Yacht Insurance

The cost of this cover comes in at approx £0.04p per day – a total of £15.00 plus Insurance Premium Tax.

Offers cover to pursue losses not covered under your vessel policy against those who have caused you to suffer loss of, for example, your policy excess or other out-of-pocket expenses.

Example:

You’re hit by a third party and damage is caused to your boat. You will be liable to pay your policy excess. If our claims team are unable to make a full recovery your excess will not be returned, as a result you can use the Marine Legal policy to pursue this loss.  

Offers cover to pursue damage claims against a third party whose negligence has resulted in you suffering injury or death.

Example:

You’re hit by a third party and as a result you suffer injury. Our policy will pay based on the Personal Accident section, however this cover is limited, certainly in cases whereby you suffer an injury requiring months or years of treatment. You would be able to use the Marine Legal policy to pursue damages for pain and suffering as well as the costs that you may have to pay for ongoing treatment and rehabilitation.

Offers cover to pursue a third party following breach of contract for goods or services purchased in relation to the vessel.

Example:

You employ the services of a boat yard to carry out maintenance on your boatover the winter period, and your boat is out of the water. The works are carried out but not to the standard agreed upon. You would have no cover or recourse under Haven KJ boat insurance policy, however the Marine Legal policy would provide assistance in relation to breach of contract by the boat yard.

Offers cover to defend you against legal action brought against you in relation to a criminal offence following your ownership or use of the vessel.

Example:

You’re arrested under suspicion of trafficking drugs into the country by using your boat. So long as there is a 51% or greater prospect of winning, the Marine Legal policy will assist in proving a legal defence for you.

Offers cover for legal costs in dealing with companies who have provided credit to a fraudulent third party in your name and are now seeking recovery from you.

Example:

Your identity is stolen and a credit card has been taken out in your name. The credit card is subsequently used up to the limit with no payments made and as a result your credit file is marked with a default. The Marine Legal policy will assist in providing cover for advisors fees to liaise with the credit card company and credit reference agencies to write off the defaulted balance and removing the entry from your credit file.

If the vessel is damaged whilst abroad, this section offers cover for expenses incurred by you to travel back to the UK, Channel Islands or Isle of Man and subsequently return to the vessel once repairs have been completed.

Example:

Your boat is damaged whilst in the Med, 2 months into a 6 month trip. The emergency expense will provide  for you to return to the UK, IOM or CI and subsequently return to the boat in the Med once it has been repaired.

Offers cover to reimburse mooring fees that you have paid for your home berth, following illness or injury suffered by you, or damage to the vessel, that in turn prevents you from using your vessel.

Example:

You pay for your annual mooring, but a few months later your boat is badly damaged and as a result the boat is moved to a boat yard for 6 months. The Marine Legal policy will provide for the 6 months of mooring fees that you have had to pay your marina.

If the vessel is damage through no fault of your own that results in you being unable to use the vessel for a planned trip, this section covers the cost to bareboat charter a comparable vessel to your own.

Example:

You have a 3 week sailing trip planned from the UK to France for your annual holiday. 1 week before the planned trip your boat is damaged in a storm owing to the fact that the mooring provided by the marina was unsuitable and as a result will require months of repairs meaning that you will be unable to go on your planned trip. The Marine Legal policy will provide for the hiring of a similar boat for the trip. There has to be identifiable negligence by a third party, in this case the marina, and you have to be able to provide proof that you had a trip planned.

Apart from the restrictions noted below, yacht insurance usually does cover anyone driving your boat with your permission. That said, minors under 18 years old are not normally covered to drive the vessel without an adult being on board and in charge at all times. 

If there’s someone who’ll regularly use your boat, with or without you being on board, it’s a good idea to inform the insurer. Give the person’s name, age, record, and experience, together with any claims history they may have.

Make sure anyone borrowing your boat is aware of any limitations in the policy – for example, about where the boat may be used or moored. Our Haven Knox-Johnston ‘All Weather’ boat insurance policy has this to say about who may drive your boat:

• If you let someone else take charge of your vessel, you must make sure they have enough experience to do so safely.
• There’s no liability cover for anyone operating, managing or working on the vessel who is employed by a shipyard, repair yard, marina, yacht club, sales agency, delivery contractor or similar organisation. So if anyone covered by these categories is going to drive your boat, it’s essential they confirm they have their own professional indemnity cover.
• If you’re lending your boat for any form of compensation, this won’t be considered ‘private pleasure use’, but rather ‘hire or reward’. Hire or reward is normally excluded under insurance policies unless insurers have given their prior agreement to such use.
• If you’re arranging for a delivery skipper to sail or deliver your vessel, you should get a copy of the skipper and crew’s sailing CV, and make sure they have the appropriate professional indemnity in place – insurers often want to see this before agreeing cover. 

The above is for information purposes only. It’s not intended to define legal terms, or to affect the interpretation of any policy we may issue. If you have any questions about your insurance, the best thing to do is get your particular questions answered individually by your insurance broker or insurer.

Don’t panic. Any extended cruising trip is likely to be a long one, especially if you’re going the whole way round the world. Yacht insurance policies will be written on an annual basis, and should at least be able to provide cover as far as your next destination, or near to it. If, for example, you can’t get boat insurance in the US, arrange it with the local market when you arrive in the Caribbean. As long as effective cover is in place at the time of arrival in any port, you can stay there while solving the problem of the next stage. The locals understand the market, and will be able to provide your boat insurance needs for that region.

• Find a surveyor who is knowledgeable about the type of boat you have.
  

• The surveyor must be independent of the seller and any intermediary involved in the sale. 

• The surveyor should have professional indemnity insurance. 
• Many surveyors carry qualifications and/or are members of professional bodies, such as the Yacht Designers and Surveyors Association (YDSA) and the International Institute of Marine Surveyors (IIMS).
• To find a surveyor, get in touch with a professional body, check their websites, or ask your local marina or a yacht broker for their recommended list.

The premium you pay for yacht insurance is tailored specifically to you, and based on many factors such as:

• The boat’s age, size, speed, value and model
• Your mooring location and cruising requirements
• Your experience, qualifications, claim history

Please contact us for a personalised quote.