Are you missing out with basic boat insurance?

As a boat owner, you will be fully aware of how it important it is to ensure that you are fully protected by boat insurance. However, most people opt for low levels of basic boat insurance, such as third party only. This level of insurance will only provide cover for the costs involved in paying for damage and repair to someone else’s vessel. By investing in basic boat insurance, you are protected to a certain degree, but there is a lot of stuff you could still be personally liable for.

If you own a boat, but only have basic boat insurance, you might want to consider adding one of more of the following to your policy:

Public liability insurance

In the event that you are to blame for damage or injury caused, you will be responsible for paying any legal costs, or compensation associated with a claim made against you. This type of cover would provide financial protection for you, and ensure that you do not have to pay any costs out of your own pocket.

Damage or loss caused by fire or theft

If there is damage to your vessel or it needs complete replacement due to a fire, a basic boat insurance policy will not provide protection. In addition, vandalism and theft is on the rise, so it is important that you are covered for these risks. You would require at least third party, fire & theft insurance to be protected against any loss or damage caused by fire or theft.

Damage caused during transportation

There are times when your boat is bound to be transported on a trailer to and from the marina, but on these occasions it is necessary to ensure that your policy covers you. Many boat insurance policies do not provide cover when your boat is not in the water, particularly more basic boat insurance policies.

These are just a few different levels of cover specified here, but this is just to give you an idea of the sort of things you could be missing out on by investing in basic boat insurance. There is a lot of value in the assurance that you are financially protected against some of the major risks involved in owning a boat. Don’t be fooled into thinking that basic boat insurance can provide the cover you require.

If you are in the marine trade, it is important that you are fully protected from the risks associated with running your own business, particularly one on the waters. Whether you are netting, potting or angling, the risks you are open to are very similar, which is why it’s essential that you invest in a quality commercial fishing boat insurance policy.

What should be included?

You need a separate commercial fishing boat insurance policy for your boat and business, rather than just business insurance as you will require specialist cover, which could include any, if not all, of the following.

Public liability cover: this protects you and any other person controlling your fishing boat against any claims made against you by third parties arising from damage or injury to them or their property. The legal costs and compensation payments involved in a liability claim can be very high, so it is absolutely essential that you at least have this level of cover.

Hull and engine: It is important that the ‘heart and soul’ of your fishing boat has adequate protection, as without these, your fishing boat wouldn’t be in working order. Underwater damage is common problem, so by ensuring that you are fully protected, you are reducing the chance that you will have to pay for repairs out of your own pocket.

Salvage and removal of wreckage: If your fishing boat were to be involved in an accident at sea, whether that it is with another vessel, rocks or stormy waters, how would you pay to retrieve it? The inclusion of this policy into your commercial fishing boat insurance will ensure you have the costs covered.

Crew liability: This has the same principle as public liability insurance, but it applies to members of your crew, rather than the public. Should anyone working on board your boat become injured at work, you need to have financial protection in place.

Personal accident: This can apply to you, your crew, and any possible passengers you may have on board in the event of an accident.

There are many other things that can be included into a commercial fishing boat insurance policy, so if you are unsure as to what you require, seek professional advice from an insurance provider.

The UK legislation on charter boat insurance states that the operator is responsible for damages to all parties resulting from “negligence”. This would mean that in the event of an accident that was your fault, you would be personally liable to pay any repairs, replacements, and legal costs including compensation. This could result in a lot of time, hassle and more importantly, money.  In order to be protected in the event of any incident, it is essential that you opt for a comprehensive charter boat insurance policy.

It is important that you consider what components you would require within your charter boat insurance policy as you need to ensure you are covered for things you would expect, and not paying extra for parts you would never use. Here are a few examples of components you should expect to see in a standard charter boat insurance policy:

Hull & Machinery

All damages caused by combustion, sinking, collision, to the engines, electronics and other machinery behind your vessel will be covered. However, damages due to inappropriate use or neglect, and wear and tear are not covered by your insurance.

Contents/Personal Effects

If your personal belongings such as fishing equipment, clothing or camera goes missing it can be quite frustrating and is cash out of your back pocket, however it could be worse for a passenger. If you have passengers on board your charter boat, you might want to ensure that their personal belongings are covered.

Shore Excursion

This allows for you to protect your passengers once they disembark your vessel.

There are of course many different components which could be included into your charter boat insurance, but these are some of the popular options. If you decide not to opt for a comprehensive policy, it is essential that you obtain third party insurance at least. This will protect you against any claims made by other parties, for damage or injury to themselves and their property. If you get involved in a long and drawn out court case, you will be personally responsible for paying all of the costs without appropriate insurance. As a charter boat owner, it is absolutely essential that you are fully protected against all the risks involved.

Speak to insurance providers for their advice and guidance on what type of policy is best suited to your circumstances, what components you need to include.

If you are lucky enough to be purchasing a power boat, your need to ensure that you invest a suitable power boat insurance policy. Although it might not be as exciting as when you were buying your new vessel, it is equally as important. Power boat insurance is not commonly available from high street insurance providers as it is in a specialist class, making it is essential that you seek cover from an experienced provider.

When looking for your power boat insurance, you need to be aware of what policies generally cover, and what you require your policy to cover. It would be a necessity to have protection against loss or damage caused to your power boat in an accident, fire, collision, weather, negligence, theft, malicious acts, explosion and many other things.

Another thing to take into consideration is cover for liability to third parties – this is a similar idea to that of third party cover for car insurance. If any damage or injury is ever caused to a third party or their property, the costs you are personally responsible for can soon add up. This insurance cover will protect you from having to pay any legal costs or compensation out of your own pocket. You need to check the policy details of any power boat insurance to see if there is cover for a trailer provided, and if so, what level of cover is it. Is your power boat trailer protected against fire, explosion, natural disaster, collision, vandalism and others? This is something you will need to take into consideration.

Another aspect which could be included into your power boat insurance is cover for your personal property.  For example, if you have clothing, equipment or other belongings on board your powerboat, and an incident were to occur such as vandalism or theft, you could lose a lot of money if you have not invested into adequate insurance cover.

Your power boat insurance is extremely important, as it covers you against all eventualities, you would be at risk of being personally liable for all the costs involved for yourself, your vessel and the third party. Protect yourself and make sure that you can cruise the waters without having worry about the unexpected.