Protecting your boat from risks and safeguarding yourself from liabilities is essential. We offer comprehensive insurance policies at competitive rates, ensuring you’re worry free on the water while your investment is fully protected with the best coverage available.
Vessels we cover
What type of insurance should I choose?
When deciding between third-party yacht insurance and fully comprehensive yacht insurance, it’s important to understand the key differences and how each option aligns with your needs.
Third-Party Yacht Insurance
This type of coverage is the most basic and often the most affordable option. It covers liability for damage you cause to other vessels, property, or people while operating your yacht. However, third-party insurance does not cover any damage to your own yacht, nor does it cover theft, fire, or other risks that could directly impact you.
Fully Comprehensive Yacht Insurance
Fully comprehensive coverage provides more protection, including all the benefits of third-party insurance, but also covers damage to your own yacht, including collision, theft, fire, accidental damage, malicious damage, perils of the sea and storm damage. Additionally, it may offer protection for onboard navigation equipment, personal effects, and medical costs. This option is ideal for those who want the security of knowing their yacht is protected in almost any situation.
Fully Comprehensive Insurance is better for those who want peace of mind and prefer a more extensive coverage to protect both their yacht and themselves in various situations, including damage to their own vessel.
Choosing the right option depends on the value of your yacht, how much risk you’re willing to accept, and your budget for insurance. If your yacht is a significant investment or you want a higher level of protection, fully comprehensive coverage is often the way to go.
Marine insurance is a specialised coverage. It’s essential to know the coverages available to you. Our agents are experts in navigating the complexities of different policies, and we’re here to help you understand your options and select the best coverage for your needs.
CLIENT TESTIMONIALS
General Personal Insurance FAQs
I have sold my boat. What happens with my policy?
Some carriers will transfer the policy to the new owner free of charge while others will cancel coverage.
Can I cover my boats trailer?
Yes, your boats trailer can be covered under your marine insurance policy. You would need to list a value for the trailer and provide the serial number.
Can I lend my boat to friends?
You need to check the type of policy you have. If the policy is a ‘named operator policy’ you would need to contact your broker beforehand to have your friend listed on the policy. Generally, anyone under 25 would need to be listed on the policy whether named operator or not.
What are the notice periods?
Most carriers have notice periods that you must adhere to for cancellations. Discuss these with your broker.
How do I change my bank details?
Contact your broker with the information and they will send them on to the relevant person.
How do I increase or reduce my sum insured?
Contact your broker with the new value. If you want to increase the value considerably it is quite possible that a survey report will be required. Your broker will inform you of the additional premium due for the change in coverage.
Are salvage and wreck removal costs covered?
Most policies will cover salvage and wreck removal costs but you will need to check to make sure it is included automatically or if additional cover is required.
Can I go outside of my cruising area?
No, not without informing your broker first. If you leave the cruising area you would have no coverage in place which would void any claims.
What does ‘agreed value’ mean?
Insurers guarantee to pay the valuation sum insured agreed less any applicable deductible in the event of a total loss or constructive total loss claim.
When do I need to have my rigging checked or replaced?
All carriers vary but generally a rigging report would be required every 5 years.
My yacht is being re-registered – what do I need to do?
It is important to send a copy of the new registration to your broker so they can inform your insurance carrier. Your coverage may be affected, we would recommend contacting your broker before the re-registration is completed.
How can I tailor my policy to suit my needs?
Each carrier has individual covers so we would recommend discussing your needs with one of our specialists.
If a something is excluded from my policy, what does that mean?
You have no cover in place if it is shown as excluded. If you need additional coverage, please let us know.
What do I have to do in the event of a named storm?
Carriers vary on their requirements:
Some will exclude storm completely; others will offer coverage subject to a storm preparation plan and others have specific requirements that you must adhere to. Make sure to know what is required of you.
If a named storm is forecast, can I get insurance to cover it?
No, once a storm is forecast you will be unable to acquire coverage.
Will insurers pay towards having the vessel lifted?
Some carriers will offer to pay towards safeguarding your vessel in the event of a storm warning.
Can I update my cover to include hurricanes mid-term?
Most insurers will only allow amendments to hurricane coverage to be done at inception or renewal.
What if I don’t have windstorm cover?
You will not be covered for any damage from a named hurricane.
How do I know what cover I need?
Let us help you decided. Speak to one of our marine insurance specialists. The level of coverage can vary depending on each individuals requirements.
What is third party cover?
Third party covers damage that you may cause to a third party or third party’s property but does not cover your vessel.
What type of insurance should I have?
This is a personal choice and really depends on the value of your vessel and if self-insuring is possible.
What is hull cover?
Hull cover provides coverage for physical damage to your vessel.
What value should I insure my boat for?
Your vessel should be insured for its current market value.
Is the way you use your boat accurately represented in your policy?
The way you use your boat will directly impact the premium you pay. A sailboat owner might be a keen competitor in weekend racing, while a wake boat owner will likely spend their weekends sailing and wakeboarding. The family runabout will likely be used differently, with more time spent fishing and a little bit of water skiing.
It doesn’t matter how you use your boat; it is important to know what coverage is available. Some activities may require an extra premium. And don’t forget to consider if your vessel needs additional cover for heading offshore.
Comprehensive Boat Insurance
This policy provides boat insurance that covers damage to your vessel as well as damage done by others. Comprehensive boat insurance covers you for a variety of events, such as fire, theft, and storms. It usually covers the boat regardless of whether it is on water or land. Some policies provide a New for Old Replacement benefit (for boats under a certain age), and often there are benefits for towing costs following an accident or rescue services.
"Actual cash value"
Actual cash value policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policy—and if often gives a substantial savings.
Why do you need yacht insurance?
Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each yacht insurance policy can be tailored to fit your yacht, your needs, your budget and your style.
Is wear and tear covered?
Insurance policies do not provide coverage for the loss or damage caused due to normal wear and tear of the goods.
Request a Quote
Request a personalized quote today and enjoy peace of mind on the water. Simply fill out the form, and our experts will provide you with competitive options designed to keep you covered.
