A Guide to Insuring Your Sailing Dinghy

If you've just bought a dinghy or are thinking about changing insurance companies, Noble Marine's Guide to insuring your dinghy may help you decide the sort of policy you need.

Both the cover provided by different Insurance Companies, and the service they offer, can vary greatly. Bear in mind that a cheaper policy may end up costing you more, if you have to make a claim and you should always check what cover is being offered before signing up.

Q. What should I look out for?

A. Everyone's needs are different, and only you can decide if wider cover is important to you. It is essential though, to understand what is being offered to you, before being able to make an informed decision.

Third Party Liability - You should not consider going afloat without liability insurance, which will cover you if you cause damage to another boat or worse still cause injury. The industry standard provides a limit of £2,000,000 and should be sufficient to sail in the UK. Many Insurers now offer a policy providing £3,000,000 worth of cover.

Racing Risks - Most policies will provide cover for racing as standard, but some insurers may charge you an additional premium. If you race without paying the additional premium you may not be covered.

New-For-Old cover - This will replace damaged items with new, but check whether there is an age limit on your equipment. For instance if you were to break a ten year old mast, some companies would replace this with a new mast of equivalent specification, others would only pay out what they considered to be the mast's value at the time of loss, leaving you to fund the difference.

Policy Excess - You will be required to pay the first £x of any claim.

Comprehensive Cover - will provide cover for your boat against accidental damage, theft, fire and vandalism.

Q. Do I need to use a specialist marine insurance company?

A. No - Many High Street Insurance Brokers will be able to arrange your insurance, but they may not have the necessary expertise to advise you correctly.

Q. How can I be sure the insurance company I choose is reliable?

A. Your policy is only as good as the service you receive if you have to submit a claim. Why not speak to your fellow sailors, for their comments regarding which insurers provide good (or bad) service to their clients.

With effect from 14th January 2005, it is a legal requirement that any company providing an insurance policy, must be authorised and regulated by the Financial Services Authority.

Q. Why do I need third party cover?

A. £2,000,000 Third Party Liability is usually compulsory if you are to sail in the UK and you should not consider sailing without this cover as a minimum. A policy providing third party liability, should cover you if you were to cause damage to property or injury to another person, with your boat.

Cover is normally provided for a named boat, and therefore another person sailing your boat, with your permission, would also be covered, however you must check your policy if you are unsure. It is unlikely that you are covered to sail any boat under this policy and if you are borrowing another boat, you should always check with a boat's owner that you are insured to sail it.

Third party risks whilst in transit would be EXCLUDED as this is normally covered by your motor insurance policy.

Q. Should I expect a standard policy to cover me while I'm not sailing (ie, when my boat is sitting in the drive or while I'm travelling?)

A. Comprehensive policies should cover your boat against accidental damage, theft, fire and vandalism, whether in use or not; however there may be restrictions on your policy. Boats should be securely tied down, trailers locked and / or immobilised when not in use, and equipment stored beneath your cover or taken home after use, if possible. It is relatively common for mice, rats or other rodents to make nests in your sails if stored in your boat.

If they do, your sail will become eaten and stained. Not all insurance policies will cover this eventuality.

Q. Would my trolley and trailer be covered?

A. Most policies can be extended, by payment of an additional premium, to include these items. Claims would be limited to either the market value at the time of loss or the sum specified on the Policy Schedule whichever is the lesser amount. It may be a requirement of the policy that trailers are immobilised and / or locked when not in use.

Q. To what extend would my equipment be covered on a standard policy (ie, sails, spars etc)?

A. Some insurers will only pay claims based on a percentage of the new replacement cost of your mast spars or sails, dependant on its age, leaving you to fund the difference. Typically, insurance companies will only pay two thirds of the replacement price on equipment over three years old.

The dinghy insurance policy offered by Noble Marine will pay the full replacement cost of your mast, spars or sails, damaged beyond repair, irrespective of age. All you need to pay is your policy excess.

Q. Does it matter who is in charge of my boat?

A. The majority of insurance policies will allow anyone to sail your boat with your permission, however it would be prudent to check this first. If you receive money in return, i.e. the boat is being chartered or hired; this may invalidate your policy.

Q. What is legal protection?

A. Upon payment of an additional premium, some insurance policies can be extended to include legal representation if your boat is involved in a collision or other accident and you suffer financial loss or injury. If you are injured, it is even more important that you receive expert help so that any claim for damages is pursued quickly and efficiently.

Q. What about cover for sailing abroad?

A. This will vary, depending on the policy you have chosen. Always check with your insurance company before taking your boat abroad. Noble Marine's clients automatically have cover for 30 days use in Europe each year. If your sailing takes you outside Europe for short periods of time, or your boat will be in Europe in excess of 30 days per annum, then it may be possible to extend the cover accordingly.

Q. What should I do in the event of a claim?

A. You should always submit your claim as soon as possible after an accident. After all, the faster you make the claim, the faster you can get back on the water.

Any incidences of theft or criminal damage should be reported to the police - remember that you'll need the Crime Reference Number for the claim form.

