Boat Insurance Glossary – R

Racing risks
Racing risks provide insurance for your vessel (usually yachts or dinghies) while racing. This is classed as a boat insurance addition, therefore you must state this is required and the value of your rigging upon application. Inevitably an additional levy will be charged for this boat insurance item to cater for the increased risk of a claim.
Rate refers to a calculated value which is multiplied against the vessel value to determine the boat insurance premium. The rate is determined through a series of factors such as boat type, mooring location, cruising range, boat age etc.
This is a monetary sum retrieved by a marine insurer either from an individual or from their insurer being owed/ arising due to a boat insurance claim.
Riggers Insurance
The boat rigger is responsible for a wide range of activities in fitting out a boat. Boat rigger insurance is therefore is a type of insurance which we offer to businesses / sole traders whose career is fitting out boats, see… boat riggers insurance for more details.
The factor(s) that dictate the likelihood of a claim. These factors are used by the boat insurance underwriter to calculate the cost of a boat insurance quote. Typical factors include previous claims history, type of mooring, vessel type, cruising range, engine size, boat age, vessel valuation.