Insurance Special – Let’s get clear about the Italian model
Definition of the insured property, limits of use, geographical limits and much more: this is the essential information needed to navigate the world of Italian Insurance Cover
The Insurance Special by Liguria Nautica, with the help of our expert In Young Shing, is ready with a new chapter to help readers navigate the difficult world of insurance policies, with the hope of offering you a competent and simple guide. In this article we will analyse the peculiarity of the Italian model, seeing how nautical insurance works in our country.
The Italian model: nautical policy
Italian cover known as “nautical policy” is written with a specific reference to the internal market, the models of which are the two formularies of ANADI (acronym for “Accordo Navi da diporto – Agreement for Pleasure Boating”) from 1992 and the following edition from 1995, as well as the formulary, ANIA, 1997 edition (adopted following the dissolution of ANADI, which took place on 31 December 1996), which make up the base on which the creation of policies by each insurance company was modelled. The “ANADI policy” was studied and adopted by the Italian insurance market to make available to all companies (even those not specialized in maritime cover) a single tool that is easy to understand, that can be relied on for “sales” throughout the agency network.
What does insurance cover? What are the geographical limits and those tied to usage? Am I covered even when the boat is on land? The answers to all of these questions are in the ANIA formulary.
The insured property is a pleasure craft comprising of a hull, engine, electrical system, mast, standing and running rigging, standard sails, fixed furniture, standard supplies, safety equipment and other equipment and instruments for navigation as provided for by law and legal provisions. From the point of view of the limits of use for cover, it is explained that the vessel must be used solely for recreational navigation or that insurance covers only this use, and not any for profit.
Geographical limits of use
Regarding geographical limits, when the vessel is in the water, the nautical policy consents navigation in the waters of the Mediterranean Sea, as well as the internal waters of European Countries; when the vessel is on land, the cover is extended to countries bordering the waters listed above. The pleasure boat in storage, in addition, is considered to be covered according to different terms depending on whether or not there is a crew on board: in the first case it is always covered, regardless of whether the vessel is in storage on land or water.
When the vessel has no crew on board and is in storage on water, it will be covered only when the risk of navigation is attenuated, meaning when the vessel is in a port, in sheltered waters protected from wind and waves for at least three quadrants, and in internal waters. It is clear that when vessels are in these sheltered areas, the risk of accident is quite low.
However, operations of towage, launch, land transfer done in the correct manner, are still covered, as are towing in order to assist or rescue, as well as ordinary maintenance and repair of damages paid by the Company.
Who is In Young Shing? she has recently finished her I level Master in Maritime Insurance and Maritime and Ground Transport from the University of Genoa, and currently works in the marine insurance industry. Her thesis title was Hull and Machine Cover in Pleasure Boating. A Case Analysis. Supervisor Prof. Giorgia M. Boi from the faculty of Economy and Luigi Alzona yacht broker from Cambiaso Risso, and will be our source to explain everything you need to know on insuring your boat.
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