When you pick up the yacht, the charter company places a hold on your credit card for a security deposit, typically €1,500 to €3,500 depending on the size and value of the boat. You cannot leave the base until this has been paid or authorised.

If you return the yacht without damage, the full amount is released, usually within a few days. If damage occurs, the operator deducts the cost of repairs before refunding the remainder. If the damage exceeds your deposit, the yacht's own insurance policy covers the rest, you will not be asked to pay beyond your deposit amount.

Best for: experienced sailors, calm-weather routes and Ionian Sea charters where the risk of accidental damage is lower.

A damage waiver is a non-refundable fee paid upfront, typically €200 to €400, that replaces or significantly reduces the refundable deposit. In return, the charter company limits your financial liability for accidental damage. If something goes wrong, the waiver covers the cost instead of your deposit being held or deducted.

Note that damage waivers are offered directly by the charter operator and terms vary widely between companies. Always check exactly what is and is not covered before signing.

Best for: first-time sailors, windy Cyclades routes and anyone who prefers not to have a large sum blocked on their credit card for the week.

Deposit insurance is a third option, taken out with a specialist insurance company (such as Yacht-Pool or Topsail) rather than the charter operator. You still pay the full refundable deposit at the base, but if the operator withholds any of it due to damage, the insurance company reimburses you directly.

The premium is typically around 10% of the deposit value, so on a €2,500 deposit, you would pay approximately €250 for the policy.

The key difference from a damage waiver is who pays: with a waiver, the operator absorbs the cost. With deposit insurance, the insurer reimburses you after the fact. Both achieve a similar result but the process is different.

Best for: charterers who want independent protection not tied to the operator's own terms.

• Usually covered: minor accidental damage such as scratches, broken fittings, lost fenders and basic equipment.
• Usually not covered: negligence, sailing outside the permitted cruising zone, damage caused under the influence of alcohol, lost or damaged tender or dinghy, torn sails from misuse and damage caused by not following weather warnings.
• Important: terms vary significantly between operators and policies. Always read the exclusions carefully before departure.

All reputable charter companies in Greece include third-party liability insurance in the base charter price. This covers damage caused to other boats, people or property while you are sailing.

If you are involved in any incident with another vessel, make sure to note the other boat's name, registration number, flag and charter company details immediately and report the incident to your operator the same day, even if the damage appears minor.

Choose a refundable deposit if you are an experienced sailor, sailing in calm conditions and comfortable having a sum temporarily blocked on your card.

Choose a damage waiver if you prefer to pay a small fee upfront and avoid any financial risk during the charter, especially in windier regions like the Cyclades or if it is your first time.

Choose deposit insurance if you want independent third-party protection and prefer not to rely solely on the operator's own waiver terms.

Pro tip: Whichever option you choose, always do a thorough check-in inspection when you collect the yacht. Walk the deck, check the sails, dinghy, outboard and all equipment, and make sure every existing scratch or fault is documented in writing and signed by the base manager before you depart. This is your most important protection regardless of which insurance option you select.