| |
| |
|
|
Insurance Information |
|
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.
MORE RESOURCES:
Insurance - Google News |
|
|
|
RELATED ARTICLES
How Does Credit History Affect Car Insurance Rates? Many personal car insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new car insurance, keep in mind that many insurers are looking at your credit history to determine your car insurance rates. Are You Sure That Heirloom Oriental Rug From Your Aunt Hilda Is Really Insured? Gone are the days of the cinder block and wood plank bookcases. You've come along way from that old reliable jut rug and CDs (or in some cases, actual vinyl albums) stored in milk crates. Life Insurance Leads, Insurance Leads, and the Online Lead Generation Business I've long wanted to write an article about Internet Leads (Life Insurance Leads, Health Insurance Leads, Homeowner's Insurance Leads, etc) and why they are a waste of money, time, and a drain on the Insurance Industry. Thank you ezinearticles for this powerful resource in communication!Insurance Agents all over the USA are getting solicitations every single day for one new lead program or another. Young Driver Car Insurance It has become increasingly difficult to get young driver car insurance in the UK. The reason behind this is because the statistics for young drivers having a car accident are not very good. Life Insurance, the Universe, and Everything You may have noticed that life insurance is coming back into fashion. It's true that it may not be the financial term on everybody's lips, but sales of life insurance have been going up, according to the Association of British Insurers. The Life Insurance Plan Online Thank goodness the internet age has arrived helping us to find a life insurance plan online. Manually quoting policies was very time consuming and frankly discouraged the broadest recommendations because of so much work involved. How Can I Compare Life Insurance Quotes? The online life insurance companies offer a free service where you can request a free quote for your life insurance needs. This enables you to compare life insurance quotes to see where you can save money with one over the other. Need Low-cost Temporary Family Health Insurance? Many families will find themselves without medical coverage at some point in their lives. So, what do you do if you find yourself in this situation? Here are some thing that you should consider when purchasing quality, low-cost temporary family health insurance. Health Insurance 101 for Individuals and Families The changing healthcare and health insurance landscape in the United States has resulted in more individuals and families purchasing health insurance coverage on their own. Rather than touch on the number of reasons why this is the case, I would like to provide individuals and families finding themselves in this position with ten basic ideas to assist them with getting the best health insurance policy for their specific situation. What is Home Insurance? Home Insurance is designed to provide you with financial protection against any damage and possible risks that your property and possessions within it may face against unforeseen events and circumstances.Home insurance is commonly taken to describe both buildings insurance, which insures the fabric of your property, and contents insurance, which covers your belongings. What is Pet Health Insurance? Pet Health Insurance can give you the peace of mind that you are covered against unexpected vet bills. Having a pet can be a costly affair when you consider such expenses as food, vaccinations and checkups. The Great Value Of Accident Photographs You were humming along on a bright and sunny day when suddenly Fred Fuddle, a local character from a nearby town, drunk as a skunk and zooming along in his pickup, flew through stop sign crashing into the right front of your motor vehicle. You had no choice to avoid him. Insurance for Those Who Run Bed and Breakfast Properties A Bed and Breakfast, often referred to as a B&B, is a private residence with several rooms of which are set aside for overnight guests whose paid accommodations include breakfast. Modern Bed and Breakfast often consciously tries to recall earlier days - they are generally established in charming older houses which have been refurbished and adorned with antique furniture. 10 Ways To Save On Car Insurance For most people car insurance is a the single largest insurance expense after health insurance. Rates are high and are forever climbing, at least it seems that way. Life Insurance Without Life Value: Why Young People Are Snubbing Financial Advice This article is written by a 27 year old female (borderline Generation X / Y) called Rachel. Rachel spent six years at university, has no outstanding debts with the exception of government student loans. Everybody Wants The Best Term Life Insurance Quote The information you need about the best term life insurance quote is only a click away when you search for term life insurance online. You don't even have to know anything about the insurance industry to get the best term life insurance quote from an online insurance company. Health Insurance Coverage Health insurance is something that everyone needs today. The rising cost of visiting a health care provider or a hospital stay makes it imperative that everyone have some type of health care coverage. Mortgage Insurance Plans: How Good Is Yours? Mortgage insurance, to pay off a mortgage, is something you'll inevitably be asked to take out by the bank. Mortgage insurance is necessary so that if something happens to you or your spouse then your loan will be paid off which is good news for your family and the bank. California Catering Truck Insurance Catering truck insuranceNot many agents/brokers write catering truck insurance as they don't have a contract with companies that will write that type of coverage. There's a certain type of knowledge needed to write the risk with catering truck insurance properly. Long Term Care Insurance How Much Should I Buy? Long-term care insurance policies have a variety of features and it pays to shop around. It is quite easy in the final years of your life to run up extremely large care bills which could threaten your life savings, home and your children's inheritance.
|
|||||||||||||||||