You will be required to provide at least one estimate for the repairs, or a written quote for the replacement items if a repair is not possible. Your Insurer may ask to inspect any equipment damaged, before authorising its replacement.

Stolen boats should be listed by your insurance company, free of charge, on the new www.stolenboats.org.uk website.

Q. How quickly should I expect to have my claim sorted?

A. This will depend on which insurance company you use and their speed of response. It can also depend how quickly your repairer can provide a quotation and then carry out the necessary repairs. It is Noble Marine's intention is to respond to you within two working days, advising how to proceed, so you'll know exactly where you stand, and how soon you can expect to be back on the water.

All Dinghy Policies provided by Noble Marine include:

£3,000,000 Third party liability for anyone using your boat with your permission. No excess is payable on third party only claims.

Accidental damage, theft, fire and vandalism.

Damage to the boat (and your trolley and trailer if specified on the policy) whilst in transit, but excluding third party liability in transit, as this should be covered by your vehicle's policy.

New for Old Cover - Your mast, boom, rigging and all sails are insured on a New-For-Old basis. If any of these items are lost, damaged beyond repair or stolen, we will pay the cost of new replacement item, less the policy excess. No deduction is made for depreciation.

Full cover for Racing

Comprehensive All Year Round Cover - 12 months cover for all inland and coastal waters of the U.K. and up to one month's use in Europe. It may be possible, to extend this cover either for use outside Europe or for more than one month's use within Europe.

Cover for sails damaged by vermin

Patrick Altoft is a marine insurance broker with Noble Marine.
Instant cover and online insurance quotations for most classes of pleasure craft can be obtained via http://www.noblemarine.co.uk

---

The Need For Life Insurance

A person needs to reexamine their life insurance needs every... Read More

7 Tips Toward Helping You Reduce Your Insurance Costs

Not a year goes by that insurance rates go up.... Read More

Affordable Life Insurance!

So, you've decided to purchase life insurance. Well then, you... Read More

How To Take The Guesswork Out Of Buying Term Life Insurance

Protecting your family is the single most important thing any... Read More

Senior Life Settlement-Uses and Applications

In a recent article in the National Underwriter (April, 2005)... Read More

Discount Auto Insurance

Whether you are looking for car insurance in Canada, the... Read More

Auto Insurance Basics

Most people only think that insurance is something they need... Read More

Insurance For The Self Employed And Those Seeking Health Insurance

First of all, congratulations on deciding to go out and... Read More

Why Should You Shop Around for Auto Insurance?

How do you know if what you are paying for... Read More

Disability Income Insurance Can Meet All Your Financial Needs

Disability income insurance can cover you in the event of... Read More

Underinsurance Can Spell Disaster For Homeowners

Insurance is meant to give homeowners peace of mind, but... Read More

New Jersey Car Insurance - What Do You Need To Know About It?

When purchasing New Jersey car insurance there are many decisions... Read More

The Many Benefits of Travel Protection Plans

Many people purchase insurance thinking I want full coverage and... Read More

We Dont Need Another Broker: How To Get The Best Liability Insurance Rates Available

Some business relationships are forged through blood and friendship. When... Read More

Life Settlements, More than a Cash Surrender Payout

With a life insurance settlement, seniors now have the ability... Read More

What is Car Insurance?

Car Insurance is compulsory in the UK. You are required... Read More

What Should I Do About Billing Problems When Using HSA Money?

If you run into a billing problem or misunderstanding with... Read More

Need Low-cost Temporary Family Health Insurance?

Many families will find themselves without medical coverage at some... Read More

Life Insurance, the Universe, and Everything

You may have noticed that life insurance is coming back... Read More

Cheap Health Insurance - Health Insurance for The Self Employed

If you're self employed, you may think of health insurance... Read More

How Does Credit History Affect Car Insurance Rates?

Many personal car insurance companies consider your credit information when... Read More

Flat Insurance in the UK

What are the factors involved in flat insurance? Do I... Read More

Origin Of Long Term Care Insurance

In the early 1980's Medicare started using a system called... Read More

Millions of Americans have No Life Insurance

Only 61% of adult Americans have life insurance (down from... Read More

Life Insurance ? Do You Need It?

Many people are skittish about life insurance, because they feel... Read More

Term Life Insurance Help

Life insurance can be a very scary thing. If you... Read More

Insurance Credit Scoring: An Ethical Issue

The issue at hand is the use of a consumer's... Read More

Car Insurance Advice for Young Drivers in the UK

Over the course of the last ten years, car insurance... Read More

What To Do When You Suffer An Injury On The Job?

For over 30 years I have been representing injured workers... Read More

Used Car Insurance

Every state requires that drivers carry liability insurance. The liability... Read More

Insurance in Northern Ireland: Historic Difficulties

No doubt most readers will have heard of the Northern... Read More

Health Savings Account (HSA): Do I Lose It At the End of Each Year?

The Health Savings Account (HSA) is an amazing tool to... Read More

Factors That Affect Your Car Insurance Premium

Many factors affect the premium you will pay for auto... Read More