Press Release

Press Release

Date: July 2012

10 Insurance Tips for Boat Owners

Buying a boat is probably one of the biggest purchase decisions after your home – perhaps it’s the most important purchase made in a lifetime, but research suggests that people spend a fraction of the time they spend on home insurance on their boat cover.  These tips from La Playa will help protect your wallet - and those precious hours on the water - from nasty hitches.

Staying the right side of international law, restrictions around boat modification and establishing the right level of cover for crew are just a few areas where people struggle with boat insurance; and without an expert on hand you could end up in murky waters.  Mike Taylor-West, Head of La Playa Private Client Marine, and a seasoned sailor, advises: “Spend time with your broker talking through your priorities and lifestyle.  And prevention is better than cure, so follow these tips to make sure your insurance policy won’t let you down when you most need it.”

Ten steps to the ‘TLC’ boating protection:

  1. Make sure cover is in force as soon as you or a lender has a financial interest.
  2. Seek an agreed value policy, to avoid being out of pocket when a claim is settled based on a depreciating market value, and ensure that you include the financial value of any extras added or enhancements made.
  3. If it’s a used vessel and you’re unsure of the condition or value, get a survey. Any vessels over 10 years of age or of non-standard construction are likely to need a survey for insurance purposes.
  4. Standing rigging should be serviced at regular intervals. Consider replacing it after 10 to 15 years, or earlier depending on vessel type and usage.
  5. Keeping yourboat in a marina can reduce premium and secure cover for 12 months afloat.
  6. Insurers typically expect evidence of experience, RYA or internationally approved qualifications.
  7. Chartering and racing are not standard covers and you should inform your insurer of any intentions in this area, as it may incur an additional premium and risk considerations.
  8. If you are crewing your craft, you may need to consider crew liability cover, including accident and medical cover.
  9. Personal effects, outboard engines for tenders and loose items should be stowed and locked away to deter the opportunist thief. If the engine is fixed, ensure that it has an outboard lock – most policies won’t pay claims without this.
  10. Save time with a specialist broker: talk to someone who understands your craft and your lifestyle. Good communication and expert advice help you manage your risk better, and secure the right cover at a sensible premium.

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Our Marine team has decades of experience in yacht insurance – we can guide you through the decision-making process, providing personalised risk advice and protecting your precious downtime. We provide a human face to make sense of marine insurance – real people who work with you at your pace, providing as much (or as little) detail as you wish.

But what makes us unusual is our “portfolio” approach, allowing you to combine your marine, home and vehicle insurance needs. This is no “bolt-on”: by streamlining specialist marine insurance with high net worth home and motor cover, we present an overall more attractive risk package to the insurer. This can mean better rates and time savings - just one payment and a single policy anniversary, minimising the possibilities for gaps in cover and maximising your peace of mind.

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