Looking through the pages of this website you will have seen the number of boats, jet skis, trailers and engines that have been stolen recently, you would be well advised to buy some insurance, however you may need some assistance to guide you through the different policy wordings provided by different marine insurance companies.
Common Boat Insurance Terms
| Third Party Liability | Will provide cover if you should cause an accident and damage someone else's boat or worse still, injure another water user. You should not consider going afloat without liability insurance and most clubs, marinas and harbours will not allow you to use their facilities without valid third party liability insurance. |
| Comprehensive Cover | Cover to include accidental damage, theft, fire, vandalism in addition to third party liability insurance. |
| Racing Risks | Provides cover for your yacht or dinghy while racing, however many policies will require you to state the value of your rig. Specify too high a value and your premium will cost more; too low and you may not be fully covered in the event of a serious rig failure. |
| Policy Excess | The amount you will be required to pay in the event of a claim. Also known as the Deductable. |
| New for Old | Some insurers will offer new for old cover and will replace any damaged or lost equipment with a new, although age limits may apply, after which a deduction may be made for wear and tear or depreciation. |
| Crusing Range | The area within which you are covered to use your boat. If you intend using the boat outside this area, contact your insurers to request an extension to the crusing range. Failure to do so, may result in you being uninsured. |
| Laid-up Period | The period during which your boat should not be used. If your policy specifies that your boat must be laid up ashore between certain dates, you will not be covered if an incident occurs while it is afloat. |
| Marine Surveys | Most insurers will request sight of a survey report before offering cover for most boats over a certain age (typically 20 years old or more). A new survey will usually be required every five years. |
| Financial Services Authority | Regulators for all insurance policies sold in the UK. Always ensure that the company offering you cover is authorised and regulated by the Financial Services Authority. This should be displayed on all company paperwork and their website. |
Marine Insurance Companies
All of the specialist marine insurers listed in the right hand column of this page are all able to provide insurance cover for you, however each will offer a different level of cover. Always check the cover being offered to ensure that your needs are being met.
StolenBoats.org.uk does not receive any commission from any of the companies listed and no charge is made for their inclusion in this list. All companies listed have claims settlement authority and have free access to add any stolen equipment to this database. There may be other insurance brokers and agents who are able to offer boat insurance to you, however they may not have claims settlement authority.
