Sailing boat insurance policies are essential to anyone who wants to protect their boat from the risks associated with sailing and owning this type of vessel. It is important that owners try to obtain the most competitive quotes without compromising the quality of the policy.
Some of the easiest ways to find sailing boat insurance providers is by using the service of a marine insurance broker or via an online insurance comparison tool. Both of these methods can help take the hassle out of searching for a suitable policy.
Once you have managed to receive some quotes from providers you need to know a little more about the actual coverage to ensure that it is adequate enough for your needs. There will be different levels of cover available, from the most basic third party insurance through to the most comprehensive and complete cover possible.
Here are some of things that you will need to review when checking over your sailing boat insurance policy.
Exclusions
Nearly every single sailing boat insurance policy will have some general exclusions to what policy holders can claim for. These do vary between policies so it is important that you check before signing any agreements, but typically include things such as wear and tear.
Off-season
Check the terms and conditions to find out if the policy includes an off-season or lay-up period. If it does, you will not be protected when using your sailing boat during these times.
Equipment
Some insurance policies will cover every single item on your sailing boat, whereas others will provide cover for up to 70% of the value of your equipment. It is up to the policy holder to decide how much they value their equipment, and ultimately what level of cover they require.
Cruising area
If you have planned sailing trips, or even just a general idea of what you want to achieve with the boat, does the policy accommodate this?
Agreed or cash value
There is a big difference between these two coverage types, agreed value insures the sum that was agreed at the time that you arranged the policy, whereas the actual cash value is based on the resale value of the vessel at the time of the loss, based on age and condition.