. YACHT (PLEASURE CRAFT INSURANCE)   Of late, few Underwriters have come up with their own Insurance cover, however the most commonly accepted cover is as per Institute Yacht Clauses  Cl-328 dated  1/11/85 .   Subject matter of Insurance : The vessel (yacht/pleasure craft),  which means the hull, machinery, boat(s), gear and equipment, such as would  normally be sold with her if she changed hands.   Perils Covered:   -Perils of the seas rivers lakes and other navigable waters -Fire, explosion,  earthquake volcanic eruption or lightning -jettison, piracy, contact with dock or harbour equipment or installation, land conveyance, aircraft or similar objects or objects falling there from -Accidents in loading, discharging or moving stores, gear, equipment,   machinery or fuel - Malicious acts - Theft of entire vessel or her boat(s) - Los or damage to vessel caused by latent defects in hull or machinery, breakage   of shafts or bursting of boilers - Negligence of any person - Expense for sighting of the bottom after a stranding, even if no damage be found   Liabilities to third parties up to specified  limits.   Salvage charges incurred in preventing  a loss  due to  insured perils