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 local experience in Mallorca
International flagged boat coverage (BVI, UK…)
Satisfied boat owners, expats & international clients
English & Spanish insurance services
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 in Spain. Coverage for yachts can be separated in Third-Party Liability for legal compliance, and Fully Comprehensive (All-risk) for total protection.
Coverage Options for Boat Insurance in Mallorca
Coverage for yachts 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 agreed upon is payed) | ||
|
Collision, Fire & Sinking (Damage to the hull and machinery) | ||
|
Theft & Vandalism | ||
|
Wreck Removal & Salvage (Covers costs up to €50,000 for extraction) | ||
|
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, catamaran, jet ski, or motorboat 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 is determined by the vessel’s physical profile, including its hull material, engine horsepower (HP), and propulsion type (Inboard vs. Outboard).
I prioritise Agreed Fixed Value over depreciated market value to ensure your investment remains protected from day one. You can increase your Voluntary Excess (Deductible) for lower out-of-pocket rates without losing total loss protection, and 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 and leisure must be insured under the 7th List (Lista 7ª), on the other hand, vessels used for commercial purposes such as fishing, racing and charter, must be issued 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), a 12% tax based on market value that applies to residents and private, non-commercial vessels.
Charter Insurance in Mallorca
Vessels used for commercial activity in Mallorca such as charter, fishing, racing and regatta must be declared under the 6th List (Lista 6ª). I provide high-limit coverage for charter businesses in Palma, Puerto Portals, and Port d’Andratx, ensuring compliance with Spanish maritime inspections.
A critical component for charter yachts is the SOVI (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 from the moment they step onto the gangway.
P&I (Protection & Indemnity)
For professional charter activity and high-value yachts, P&I (Protection & Indemnity) provides a comprehensive layer of security. This covers legal liabilities toward skippers and crew, including medical expenses, disability, and repatriation.
Furthermore, environmental protection is strictly enforced. Policies include coverage for Environmental Liability, protecting against heavy fines for fuel spills or anchoring on protected Posidonia seagrass in natural zones like Cabrera and Es Trenc.
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. |
Spanish VS English Clauses in Mallorca for Marine Insurance
Choosing the right marine insurance policy in Mallorca depends on whether you prefer the standard Spanish Clauses or the British Clauses (Institute Yacht Clauses). While both satisfy legal requirements, they differ in how they calculate value and handle risk
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.
Where Services Extend to in Mallorca
Coverage for yachts, catamarans, sailboats and jet skis in Mallorca, including Puerto Portals, Port d’Andratx, and Club de Mar.
Andratx & Calvià
Palma & Other
Learn more about Yacht Insurance in Spain.
Interested in Marine Insurance?
Find the right policy for you, whether you need marine insurance for your super yacht, catamaran, sailboat, or jet ski 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 your Marine Insurance policy in Mallorca and understanding the specific maritime regulations becomes easy, as I provide the clear guidance you need to insure your boat in Mallorca.