Velos Insurance - Frequently Asked Questions Boat Insurance


What information do you need in order to provide a quote?
We need basic information on the policyholder and the vessel, including loss record, experience, etc. A full set of questions can be found on our enquiry form

What type of vessels do you insure?
We offer competitive boat insurance for many different types of pleasure craft, whether sailboats, yachts, narrowboats, super yachts or motorboats. Unfortunately we don’t operate a dinghy scheme. We also offer insurance for small commercial craft as well as cargo.

How do I pay for my marine insurance policy?
You can pay using a debit card, bank transfer or cheques in Sterling and Premium Finance for UK-based customers. We don’t charge fees for payment by any of these methods.

How do I renew my marine insurance policy?
You will receive a renewal invitation from us approximately 30 days before your renewal. Then all you need to do is then settle the premium using one of the above methods, or renew your boat insurance online.

When will I receive my insurance certificate?
We will email your insurance certificate to you within 2 working days of your renewal date. If you are taking out a policy with us for the first time, you will receive you insurance certificate within 2 working days from receipt of all supporting documentation.

How do I make a claim?
It couldn’t be easier, follow the procedure outlined in the claims section of the web site, but should you have any questions, just get in touch with us directly and we’ll be happy to talk you through it.

How do I amend details on my boat’s insurance policy?
Contact us, either by phone or email, and advise us of the changes and we will make the necessary amendments to your policy.

How do I cancel my marine insurance policy?
You have a “cooling off” period of 14 days from either the inception of the policy, or the time you receive this policy, whichever is the latter.  If the policy does not provide you with the protection you want and you no longer wish to continue with the insurance, you may cancel the policy within this period and we will return the full premium, providing no claims have been made. We will be unable to return any administration fees that may have been charged. If you choose not to cancel the policy within this period then it will simply continue for the period specified in the Certificate of Insurance and be subject to all the terms and conditions set out in the policy. If you wish to cancel the policy mid-term (after 14 days) then you should send us a written notice to and we will cancel the insurance under the terms of the policy. Pease note that there will be no return premium in the event of a claim having been paid out or in negotiation.

How do I make a complaint?
There is a complaints procedure outlined in your policy wording and our terms & conditions, however if you have any questions, just get in touch with us directly and we can discuss it further.

If I have an existing insurance policy, and wish to change, when can I do so?You can cancel your boat insurance policy at any time as stated in the cancellation section of your policy wording.

Where do I find my details of my policy number?
Your policy number can be found on your policy schedule.

Does Velos offer a no claims discount?
Yes, Velos offers a no claims discount at 5% per annum up to a maximum of 25%. Under the Velos Plain Language Policy this is then automatically protected at no additional cost. If your boat is damaged whilst in a marina, your no claims discount will be unaffected, and we won’t charge you an excess. Furthermore, if you are taking out a boat insurance policy with us for the first time, and have a no claims discount with your previous insurer, we will be able to honour your no claims status, subject to provision of proof.

If I am selling my boat, can I transfer the remainder of my existing insurance policy to the new owner?
Unfortunately not, marine Insurance policies are non transferable. As such you will need to cancel the existing policy and the new owner will need to take out their own policy. Needless to say we will be happy to provide the new owner with a quote directly.

Does your policy include insurance coverage for goods and possessions stored on my yacht or narrowboat?
Your boat insurance cover can be extended to include contents insurance, subject to a completed proposal form and additional premium. Your boat insurance cover includes insurance of personal effects, however if you are seeking full contents insurance to live aboard your vessel, your policy can be extended subject to a completed proposal form and additional premium.

Does my insurance policy include third party liability?
Yes, third party liability is automatically included within our all-risk insurance policy, up to a limit of £3m.

Does my boat insurance policy provide cover for other people who may use my boat?
Yes, as long as they are doing so with the owner’s permission and there is no money changing hands.

Should I accept salvage services automatically?
If you’re offered a reasonable fixed price contract you should accept it. However, be wary of accepting terms from salvors that give you their own written salvage agreement form, do not sign this type of agreement unless you’re certain that you understand what it means. If in doubt, try and leave the remuneration to be settled at a later date preferably by mediation. Only sign a Lloyd’s Open Form Salvage Agreement if necessary. If you have any questions, do get in touch with us directly.

Do you offer insurance policies for commercial boat use and cargo?
Yes we do, please see our Commercial Craft Insurance or our Cargo sections for more details or to get a quote.

Do you have a list of recommended repairers?
No. A marine policy is one of indemnity and as such it is up to the owner to find a suitable repairer.

Do you have a list of recommended surveyors?
No, however we would strongly recommend using surveyors who are members of the Yacht Brokers Designers and Surveyors Association (YBDSA).

If a third party alleges liability following an incident, what do I do?
Ask them to put it writing and forward it to us without comment. At no time should you accept liability. For more information, see our Claims Advice section or contact us directly.

Is Velos covered by the Financial Services Compensation Scheme (FSCS)?

If I require assistance outside of Velos office hours, who should I contact?
If there is a claim or incident that takes place out of office hours you should act as a prudent uninsured, i.e. as if you have no insurance, and then get in touch with us in office hours. Our office hours are Monday to Friday 9am to 5.30pm GMT.

Contact Us

Tel: +44 (0)20 7929 4058
Fax: +44 (0)20 7933 9350
Click here to email us

Registered Office
Velos Insurance Services Limited
Notcutt House,
36 Southwark Bridge Road,
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