Purchasing Yacht Insurance

If you're soon to be purchasing a yacht or perhaps are lucky enough to already own one, then you'll no doubt be wanting to get it out on the water and making waves! First though do give yourself the ultimate piece of mind and ensure you have the right quality of yacht insurance. Not only might you want that piece of mind but also boat insurance can even be necessity to sail in some waters, in the US for instance. But really even back here in the UK, for a valued possession like a sailing boat or yacht, insurance should be a sensible necessity.

Thus, assuming that you're going to purchase a boat insurance policy for your sailing boat/ yacht, you need to have a think about what exactly ought you bear in mind with regards to insurance? Firstly, make sure that your insurance policy will cover you in whatever waters you're planning to travel through. Some insurance companies will refuse to cover you for areas beyond coastal waters of the UK and also you'll likely have been asked to declare your maximum cruising range when taking out the policy... either don't exceed it or contact your insurer if your intentions/ circumstances change. Though there may well be a good reason for that, if you do intend to visit such places then insurance is certainly a necessity and you'd be well advised to ensure you're fully comprehensively covered. Not only that but if you're planning cross channel voyages then a lot of insurance companies will place certain requirements on you in the form of the number of experienced crew members required, some will only require 3 but some will require more. Therefore you're well advised to think long and hard about what you intend to do with the yacht before purchasing any insurance.

Secondly, do you have any intention of travelling in areas that suffer from regular extreme weather conditions or phenomena? A lot of insurers won't cover you or, if they will, they'll only cover you out of season. So as always it's worth checking out in the small print well in advance.

Thirdly, a lot of insurers won't cover your boat if it's over a certain age, twenty years being fairly standard, so if you're considering buying an older boat then do bear in mind that you will need to have more regular boat surveys and for much older/ more expensive vessels may even need a special arrangement with your insurance provider.

Finally, two more things, first does the insurance policy cover medical expenses for the crew? Whilst a few countries (obviously our own included) do have nationalised health services, most do not and the last thing you'd want is to be stuck in a tropical paradise whilst unable to get medical provisions in the event of an accident – or have to pay out of your own pocket for healthcare. Accidents can and do sometimes happen. Lastly, look for a policy that covers the equipment on the boat – things like GPS can be expensive to replace and sails, rigging and anchors collectively can cost much more so there’s definitely worth in making certain that you're fully protected against any losses. Get all these items valued and covered, simple!

That said, don't be put off sailing, it's the ultimate pleasure! But for peace of mind do get yourselves covered and refuse to pay more for less, get a quote and get covered today!

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