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| A Guide to Boat Insurance - by Jonathan
Langford, Noble Marine (Insurance Brokers) Ltd
If you require insurance for your boat, but have been presented with a number of alternative policy wordings from a variety of companies, Noble Marine's Guide to yacht insurance may help you decide the sort of policy you need. Both the cover provided by different marine insurance
companies and the service they offer, can vary greatly. Bear in
mind that a cheaper policy may end up costing you more, if you
have to make a claim and you should always check what cover is
being offered before signing up. |
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Q. What should I look out for? A. Everyone's needs are different, and only you can decide if
wider cover is important to you. It is essential though, to understand
what is being offered to you, before being able to make an informed
decision. Q. Do I need to use a specialist marine or yacht insurance company? A. No - Many High Street Insurance Brokers will be able to arrange your boat insurance, but they may not have the necessary expertise to advise you correctly. Ask yourself whether the company been able to understand your needs and will they be in a position to advise you correctly if a claim should occur? Q. How can I be sure the insurance company I choose is reliable? A. Your boat insurance policy is only as good as the service you receive if you have to submit a claim. Why not speak to your fellow boat owners, for their comments regarding which insurers provide good (or bad) service to their clients. A small number of marine insurance companies are based overseas and it would be wise to establish that the insurers are based in the UK where you will have access to UK Law and compensation should a serious problem occur with your policy. With effect from 14th January 2005, it is a legal requirement that any UK company providing an insurance policy, must be authorised and regulated by the Financial Services Authority (FSA). A firm should clearly display their status on any documentation, including their web site. If you are in any doubt, have a look at the FSA's Register of Firms. Q. Why do I need third party cover? A. £2,000,000 Third Party Liability is usually compulsory if you are to use a boat in the UK and you should not consider going afloat without this cover as a minimum. A policy providing third party liability should cover you if you were to cause damage to property or injury to another person, with your boat. The industry standard provides a limit of £2,000,000 and should be sufficient for the UK. Marine Law limits the maximum payable on navigable waters. Third party risks whilst in transit would be EXCLUDED as this is normally covered by your motor insurance policy. Q. Should I expect a standard policy to cover me while my boat is laid up? A. Comprehensive policies should cover your boat against accidental damage, theft, fire and vandalism, whether in use or not; however there may be restrictions on your policy. There may be restrictions on where your boat should be moored, and when she should be taken ashore. These details should be listed on your policy. Transit cover will be provided for smaller boats being towed behind your car, however there will be restrictions on larger boats (typically those longer than 9m) and those boats being transported by professional hauliers. Third party liability whilst in transit will be excluded, as this will be covered by the vehicle's insurance. Q. Am I covered to use my boat for 12 months of the year? A. Many policies will stipulate that your craft is laid-up ashore for certain times of the year. Check your policy carefully and find out what cover would be in place if you were unable to lift the boat from the water, due to bad weather, tides, or busy boat-yards or if you wanted to launch the boat prior to the end of the laid up period. Q. Does it matter who is in charge of my boat? A. The majority of marine insurance policies will allow anyone to sail your boat with your permission, however it would be prudent to check this first. If you receive money in return, i.e. the boat is being chartered or hired; this may invalidate your policy. Q. Will I need to obtain a survey for my boat? A. Most boat insurance insurance companies will require a survey for any boat aged 20 years old or more, and then again, every five years or so. Some boats may require a survey earlier than this if they have sustained serious damage, if they are wooden, or if they have been self-built. A list of local Surveyors can be found by searching the Database of Yacht Surveyors. Q. What is legal protection? A. Upon payment of an additional premium, some insurance policies can be extended to include legal representation if your boat is involved in a collision or other accident and you suffer financial loss or injury. If you are injured, it is even more important that you receive expert help so that any claim for damages is pursued quickly and efficiently. Q. What about cover for Foreign use? A. This will vary, depending on the policy you have chosen and the cruising range will be shown on your policy. You should carefully check that the cruising range is adequate for you as you will not be covered if a claim were to occur outside this area shown. Q. What should I do in the event of a claim? A. You should always submit your claim as soon as possible after an accident. After all, the faster you make the claim, the faster you can get back on the water. Any incidences of theft or criminal damage should be reported to the police - remember that you'll need the Crime Reference Number for the claim form. You will be required to provide at least one estimate for the repairs or a written quote for the replacement items if a repair is not possible. Your Insurer may ask to inspect any equipment damaged, before authorising its replacement or send a Loss Adjuster or Surveyor to assess the damage. Noble Marine's clients, can complete an online claim form or obtain a form by ringing 01636 707606 during office hours. Stolen boats should be listed by your insurance company, free of charge, on the StolenBoats.org.uk website. Q. How quickly should I expect to have my claim settled? A. This will depend on which yacht insurance company you use and their speed of response. It can also depend how quickly your repairer can provide a quotation and then carry out the necessary repairs. It is Noble Marine's intention is to respond to you within two working days, advising how to proceed, so you'll know exactly where you stand, and how soon you can expect to be back on the water. Comprehensive Boat Insurance provided by Noble Marine will include: Full details of the cover provided and a quotation form can be found by clicking the Motorboat Insurance link on our website. Jonathan Langford Noble Marine (Insurance Brokers) Ltd is authorised and regulated by the Financial Services Authority |
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