Yacht Insurance Benefits
We have teamed up with insurance broker who is a specialist in providing fully comprehensive, competitive cover for a wide range of recreational craft whether powered by motor or sail. In this capacity they act as ‘Pure Brokers’ bringing you a range of options that cover a wide selection of underwriters each mastering their own specialisation at very competitive pricing. You do not have to spend hours surfing the internet to arrive at the best most competitive options. We do this for you at no additional cost.
A Marine Insurance policy from our Insurance broker offers you:
- Bespoke third party liability
- Optional worldwide territorial limits
- All risk options
- P & I cover worldwide
- Crew cover and travel insurance
- Racing cover
- Transit cover available
- Including auxiliary vessels/tenders
- Cover for water skiing and towing of recreational toys.
- Excess free options
- Loyalty and no claims bonus discounts
- Covering most international flags
Summary of covers available:
- Insurance based on the “agreed value”.
- Vessel includes sails, machinery, gear, equipment, including its boat(s)/tender, lifejackets, fixed and handheld navigational aids, furniture and fittings.
- Cover includes: Physical loss of vessel, or damage caused by accident, theft, negligence, malicious acts of third parties, freezing, rodents.
- Physical loss of trailer or damage caused by theft, fire, explosion, lightning, earthquake, collision or accident whilst in use.
Third Party Cover
- Legal liability to another person arising out of your interest in, or use of, the Vessel.
Personal Accident Cover
- This will cover you for bodily injuries caused by an accident on board the Vessel including emergency medical expenses.
- Alternative accommodation expenses following loss or damage to the Vessel.
Optional Cover Available
- Extended cruising range
- High speed (in excess of 17 knots)
- Transit risks
- Personal effects
- Rig exclusion
- Machinery damage
- Marina benefits
- Protected no claims bonus
- Club racing
Yacht Insurance FAQ’s
What should I concern myself with when I am choosing the right marine policy for my boat?
There are a series of factors which are important in determining the best choice of policy. It is key first and foremost to look at companies that have good security and are established in the market. Following this one must verify that they have a ‘dedicated’ Marine underwriting speciality with a ‘dedicated’ Marine Claims department. The other factors are determined by the type of boat one has, its navigational requirements and its use.
There are companies that specialise more in sailing yachts, others in racing, some in high tech. vessels, some in circumnavigation and a select few in the larger super yachts. Whilst price is important for most people one must be wary of very cheap options. Our broker deals with insurers with an excellent claims service. Generally speaking sail and motor vessels up to say £80,000 in value have a wide selection of quality insurers.
What does boat insurance cover and exclude?
We cover the following risks:
• Theft/Attempted theft
• Contact with third party objects
• Your negligence
The following are excluded:
• Wear, tear, depreciation or gradual deterioration
• Gradual breakdown
• Corrosion or electrolysis
• Deliberate acts of negligence or recklessness under the influence of alcohol or drugs
Do I need qualifications for my insurance?
Generally speaking, qualifications are required but this varies depending on the size of boat, navigational waters and its activity. For coastal cruising within the Med. in a vessel under 10 meters the key requisite is over 3 years experience. With larger vessels and broader navigational requirements qualifications are required plus experience. Within the UK system it comes under the RYA (Royal Yachting Association) and this range from entry level courses, day skipper, advanced pilotage, coastal skipper and yacht master. (See useful links). Normally one needs to abide by the regulations of the country under which the vessel is registered. For standard boats the ICC (International Certificate of Competence) is generally acceptable throughout.
Can I tailor make the policy to suit my specific needs?
Most policies have a series of options that you can choose from in accordance with requirements. Some examples are as follows: waterskiing liability, club racing for sailing boats, extension of navigational waters by degrees, incremental third party liability, waiver of excess, crew cover, charter cover, protection & indemnity cover (all encompassing liability and crew cover package for the larger yachts with employed crew). It is therefore also important to identify what will be required so as to avoid paying for cover that is not really necessary.
I am always concerned about claims. What should I do if I have an accident?
When you have an incident to deal with, it is very important, for expediency sake, to take photographs and make a small written declaration as to what has occurred – e-mail is acceptable nowadays. If it’s a theft then it should be accompanied by a police report. This is far better than just ringing or writing as it will speed up the process as it will be requested anyway. If you are at sea and you are concerned about running aground then seek assistance. Insurers will look favourably upon eforts make to reduce risk and avoid total loss of the craft or personal injury.
Is my boat covered whilst in transit by road?
Loss or damage to the boat is automatically provided for boats less than 30’ in length. We can cover larger boats providing the transit is undertaken by a professional transportation company using purpose built trailers but you need to notify us in advance.
If I lend my boat to a friend, will they be covered under the policy?
Yes, provided they are doing so with your permission and you are confident in their ability to handle the boat.
If I change the boats’ permanent mooring location, do I need to advise you?
Yes, you must advise us of any relevant changes to your own or the boat’s circumstances throughout the year, at the very latest by renewal.
I am not intending to use my boat next season, what should I do about insurance?
As a general rule, most boatyards and marinas would expect you to retain at least third party insurance whilst the boat is on their premises but you should also consider other risks such as fire, theft, malicious damage and stress of weather.