Get the perfect boat insurance coverage in place to protect a high-value Motor-driven Yacht – Sports Boat – PWC against a range of eventualities, including at sea, in transit, or on moorings. Shop multiple boat insurance quotes to obtain the most comprehensive quotation, cover and cost.
1 – Coverage Options
The degree of coverage, benefits and exclusions varies greatly with each of the marine insurance companies. Best possible coverage is available at insurers that specialize in one particular type of insurance. Dedicated insurance providers know the precise questions to ask to guarantee the most comprehensive coverage is in place.
Questions asked at the time of calculating the boat insurance rates include – type, class and age of vessel to insure, waters to explore (inland, coastal, or extended cruises), mooring or storage destination, overall value (including all equipment), season of use, claims and boating experience, etc.
2 – All Risks vs. Liability
Comprehensive (also noted as all risks or full coverage) is designed to offer the widest form of insurance coverage for a vessel in commission or static (laid up on water or ashore). Fire, theft, vandalism, accidental damage, collision, etc. form part of a standard boat insurance set-up.
All-risk insurance plans also feature a Protection & Indemnity (P&I) section (also know as the third-party or liability section) to give an adequate level of coverage in the event of damage to a third-party (person or property) – with the insured’s legal liability limit noted on the insurance schedule.
3 – Handling Claims in the Event of an Accident or Loss
Is it an ‘Actual Cash Value’ or ‘Agreed Value’ marine insurance scheme? The type of insurance protection offered can differ in the event of an accident or loss?
An ‘Actual Cash Value’ insurance plan is designed so that the insured value of the vessel and equipment is agreed at the time of the quotation and prior to putting cover in force – so in effect, the insured values are fixed for the duration of an insurance period.
4 – Savings & Discounts
The simplest method to save on insurance premiums is to search money-saving discounts and benefits at renewal. It’s not a good idea to just rely on the existing insurer to put forward the best price and terms in the market. Savings to be found: reduced rates for holding a boating qualification or completing a boat course, as well as discounts for taking out dual policies with a single insurance provider.
5 – Pre-Purchase Survey and Inspection Reports
If a motor-drive or sail boat is amateur built, aged 15+ years of age (or less with certain marine boat insurance companies), a particular type or class known to have a defect, or over a certain length, there might be a requirement to obtain a full out-of-the-water survey and valuation report.
If an insurance quotation is subject to sight of a survey or inspection report, this will need to be presented to the insurance provider prior to arranging the coverage.
6 – Making Changes to the Insurance Policy
Making changes to a typical insurance plan is often a quick and easy process. An add-on or extra to a standard marine insurance policy include:
- Electronics
- Dinghies
- Trailers
- Altering the period in commission
- Using a different mooring location
- Entering a one-off racing event
- Hiring the boat out for charter
- Extending the cruising limits
In summary
It is essential to put in place all-inclusive boat insurance coverage to protect a chosen sail or motor-driven boat from a variety of eventualities that might result in the need to make a potential claim.