Thinking of buying a boat?

Thinking of buying a boat? Image

August 30, 2022

Apart from your home, your vessel may well be the biggest purchase you make. It is therefore vital to find the right cover with a specialist broker who understands the marine market, and an insurer that has a good reputation for fair claims handling. The price is a factor of course, but do not make the mistake of simply opting for the cheapest quotation, as the reason for this may become evident when you need specialist help and support in the event of a claim.

Marine insurance can be tailored to the client’s particular needs in respect of sailing areas etc. however; there are normally two types of cover offered. The most basic is Third Party only which simply provides cover for your liability to others and provides no cover for damage or loss to your own vessel.

The other cover option is known as All- Risks or Fully Comprehensive cover, which in addition to liability cover provides protection for your vessel too. This may also extend to include some Personal Accident Cover, Medical Expenses cover and a few other policy benefits. These will likely differ depending on the insurer.

No two polices are the same so having a specialist broker on your side will help explain the cover provided and point out the exclusions and conditions to be aware of.

What is typically covered under a Fully comprehensive or All-Risk policy?

All polices differ of course but generally, a Yacht policy would cover the following:
• Fire
• Theft of equipment or the vessel itself
• Accidental damage
• Liability cover (Usually between £3 and £5 million)
• Loss or damage when in road transit
• Equipment on board including tenders/ outboards and personal belongings

All polices will usually carry a compulsory excess often reduced on some of the smaller items that may be insured like outboards and tenders. Some insurers will invite you to take a higher excess in return for a slightly reduced premium.

How much does Yacht insurance cost?

This is an almost impossible question to answer, as the underwriter will take a number of factors into consideration when calculating the cost of your policy. Your vessel, vessel age, mooring location, sum insured, experience, claims record and cruising area are just some of the factors the underwriter will look at in determining how much premium will be charged and what conditions, if any, will be imposed.

Will I need to get a condition survey?

This very much depends on the age of the vessel and the hull material. A GRP vessel say, under 25 years old is unlikely to require a survey from insurers, but this may differ if you are doing extensive cruising or have an older or wooden vessel. Any cost of a survey would be down to the client to pay.

Who are Topsail Insurance?

Topsail have been specialising in Yacht and Motorboat insurance for over 25 years. We insure everything from a small sailing dinghy used on a local lake to a large Bluewater cruising yacht. We have a small team dedicated to unrivalled service and well over 100 years combined experience. We also have access to a number of specialist insurers so we are confident we can find the right cover for you. In addition to your yacht policy we can often offer excess waiver cover, protected No claims bonus and optional Legal expenses cover too. Coupled with the excellent service and expertise provided by IBEX you really are in safe hands.

Do Topsail offer any other type of insurance?

The only other cover we offer is a market-leading specialist Yacht Travel insurance. Whether you require a one single trip or annual multi-trip cover, we have a product suitable for you. With no offshore restrictions, our policy cover you for up to 12 months away and annually renewable whilst you are away thereafter, so our policy is suitable for you if you are planning a lengthy worldwide voyage, as well as any other sailing.

What now?

Why not visit your nearest Ibex office today to discuss your insurance requirements and see what we can do for you? Or you can complete and submit our online form for a quick quote.

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