Yacht Insurance in Mallorca
Marine insurance in Mallorca for motorboats, catamarans, sailboats, jet skis and more. As an English insurance agent with over 30 years of local experience, I find the best policies for expats, foreigners, and charter businesses in Mallorca.
Years of finding the best boat insurance in Mallorca for many boat owners and expats alike
Satisfied international clients & boat owners with my close, friendly, and exclusive service
Bilingual insurance agent providing services in both Spanish & English fluently.
English Marine Insurance in Mallorca
Marine insurance in Mallorca is not standardised, your policy must align with vessel type, navigation limits, mooring conditions, and usage to remain valid. Third-party liability is the minimum coverage required by law for all motorised vessels and sailboat over 6 meters in length in Spain.
Coverage Options for Boat Insurance in Mallorca
Boat insurance in Mallorca can be separated in Third-Party Liability (Basic) for legal compliance, and Fully Comprehensive (All-risk) for total protection and access to optional add-ons.
Coverage | Mandatory third-party Liability (basic) | Comprehensive Coverage (All-Risk) |
|---|---|---|
Mandatory Third-Party Liability (Royal Decree 607/1999) | ||
Voluntary Liability Extension | ||
Defined Navigation Limits (200 nautical miles from the Balearics) | ||
Agreed Fixed Value (In a total loss, the full sum initially agreed upon is payed) | ||
Collision, Fire & Sinking (Damage to the hull and machinery) | ||
Theft & Vandalism | ||
Wreck Removal & Salvage (May cover up to €50,000 in boat extraction costs) | ||
Dry-Dock & Transit Coverage (Shore-Side Protection) | ||
Flexible Excess (Zero-excess options minimise out-of-pocket costs) | ||
English Institute Yacht Clauses (IYC) |
Extra Coverage | Optional Add-Ons |
|---|---|
24/7 Sea Rescue & Assistance | |
Passenger Accident & Private Medical Cover | |
Toys & Watersports |
Mandatory Third-Party Liability (Basic)
Mandatory for yachts to secure a berth in Mallorca and covers minimum third-party liability.
Fully Comprehensive Coverage (All-Risk)
Covers everything in the basic package and is the premium choice for yacht owners who need expanded coverage.
Optional Add-Ons
Enhance your policy with these specific Marine Insurance extensions.
Secure the Best English Yacht insurance in Mallorca today
Whether you’re looking for yacht, sailboat, motorboat, jet ski, or catamaran insurance in Mallorca, the process can be long and complex, especially for foreign yacht owners and expatriates in Spain. Fill out the form and I will review your vessels profile carefully, typically responding within two working days, with expert guidance to ensure the protection of your boat against unforeseen circumstances.
Boat Insurance Costs & The 1% Rule of Thumb
The cost of boat insurance in Mallorca typically follows a standard benchmark of approximately 1% of the vessel’s total value (1% Rule of Thumb) as an annual premium. This baseline can based on the vessel’s physical profile, including its hull material, engine horsepower (HP), and propulsion type (Inboard vs. Outboard).
Agreed Fixed Value is the set fixed payout amount agreed upon when starting the policy. This ensures that in the event of total loss, the fixed sum is payed, not a depreciated market value one. You can increase your Voluntary Excess (Deductible) for lower out-of-pocket rates while maintaining total loss protection. Having a no claims history may allow a No-Claims Discount (NCD), and Security & Safety Upgrades like GPS tracking or fire suppression systems can trigger significant premium reductions and safety discounts on your policy.
Yacht Registration & Matriculation Tax
Marine insurance in Mallorca requires you to register the use of your vessel. Yachts used for private leisure must be insured under the 7th List (Lista 7ª), on the other hand, vessels used for commercial purposes, such as racing or charter, must be registered under the 6th List (Lista 6ª).
Furthermore, boats over 8 meters in length may be subject to Spanish Matriculation Tax (Impuesto Especial sobre Determinados Medios de Transporte). This is a 12% tax based on the market value of the vessel that applies to Spanish residents or foreigners established in Mallorca.
Charter Insurance in Mallorca
Vessels used for commercial activity in Mallorca such as charter, racing, regatta or rentals must be declared under the 6th List (Lista 6ª). I provide high-limit coverage for charter businesses in Club de Mar, Puerto Portals, and Port d’Andratx, ensuring compliance with Spanish maritime inspections.
Under this registration, yachts used for lucrative purposes in Mallorca require SOV (Seguro Obligatorio de Viajeros), which enhances passenger liability and is legally required under Royal Decree 1575/1989. This mandatory passenger protection operates independently of third-party liability, providing immediate medical indemnity for every guest on board.
P&I (Protection & Indemnity)
For professional charter yachts and high-value yachts in Mallorca, P&I (Protection & Indemnity) offers essential security for professional crew members and guests.
Policies include coverage for environmental liability and wreck removal, protecting against heavy fines for fuel spills or anchoring on protected Posidonia seagrass in natural zones like Cabrera and Es Trenc. Moreover, it covers costs related to crew and guests, whether its legal defense, skipper and crew liability, injury, repatriation, private medical attention, and even death of crew members and guests.
Spanish VS English Clauses in Mallorca for Marine Insurance
Marine Insurance in Mallorca allows you to pick between standard Spanish Clauses or the British Clauses (Institute Yacht Clauses), which offer broader coverage with All-risk options.
Feature | Spanish Clauses | English Clauses (Institute Yacht Clauses) |
|---|---|---|
Basis of Value | Market Value: Pays the value of the boat at the time of the loss. | Agreed Value: Pays a fixed amount agreed upon when the policy started. |
Coverage Style | Inclusion-based: Only covers risks specifically listed in the policy. | Exclusion-based: Covers “All Risks” unless specifically excluded. |
Update Frequency | More modern as it updated recently to reflect current safety tech. | Traditional framework, and hasn’t had many major revisions for around 40 years. |
Target Vessel | Best for smaller pleasure craft and standard motorboats. | Generally preferred for high-value yachts (over €20,000) and superyachts. |
English Clauses (Institute Yacht Clauses)
Work by exclusion, covering unlisted risks, typically for larger or more expensive vessels.
Spanish Clauses
Work by inclusion, covering specifically listed risks, typically for smaller vessels.
Best Marine Insurance in Mallorca
Coverage for yachts, catamarans, jet skis, and sailboats in Mallorca, including Puerto Portals, Port d’Andratx, and Club de Mar.
Calvià & South
Palma & Other
Interested in Marine Insurance?
Find the right policy for you, whether you need super yacht, catamaran, jet ski, or sailboat insurance in Mallorca
FAQ About Boat Insurance in Mallorca
The Marine Insurance system in Spain can be complex, especially for foreigners and expats. With expert help, securing expert Marine Insurance in Mallorca and understanding the specific maritime regulations becomes easy, as I provide the clear guidance you need to insure your boat in Spain. Explore other insurance services in Mallorca.