Why do I need boat insurance?
Your boat is an expensive asset irrespective of its age. You need to insure your asset to protect yourself against any claim for damages from collision, third parties, sinking, theft or fire.
Allows you to claim for accidents that are either your fault or the fault of a third party, theft of your boat or legal action against you, as well as damages and injuries to guests and crew. It is the complete cover. 3rd Party and 3rd Party Fire & Theft offers you limited liability; for example in an accident you are not covered for any damage to your boat.
Whether you are a yachtsman or powerboat owner, if involved with any form of racing it is important to tell your insurance company.
Offshore Range and Cruising Area
Your insurance company will take into consideration your sailing experience and type of boat when sailing offshore. In some cases you will be restricted as to how far you can sail offshore. When crossing the English Channel from Dover to Calais in an inland waterways boat, most insurance companies will only insure you for the crossing if the weather is below Force 4. Local conditions in your cruising area can effect your premium.
Out of Water Insurance
If you are considering lifting your boat out of the water onto the hard, your insurance company should be contacted with dates out of the water and when due back in. Is it in a secure pound or open ground? These factors make a difference to the premium.
Your Qualifications & Experience
You will be asked to provide copies of courses completed, and a note on your boating or sailing experience.
Age, Condition and Survey
The age and condition of your boat will effect the premium. In most cases today a survey will be required prior to purchase. Depending on the size, age and condition you may be required to have a survey every 10 years, in some cases every 5 years. Remember at the end of the day you are insuring your boat on its value - make sure your insurance policy reflects this value.
If you are considering retro-fitting Lithium batteries talk to your insurance company first, as there have been some concerns recently over these batteries. Boat owners should consider Lithium Iron Phosphate batteries as they are more stable and less likely to catch fire.
Your boating experience - depending on your years of boating experience you may well be entitled to a discount.
Courses Completed - Safety and Practical Sailing courses successfully completed all add up to a discount.
No-Claims Discount - if you have many years of not claiming then a reasonable discount is generally on offer.
Remember to read the Policy carefully, and in particular the small print.
Marine underwriters require that your insured boat be well maintained and seaworthy. We provide knowledge and understanding of how to manage your maintenance in such a way that demonstrates you have taken these responsibilities seriously.
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