I am posting this response from John under my account as he is having difficulties logging into the CYOA Account.
Hello Everyone,
CYOA’s fleet insurance policy has a 2% deductible for hull loss. We currently offer vessels with deductibles that range from $4,110 to $22,000. Additionally our deductible on tender and outboard loss is 100%.
In January 2016 CYOA changed the pricing of our deductible buy down program, known by us as DRA (Deductible Reduction Agreement) to more accurately reflect the risk we take on each client’s behalf for a given vessel. The nightly fees range from $50 to $100 with a maximum risk on hull loss that varies by boat from $2,000 to $6,000.
As others have written, charterers are responsible, for “uninsured amounts” and deductibles are considered “uninsured amounts”. Most clients appreciate the protection this affords them in the event of a grounding or collision.
It is a profit center and it allows smaller companies like CYOA, without the financial wherewithal of publicly traded companies, to both attract owners with expensive new yachts and allows us to offer million dollar yachts for charter with risks that are affordable for the client. And, contrary to what has been written by others, it is shared regularly with boat owners by way of paying for client caused damage without asking the boat owner to do so. Our boat owners, without whom we would have no business, are happy with this arrangement.
For questions about the DRA fee for a specific boat please contact our reservation office.
John Jacob
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