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Insuring your boat
Most importantly, boat insurance will provide you with third party liability cover if you were to cause damage to other people’s property or injury to another person.
In addition Comprehensive boat insurance can provide you with financial protection if your boat is involved in an accident, stolen or damaged by fire or storm.
Boat insurance is not actually a legal requirement in the UK however most marinas, harbours and in recognised mooring areas require evidence of third party boat insurance.
Most lakes and reservoirs require the same, and you will need to produce proof of third party boat insurance to obtain an inland waterways licence. Also most organised events such as racing will require evidence of liability cover.
In addition to third party liability cover most people will want to insure their boat for damage including from fire or theft to protect their investment and ensure that they are able to stay on the water as much as possible.
It is important to make sure that your boat insurance is adequate for your needs, and not to forget additional equipment such as trailers, trolleys and safety equipment that can be easily overlooked and are often costly to replace. Most accessories and equipment that is specific to your boating activities can be covered by boat insurance if you opt to include them. Boat insurance will usually cover:
- Accidental Damage
- Fire or Explosion
- Theft or Attempted Theft
- Malicious Damage / Vandalism
- Storm Damage
- Your liability for damage or injury to other parties
Boat insurance policies generally do not cover:
- Wear, tear, depreciation, gradual deterioration e.g. corrosion or electrolysis
- Mechanical breakdown
- Damaged deliberately caused by you
- Faulty workmanship
Boat Insurance cover and exclusions will vary between insurance providers so it is important that you review your policy wording, schedule and Insurance Product Information Documents as soon as you receive them
It is also a condition of many boat insurance policies that your boat is maintained correctly and in a seaworthy condition. Whilst it is important to ensure your boat insurance policy will be valid in the event of a claim, this is also good practice to ensure that you and your passengers and/or crew are safe when on the water. It is important to ensure that all systems of a boat are checked and, as necessary, maintained in accordance with manufacturers guidelines or generally acknowledged best practice. If you are unsure it is worth getting professional advice from a yard or surveyor.
This depends on the type of boat, who’s using it, where it is being used and what it's being used for. Small craft cover like dinghy insurance starts from around £40 per year and smaller yachts a few hundred pounds.
Yachtmaster can provide boat insurance for most types of pleasure craft including:
- Canal boat Insurance
- Motor Cruiser Insurance
- Motorboat Insurance
- Narrowboat Insurance
- RIB Insurance
- Speedboat Insurance
- Yacht Insurance
- Charter Yacht Insurance
- Dutch Barge Insurance
- Widebeam Insurance
We will ask where a boat is going be used when we obtain quotes for you. This is normally referred to as the boat's cruising range. Where possible it is better to share plans for the year ahead when getting a quote or renewing a policy so that we can secure the best terms for you.
We can arrange racing cover for most sailing craft. The cost and cover will depend on the type of race and the type of craft you have.
If you sell your boat and replace it with a new or different boat then you can keep the same policy and simply swap the boat insurance over. There may be an additional premium if the new boat is of a higher value, or deemed a higher risk by your insurance provider.
Making a claim
If you need to make a claim here’s what to do.
In the event of any incident which may give rise to a claim you need to inform us as soon as reasonably possible with details of what has happened.
You can report a claim to us by phone or email. Some insurers will accept claims made direct to them but we would recommend that you contact Yachtmaster in the first instance so that we can support you through the claim.
Telephone: 01394 615755
Email:
Post: Yachtmaster, Bonds Road, Tivetshall St Mary, Norfolk, NR15 2BX
Once we have the details of your claim our team will then be able to help you and explain the next steps.
This will depend on the circumstances but insurers usually settle invoices direct to repairers.
If you have had repairs carried out and your insurer has agreed to pay the repairer direct then they will pay them the amount after deduction of your excess. You should then pay the excess to the repairer when they hand over the boat.
If you are seeking reimbursement having paid an invoice in full or if your boat is a total loss then they will make the payment to you for the agreed amount after deduction of your excess.
Once we have received your claim form we will pass this to your insurer to confirm the claim is covered and how to proceed.
Sometimes more information may be required, or it may be necessary to communicate with the repairer or surveyor before authority can be given to proceed with the repairs.
Whatever the circumstances we will keep you informed and do everything possible to get the claim dealt with in the shortest possible time.
Whenever an incident occurs and another boat is involved, take a note of the details of the other persons or boats involved. Also don't forget to obtain the details of any potential witnesses. This is not always easy whilst afloat, but note the name of the boat or the sail number and make contact once you are ashore. The information you might require would be:
- The name and address of the person who was in charge of the other vessel.
- Are they the owner of the boat? If not, the name and address of the boat's owners will be required.
- Their insurance company and policy number if known.
- Their boat name and / or sail number.
It is always useful to get photos of the damage to both boats where it's possible to do so as this helps us to establish who was responsible and also ensures that we only pay for damage caused by the incident.
You will also be required to arrange estimates for the repair or replacement items.
Usually only one estimate will be required. However if the costs involved are large, further estimates may be required or a Surveyor may be appointed to inspect the boat or oversee the repairs.
Most insurers will require a claim form to be completed.
You can report a claim to us by phone or email. Some insurers will accept claims made direct to them but we would recommend that you contact Yachtmaster in the first instance so that we can support you through the claim.
Telephone: 01394 615755
Email:
Post: Yachtmaster, Bonds Road, Tivetshall St Mary, Norfolk, NR15 2BX
Once we have your completed claim form our team will then be able to help you and explain the next steps.