right is deducted — up to the full deposit. In effect, the deposit is the excess on the yacht's own hull insurance, which is why a small mishap can cost more than you'd expect.

What deposit insurance does

Charter deposit insurance reimburses the deposit (or excess) you lose following loss, theft or damage to the yacht during your charter. You buy it before you travel, and if the base makes a deduction you claim it back from the insurer with the paperwork from the base.

Deposit insurance or a base damage waiver?

Some charter companies offer their own damage waiver — a non-refundable fee that reduces or removes the deposit. It's convenient, but terms vary a lot from base to base, and the fee is spent whether or not anything happens. Deposit insurance is bought separately and, with Topsail, comes as part of a wider sailing travel policy. If your base offers a waiver, we'll tell you what it costs so you can compare.

	Base damage waiver	Deposit insurance
Provided by	The charter company	An independent insurer
When you buy it	At booking or check-in	Before you travel
Deposit at the base	Reduced or waived	Paid as normal — you claim back any deduction
What's covered	Set by the base's terms	Set by the policy wording, up to the cover limit

Why we point clients to Topsail

Topsail Marine & Leisure Insurance is a UK specialist in sailing and boat insurance. Their Yachtsman's Travel Insurance is a travel policy written for people who sail — covering cancellation, emergency medical and repatriation, baggage and sailing activities — and charter deposit cover can be added to any of their Yachtsman's policies.

Topsail have set up a 10% discount for Vela clients.

How to get 10% off

Book your charter with Vela

We'll send your discount code with your booking confirmation, along with your dates, your boat and the size of its security deposit — everything you need for the quote.

Go to Topsail's Yachtsman's Travel Insurance page

topsailinsurance.com/travel-insurance/yachtsmans-travel-insurance — then click Get a quote.

Enter your Vela discount code

There's a field for discount codes on the first page of the application. Enter the code from your booking confirmation and 10% is taken off your quote.

Add charter deposit cover

Select the optional charter deposit cover and check the limit is at least the size of your boat's deposit. Make sure it appears on your certificate schedule — that's what confirms you're covered.

Before you buy: worth checking

Buy it early. Taking out the policy as soon as your charter is confirmed means the cancellation cover is in place too, not just the deposit cover.
Match the limit to your deposit. We'll tell you the exact deposit for your boat. If it's larger than the cover limit, the difference isn't insured.
Check who's named. The person whose card pays the deposit at the base should be the person insured for it. If you're unsure, ask Topsail before you buy.
Read the exclusions. Like most deposit policies, it won't pay out for things such as deliberate damage, wear and tear, damage that was there before your charter, or losses from breaking the charter agreement. The policy wording has the full list.
Check your residency. Eligibility depends on your country of residence, which you'll confirm in the application. Topsail's policies don't cover US residents — if you're sailing with us from the US, you'll need a policy from a US provider.

Protecting your deposit at the base

Insurance is the backstop. These habits mean you'll rarely need it — and make a claim straightforward if you do.

Check in thoroughly. Walk round the boat with the base staff and make sure existing scratches, dents and missing kit are written on the check-in sheet. Take photos and video of the hull, topsides, sails, dinghy and outboard.
Check the inventory. Go through the equipment list properly. It's much easier to point out a missing item on day one than to argue about it on day seven.
Report problems straight away. If something breaks or you touch bottom, call the base when it happens and photograph the damage.
Get deductions in writing. If anything is kept from your deposit, ask for an itemised statement at check-out. You'll need it, along with your charter agreement and payment receipt, to make a claim.

Please note: Vela Yachts is not an insurer or insurance broker and doesn't give insurance advice. Cover, limits, prices and eligibility are set by Topsail and its insurers and may change — always read the policy wording and product information document before you buy. You're free to insure your deposit with any provider, or not at all.

Frequently asked questions

Yes. It's held by the base during your charter and released at check-out if the boat comes back without loss or damage. If something needs repairing or replacing, the cost is deducted, up to the full deposit.

It depends on the boat and the charter company — larger yachts and catamarans carry bigger deposits. We'll give you the exact figure for your boat before you book.

No, it's optional. Some sailors prefer a base damage waiver where one is offered, and some choose to carry the risk themselves. We'll give you the facts for your boat so you can decide.

Once your charter is booked, we'll send you your discount code with your booking confirmation. Enter it in the discount code field on the first page of Topsail's application to get 10% off.

Everyone aboard should have travel insurance that covers sailing. With Topsail, deposit cover is an add-on to their Yachtsman's Travel Insurance, so one policy covers both for the person insured.