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Increasing Risk of Speedboat Theft
- Are You Covered?
These days you cannot be too careful about looking after your boat and possessions and it is an unfortunate sign of the times that a vessel’s gear and equipment, personal effects and outboard motors are more vulnerable to theft than they used to be.
It is vital to ensure that insurance is extended to cover all such items at risk and the extent of restrictions to the cover for theft.
In pleasure craft insurance, theft of the vessel itself is usually an insured risk. However with certain types of craft, particularly speedboats or some small craft, there may be certain restrictions on the coverage in respect of theft of the vessel.
Theft of small craft is increasingly prevalent and insurers use common exclusions in respect of such vessels.
Common examples include:-
- Theft only covered following forcible and violent entry into a permanent locked building.
- Theft only covered following forcible entry into a locked compound.
- Theft of vessel and trailer unless wheel clamped when not actually being towed.
It is essential that any conditions are fully and exactly complied with because insurers are discharged from liability from the moment there is a breach of these conditions.
It’s important to read your policy wording to be clear on how far your speedboat cover extends and an All Risks policy wording will usually cover you unless it is stated as an exclusion or limitation of the policy.
