Boat Insurance

Getting the right boat insurance tailored to your unique needs can be complex. Whether you’re buying a boat, building a vessel, or already own a yacht, a comprehensive marine insurance policy is a non-negotiable asset. While not always compulsory in every jurisdiction, a lack of marine insurance coverage leaves you vulnerable to significant personal claims. Therefore, the boat insurance policy you choose must be selected with extreme care.

Vaarzon-Morel Maritime Lawyers assists clients with all aspects of marine insurance, from small pleasure craft basic policies to specially tailored Superyacht insurance solutions. Specific policy types our clients often require include:

  • While In Service:
    • Hull and Machinery Insurance (H&M)
    • Protection & Indemnity (P&I) Insurance (Third-Party Liability)
    • Medical and Accident Insurance for Captain/Crew
    • Increased Value Insurance
  • During Construction, Repairs, and Refits:
    • Builder/Repairer Risk Insurance
    • Waivers Insurance
    • Owners Interest Insurance

However, selecting the right vessel insurance is only half the battle. Crucially, a deep understanding of the policy’s wording and terminology is equally vital. The interpretation of specific terms directly impacts how your marine insurance claim will be assessed. Policy wording can vary significantly by country, leading to different interpretations. For example, you might consider your boat “seaworthy” or “corrosion” a minor issue, but these terms are open to interpretation by marine insurers and can become grounds for dispute. An insurer might argue your vessel was “unseaworthy” at the time of a claim due to undisclosed corrosion. To proactively mitigate such issues, regular communication with your insurer regarding vessel maintenance requirements for seaworthiness is recommended.

Marine insurance policies are also subject to changes by insurers over time. It’s imperative to have your boat insurance policy regularly reviewed to ensure it continues to meet your specific needs. For instance, some Australian marine insurers no longer cover boats on swing moorings, a challenge that can sometimes be overcome with specific documentation from your mooring provider.

At Vaarzon-Morel Maritime Lawyers, we provide timely and accurate legal advice on marine insurance policies, both new and existing. We are also experts in marine insurance dispute resolution, assisting boat owners when an insurer has denied a claim. Our clients benefit from the unique advantage of consulting a Maritime Lawyer who possesses a comprehensive understanding of both boat operations and intricate marine insurance law. Given the significant value of your vessel, can you afford not to have a relevant yacht insurance policy, or not to have your existing marine insurance coverage professionally reviewed? Our experienced Maritime Lawyers at Vaarzon-Morel are ready to assist with your boat insurance query and ensure your peace of mind on the water.