Common use of Damage and Loss Clause in Contracts

Damage and Loss. The Owner will keep the Yacht fully insured under a standard marine yacht policy with a deductible of $5000. The Charterer agrees to be financially responsible for the cost of any damage to the Yacht, the Dinghy and motor (if included), and all associated equipment, up to the security deposit amount listed above by providing a credit card. The credit card will be placed on hold for this amount, and the hold will be removed after the Yacht is returned provided there is no damage or loss. We offer a damage deposit buy-down option (damage waiver) for $35/day which reduces your liability from $5000 to $2500. If you choose a Captain from our pre-approved list, you will not be liable for any damage caused by the captain. If any damage or loss occurs, you are responsible for contacting the Owner immediately and providing a detailed report of the incident in writing (including other parties/vessels involved, witnesses, description of damage, etc.) and a police report if requested by the Owner.