Page 35 - Yachter Spring/Summer 2020

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INSURANCE Questions to consider
This brief guide to insurance seeks to give an overview of what to consider and what questions to ask when seeking insurance. It is not an exhaustive list, but intends to provide some overall guidance when considering the protection and cover you select for your boat. Finding the correct insurance provider should be the start of a long relationship, with an ever-ready supportive team ashore.
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HULL COVER
Hull insurance covers you for damage to your own boat, covering the yacht’s hull, machinery and equipment.The cover needed depends on your intended use of the vessel, for example; Charter? Racing? Period in-commission? Cruising area? Explaining the intended use of the vessel to insurers enables the provision of the right coverage What cover is available for the engines and machinery?Are there any limitations on the speed of your vessel? What personal effects/ equipment is covered? Does your insurance provider require a survey report?
If so, at what age of boat is a survey first required? How often thereafter will a further survey be necessary?
These factors can vary between insurance providers.
THIRD PARTY LIABILITY
Liability insurance covers your legal liabilities due to negligence should you cause damage to a third party’s property or cause injury to, or death of another person. The majority of, but by no means all, policies include liability to third parties with the hull insurance. If separate from the Hull Insurance, claims on the one policy should not affect the premium or conditions on the other.Almost all marinas require yachts to have Third Party Liability insurance.
PERSONAL ACCIDENT
Personal Accident Insurance pays a sum for a permanent disability or death. Some policies include additional cover such as Emergency Medical Expenses, Search & Rescue costs, and some cover you ashore for short periods.
Personal Accident cover tends to either be free under a comprehensive yacht insurance policy, or as a stand alone policy for which a separate premium is charged. Either way, check the limits offered. If it’s included within a comprehensive policy are the benefits lower or more restricted?
EXCLUSIONS
You will want to familiarise yourself with any policy exclusions before purchasing a policy. Insurance is to protect you against the unexpected, so policies generally exclude things that can be anticipated or prevented. Significant exclusions often include (but are not limited to) wear and tear, gradual deterioration, faulty parts or lack of maintenance. If something is likely to fail due to its age or condition, replacement