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Boat and Marine Cargo Insurance
Annual boat insurance policies are very different from marine cargo insurance policies. An annual boat policy will not usually cover the boat for shipping, or international road transport. It is therefore imperative to have the right transit insurance cover in place from the moment that the boat leaves the water until it touches the water again or is received at the point of delivery, when the annual boat policy takes over again. It is important to note that the cruising ground on the annual boat policy may also need be adjusted and notified to the underwriters. Cruising grounds will affect the annual premiums for the policy. The costs and quality of suitable repairs available in the area are a key factor in determining the underwriter’s premium. There are some regions of the world excluded as cruising grounds by some insurance companies owing to bad past claims experience and piracy risks. Be very clear on your intentions when arranging policies with insurance brokers, and check the detail of where you are able to sail.
Many boat hauliers will state that they have All Risk insurance policies. However this is All Risk only in respect of their own legal liabilities. If for example a third party drove into the boat and was the cause of the accident then that third party would be the person legally liable, and they may or may not have insurance cover. It is therefore important to make certain that the boat itself is insured for the trip. This can be done firstly by checking with the boat insurance broker and secondly by requesting from the freight forwarder or carrier the terms of the marine cargo insurance policy they are offering. Read the small print of both the annual policy and the marine cargo insurance policy. Be in possession of the certificates before the shipment takes place. Depending on the value of the boat it might be a requirement to have a survey done on loading and also on discharge. The insurance certificate will also detail to you the procedure and time limits for making a claim should the need arise. Claims can become time barred. A carrier is unlikely to let you know this, and it may be worth considering having your own independent marine cargo insurance so that the insurance company is sure to be acting on your behalf. SuperYacht Shipping through its global network can assist you with arranging loading and off-loading surveys worldwide.
When assessing the costs of boat insurance and marine cargo insurance consider also the level of service and quality of repair that will be effected in the event of the boat being damaged. Cheapest will not always be the best. A quality yacht insurance company will be aware of the need to arrange a quality repair and have a good knowledge of the most appropriate global yacht services . There may also be merit in having one company provide both the annual and the marine cargo insurance cover for the trip. A cheap marine cargo insurance provider may have little experience when knowing how to facilitate high quality repairs. At this time of economic uncertainty with insurance companies themselves subject to volatility, mergers and takeovers, it may be an appropriate time to review your annual boat policy with a broker. SuperYacht Shipping Ltd does not act as an insurance broker and is not a provider of insurance, but can introduce suitable insurance companies to discuss your detailed requirements directly.
To arrange a free review consultation email:
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