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    Yacht Insurance 101 - part 3

    Damage

    It was mentioned earlier that yacht insurance covers the damage or loss and not the defect itself. So what is damage? Again, here is another broad term that we have to grapple with.

    To eliminate useless dialectics about what damage constitutes, let us just focus on damage as contemplated in a latent defect clause of your yacht insurance. Most policies would include the following lines, which covers latent defects:

    “…excluding the cost of repairing or replacing the defective part.”

    If that is the case, then does this mean that if the part is damaged by the defect, it is not covered by insurance? So what then is the purpose of having a latent defect clause? One might ask.

    However, the former statement is erroneous. As you supposed, if the clause is taken in that context, it would render the same practically useless because there would be nothing to cover when the clause itself excludes that which should have been covered.

    Instead, let’s approach this from a different angle. Taking the above example of a swamped vessel with a balsa core bottom, the defect causes the plies to separate, which leaves the hull vulnerable to the damage caused by hydraulic erosion, thus damaging the bottom.

    To constitute a latent defect, the part itself must not be defective and the material itself must not be defective. Rather, the defect must be due to other circumstances, such as an error in design because of faulty choice of material, where the material is defective because of an error that occurred during its processing.

    In other words, this latent defect is the primary reason why the water got into the core in the first place and got the hull damaged. The means by which the water leaked into the core is the defect.

    To put it in yet a different context, the defect is not the use of a specific material for a particular part of the vessel. Rather, it is how this material was used, which constitutes the defect. In such a case, the damage that results from that defect is covered by a latent defect clause.



    Now, remember that normal wear and tear can never give rise to a latent defect. The term is wholly confined to any manufacturing errors in the materials, design and workmanship.

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