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Boat Insurance
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A Compulsory Requirement
Whilst it is sensible to protect your pride and joy boat, it’s also now compulsory for boat owners on the Inland Waterways to have third party insurance to obtain an inland waterways license and the majority of lakes and reservoirs require the same. Most mariners, harbours and recognized mooring areas also require a minimum of third party insurance.
There is a general view that all boat insurance policies are the same, however they can vary a great deal and so to the service provided by the marine insurance company. The cheapest insurance policy won’t necessarily save you money, particularly if you have to make a claim and the most expensive may be an unnecessary cost.
Other than the service from the Insurance Company, one of the main points to consider is the policy wording and whether it is an All Risk Policy or Specified Perils. The main difference between the two is that with an All Risks Policy you are usually covered in the event of a claim unless there is a specific exclusion or limitation.
Although all boat insurance claims are assessed on an individual basis, it’s always worthwhile taking advice from your insurance broker or friends with regard to an exceptional service from an Insurance company when dealing with their boat insurance claim. A good insurance broker will be able to work on your behalf and represent you when dealing with underwriters and suppliers.
