Third-Party Liability is an insurance policy purchased to pay the damages caused to another (3rd) party by the insured’s own fault. It is purchased by the insured (1st party) from an insurance company (2nd party) for protection against claims made by another party (3rd party).
Yes, according to the Spanish low, every boat must have a third-party liability Insurance.
Insurance excess is the amount which in case of any damge Rental Company must cover themselves. The amount of Excess is determined based on the value of the boat and likelyhood that particular damage(es) may occur during the rental period. Rental companies usually make Security Deposits to cover for part of or the whole amount of Insurance Excess in case of damage caused to the boat by renter.
Licence Free Boat is refered to as a boat which you can drive without the requirement to posess any kind of navigational (boat) licence. In Spain, this is limited by boat length (max. 5m) and engine power (max. 15hp). These requirements may differ in other countries.
Age limit in Spain to drive any kind of boat, with or without licence, is 18 years.
Bareboat means that you can NOT book a paid skipper on this particular boat. It is related to the type of registration of the boat and is regulated by Spanish Maritime Authority. The client him/herself or a member of his party is the appointed driver/skipper on such a boat.