Yacht/Boat Insurance

If you own a yacht or a boat, yacht/boat insurance could provide you with the simple, straightforward cover that you need.

You may think that getting insurance for your boat could be a hassle, but surprisingly it can actually be quite simple!

If you would like to know more about yacht insurance and boat insurance, read on to find out how HISL Brokers Limited can help to protect your boat with a policy.

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What is boat insurance?

Boat insurance (also known as yacht insurance or sailboat insurance) is designed for owners of yachts or boats for leisure purposes.

Types of boat insurance

There are three main types of insurance that you could consider for your boat. These include:

  • Third party: This is the minimum amount of cover that you should have for using waterways and marinas (The Canal and River Trust state that boat owners need third-party cover for at least £2m and the Environment Agency state that it needs to be at least £1m). It provides cover for other people if an accident if the fault of one of your drivers. However, it is important to be aware that damage to your own vehicle or driver’s injuries will not be covered.
  • Third party, fire and theft: This type of policy will also replace your yacht or boat if it is stolen and covers damage due to attempted theft or a fire.
  • Comprehensive: This type of policy will also cover any damage to your own boat.

These are just examples of some of the types of boat insurance covers that we can arrange at HISL Brokers Limited. As we know that no two boats are the same, speak to us today to find out which policies will best meet your needs.

Do I need boat insurance?

If you are the owner of a yacht or boat, then you need to have adequate small yacht insurance in place to protect you from a range of risks. These include damage occurring to the boat, as well as liabilities for any losses or injuries that occur to third parties as a result of an accident that is your fault. Without boat insurance in place, you would need to pay for these damages yourself – is that something that you could afford to do?

The cost of boat insurance

The amount of boat insurance cover that you will require and the premium that you pay depends on the type of boat that you own and what you use it for.

For example:

  • The type of vessel: For example, whether it is a motorboat, speedboat, yacht or narrowboat, as well as the size and power of its engine. 
  • The value of your boat.
  • What your boat is used for: For example, whether it is used for waterskiing, club racing and occasional charter or single-handed sailing
  • Where your boat is moored or stored: For example, is it stored on a canal bank, in a marina or harbour or on a trailer on dry land?

At HISL Brokers Limited we understand that cost is important to you, but it is crucial to ensure that you are properly protected in line with the risks your boat faces. With that in mind, we will take the time to understand your specific needs and recommend the amount of cover that is best suited to you.

What else do I need to know about boat insurance?

Optional extras that you may choose to add to your boat insurance policy could include:

  • Hull and associated risks insurance: This will provide protection in the event of damage occurring to the hull of the boat, as well as the total loss of the vessel.
  • Public liability insurance: Provides protection if a member of the public is killed or injured whilst on your boat.
  • Employers’ liability insurance: This is a legal requirement if you employ any member of staff on your yacht (including permanent, temporary, contractors or freelancers). The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill at work.
  • Personal accident insurance: In the event of a boating accident, this will provide a lump sum if death or permanent disability occurs, as well as a contribution towards expenses for emergency medical treatment and search and rescue costs.
  • War, strikes and political accident insurance: If you are planning to sail in foreign seas, this provides cover for risks that occur for political reasons.
  • Fine art, antiques and jewellery: Provides cover for any high value items that your store on your boat, in terms of physical loss or damage. It is important to ensure that these items are properly valued, to ensure that you do not suffer a loss in the event of a claim.

In addition, it is also important to be aware that if your boat or yacht sinks, if you only have third-party insurance in place then you will need to pay the recovery costs yourself.

How can I get boat insurance?

HISL Brokers Limited have a team of specialist advisers ready to help you get the right protection in place for your boat.

We will take the time to understand your specific needs and are committed to delivering a personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact Paul Kerner by calling: (0)20 7220 9020