Unfortunately, if you are not paid in full by your due date, you can be in breach of contract if you did not purchase insurance.

I knew it was very unlikely our May 24 charter was going to happen back on April 10 when our final payment was due but we went ahead and paid in full. I waited until BVI Yacht Charters contacted us to cancel and they happily rescheduled us for November at no change fee. I am fairly certain if we had not been paid in full, that would not have happened.

These are indeed frustrating times but it is definitely a risk we take when booking without insurance - I did not have it either - I rarely buy it as there are so many exceptions to what it actually WILL cover and typically when I book a charter, there is very little chance we will have to cancel. This is the first time in 15 years.