Marine Insurance FAQ's
There are a series of factors which are important in determining the best choice of policy. It is key first and foremost to look at companies that have good security and are established in the market. Following this one must verify that they have a ‘dedicated’ Marine underwriting speciality with a ‘dedicated’ Marine Claims department. The other factors are determined by the type of boat one has, its navigational requirements and its use.
There are companies that specialise more in sailing yachts, others in racing, some in high tech. vessels, some in circumnavigation and a select few in the larger super yachts. Whilst price is important for most people one must be wary of very cheap options. Ibex deals with insurers with an excellent claims service. Generally speaking sail and motor vessels up to say €100,000 in value have a wide selection of quality insurers.
We cover the following risks:
- Theft/Attempted theft
- Contact with third party objects
- Your negligence
The following are excluded:
- Wear, tear, depreciation or gradual deterioration
- Gradual breakdown
- Corrosion or electrolysis
- Deliberate acts of negligence or recklessness under the influence of alcohol or drugs
Generally speaking, qualifications are required but this varies depending on the size of boat, navigational waters and its activity. For coastal cruising within the Med. in a vessel under 10 meters the key requisite is over 3 years experience. With larger vessels and broader navigational requirements qualifications are required plus experience. Within the UK system it comes under the RYA (Royal Yachting Association) and this range from entry level courses, day skipper, advanced pilotage, coastal skipper and yacht master. (See useful links). Normally one needs to abide by the regulations of the country under which the vessel is registered. For standard boats the ICC (International Certificate of Competence) is generally acceptable throughout.
Most policies have a series of options that you can choose from in accordance with requirements. Some examples are as follows: waterskiing liability, club racing for sailing boats, extension of navigational waters by degrees, incremental third party liability, waiver of excess, crew cover, charter cover, protection & indemnity cover (all encompassing liability and crew cover package for the larger yachts with employed crew). It is therefore also important to identify what will be required so as to avoid paying for cover that is not really necessary.
When you have an incident to deal with, it is very important, for expediency sake, to take photographs and make a small written declaration as to what has occurred – e-mail is acceptable nowadays. If it’s a theft then it should be accompanied by a police report. This is far better than just ringing or writing as it will speed up the process as it will be requested anyway. If you are at sea and you are concerned about running aground then seek assistance. Insurers will look favourably upon efforts make to reduce risk and avoid total loss of the craft or personal injury.
Loss or damage to the boat is automatically provided for boats less than 30’ in length. We can cover larger boats providing the transit is undertaken by a professional transportation company using purpose built trailers but you need to notify us in advance.
Yes, provided they are doing so with your permission and you are confident in their ability to handle the boat.
Yes, you must advise us of any relevant changes to your own or the boat’s circumstances throughout the year, at the very latest by renewal.
As a general rule, most boatyards and marinas would expect you to retain at least third party insurance whilst the boat is on their premises but you should also consider other risks such as fire, theft, malicious damage and stress of weather.