The bareboat charter contract may appear to be a simple contractual relation: the owner gives to the charterer a vessel for the performance of a sea-going activity, and charterer pays hire to the owner. However, this contractual relation is very complex and the complexity of this contract can be seen in the complex system of legal relations of the parties that arises from the provision of vessel for use. Based on the complexities of mutual rights and obligations of the parties to a bareboat charter contract, an issue of insurance also arises in a very complex form. The hull and machinery insurance and liability insurance are intertwined and therefore there is a very real possibility that some interests might be missed and left uninsured. Therefore, it is necessary to establish with certainty who is obliged to take out hull and machinery and liability insurance and to establish all other aspects of insurance specific for this type of vessel employment. The aim of this paper is to ascertain the characteristics of bareboat charter contract insurance, especially hull and machinery and liability insurance, and, also, to analyse the manner in which the issue of bareboat charter contract insurance is standardized by the provisions of the BIMCO Standard Bareboat Charter, code name BARECON 2001. This standard contractual form is most often used in the practice of bareboat charter contracting and therefore it is deemed necessary to establish whether or not its provisions provide broad enough coverage of bareboat charter contract insurance. By analysing the insurance provisions of the standard contractual form BARECON 2001, the authors provide a conclusion as to whether or not the specified provisions meet the interests of the parties to a bareboat charter.