Anyone who owns a boat needs to make sure it is adequately insured. In
order to find the best boat insurance policy you need to determine the
type of boat you own and what you plan on using it for. The type of boat
and its age will all affect the cost. Insurance for your boat is similar
to that for your car. There is not only cover for the boat, but also for
passengers, damage to other boats and damage to property.
Policy Types
Third Party Liability covers boat owners for any damage they are not
liable for, such as other vessels or property. It will also cover injuries
to others including loss of life.
Comprehensive Cover usually covers all accidental damage, fire, theft
and vandalism but is subject to policy conditions.
New-for-Old Cover means that any item damaged will be replaced with a
new one. However, it's likely that there will be an age limit clause where
the broker will instead pay out the market value of the item.
Racing Risks Cover is for those wishing to enter their boat in races.
In competitions, boats traveling at higher speeds means a greater risk of
damage.
Laid Up Period refers to the policies where it is established that a
vessel is laid up ashore at certain times of the year.
Home owner's Policy
It's possible to have a boat insured under your home insurance policy,
but this will rarely cover specific risks such as running aground or wreck
removal.
Commercial Cover
If you intend to use the boat for commercial purposes, for charter or
even informal client entertainment, most insurance companies will class
this as commercial use and the cover will probably be more expensive.
Always check with your broker to make sure that you are covered.
Going Abroad
It is important to check the territorial limits of any boat cover
before undertaking a trip abroad. Many European countries will ask for
evidence of insurance cover and may require a translation which your
insurer should be able to provide.
