Getting the right Boat Insurance to suit your needs can be a difficult.
Has your boat insurance been denied or are buying a boat , building a boat or already own a boat, a Boat Insurance Policy is a must. While not compulsory in some jurisdiction, if you do not have marine Insurance you will be open to a claim made against you personally. To protect yourself the policy you decide on must be carefully chosen. These policies can range from small vessel basic through to specially tailored policies that suite Superyachts. The types of specific policies can cover:
While In Service: During Construction, repairs and refits:
Hull and Machinery Insurance Builder/Repairer Risk Insurance
Protection & Indemnity (P&I) Insurance Waivers Insurance
Medical and Accident for captain/ crew Insurance Owners Interest Insurance
Increased Value Insurance.
However, the choice of Boat Insurance is only part of the decision making process as understanding the meaning of words and terms in the policy is equally as important. It directly affects how the policy will be read when you make a claim. How a policy’s wording is interpreted will be different according to which country the policy is taken taken out. You may think that your boat is ‘seaworthy’ or that ‘Corrosion‘ is not an issue, but these words are open to interpretation and provide fertile ground for an argument. For example, an Insurer may argue that your vessel was ‘unseaworthy’ at the time of the claim due to Corrosion. To avoid this problem it is worth contacting your insurer and requesting a list of things you should do to keep your boat seaworthy.
Insurer’s may also change their policies from time to time. So it’s important you have your insurance policy regularly reviewed so as to ensure that your specific needs are still met. For example, in Australia some insurers no longer cover boats that are moored on swing moorings. In some cases this can be overcome where a letter from your mooring provider states that the mooring is correctly designed and laid to meet the boat’s needs.
At Vaarzon-Morel Solicitors and Lawyers we provide timely and accurate advice in respect to new/existing policies and also in dispute resolution to boat owners if an insurer has refused a claim. Our clients are in the unique position of being able to consult a Maritime Lawyer who has a comprehensive understanding of Boat Insurance. Given, the value of your boat, can you afford to not have a relevant insurance policy or to not have your existing policy checked? Our experienced Maritime Lawyers at Vaarzon-Morel look forward to assisting with your Insurance query.