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Boat Insurance vs Yacht Insurance - What's the Difference?

If you are considering getting your boat insured, then you should consider which would be best for your vessel: boat or yacht insurance?

The policy that you choose will dictate a lot about how and where you can use your ship.  But what is the difference between boat and yacht insurance? 

Simply put, yacht insurance covers more precise and wider-reaching insurance coverages for larger vessels.

Yachts are considered to be vessels that measure 27 feet or more in length, whereas boats tend to be 25 feet in length or less. 

So, what will your yacht insurance cover for you, and which boat insurance policy of the two will be the most expensive? 

What Are the Major Difference Between Boat and Yacht Insurance?

As you may know, a standard boat insurance policy covers what are generally considered to be smaller boats (up to 26 feet).

Of course, the specific types of boat insurance policies depend on the boats themselves.

It is important to remember that a ‘boat’ can be anything from a fishing vessel or speedboat to a recreational or professional vessel.

As you can imagine, these different kinds of boats require different levels of insurance based on their age, where they go, who helms them, what they are used for, their market value, the mooring locations, etc. 

However, a general boat insurance coverage usually offers liability, personal property damage, assistance, and will even cover physical damage. 

You should be able to add other things to your insurance terms based on your specific vessel (for example, insuring your fishing equipment). 

However, the policies are a little more precise when it comes to yacht insurance.

Boat Insurance vs Yacht Insurance blog post image

Given that yachts (boats over 27 feet) tend to go further into the ocean, even crossing them, the insurance policies have to be able to meet the needs of owners. 

Generally speaking, every yacht insurance policy should contain the general terms that you would find in typical boat coverage.

As is the case with boat insurance, you will also be able to add fuel spills coverages and coverage for other boats that are uninsured or even underinsured. 

If you do plan on travelling far with your yacht, then you will also be able to extend the insurance past the general navigational limits to follow where you plan to go.

Another thing that tends to be added to yacht policies specifically is certain weather coverage – for example, hurricane coverage.

This will, of course, depend on where you are planning on travelling with your yacht, but it is definitely worth considering. 

Specifically, yacht coverage generally oversees P&I insurance (protection and indemnity) and hull insurance. 

To distinguish boat insurance from yacht insurance, the main things to remember are that yachts tend to be the bigger vessels and that, therefore, their insurance policies tend to be more specific and have broader coverages to cater to greater navigational areas. 

In short, the P&I coverage extends past the general liability coverage that is included in most boat insurances.

It adds certain coverages to meet maritime law. For example, it can cover bodily injury to a crew member and damages caused to other boats during a boating accident.

What Is Not Covered by A Boat Policy that is Covered by a Yacht Policy?

Boat and yacht coverage do tend to have very similar policies that apply to many of the same things.

That being said, as mentioned, yacht insurance policies tend to be far more detailed than a general boat insurance policy. 

For example, animal damage does not feature on most boat insurance policies.

That being said, if you do plan on taking your yacht across an ocean, you could come across certain animals that could potentially damage your boat.

Moreover, yacht insurance tends to cover a broader and more varied area as the owner is likely to sail far and wide on a bigger ship.

However odd that may appear, it is actually very logical. Think about it – if you took a houseboat onto the great open sea, it is likely to come across many things that it will not be prepared for and scenarios it was not built to traverse!

Therefore, the insurance company will not be willing to cover the damages that the boat will receive in those areas.

However, yachts can go to farther and more varied locations, meaning it means a more detailed approach to its insurance policies.

How Much Does It Cost to Insure a Yacht vs a Boat on Average?

The amount that boat owners have to pay for marine insurance compared to yacht owners depends on many factors. Sadly, boat insurance is not as straightforward as you might think, and boat insurance prices can vary a lot depending on: 

  • The insurance company: As is the case with home or car insurance, some insurance companies are a lot more expensive than others, which is why it might take some time to find the right one for you and your boat. It is best to get as many quotes as possible before making your choice. 
  • The age of the vessel: Generally speaking, it will cost more to cover an older boat than it would to cost a new boat, whether it is a yacht or not, as more things are likely to go wrong and repairs are more likely to be needed. 
  • Whether or not you are a first time boat owner: If you are about to get boating insurance for the first time, then like a new driver, you are bound to pay more, whether you have a boat or a yacht. 
  • Whether it is a personal watercraft or a professional/commercial boat: Vessels used for professional purposes generally pay more than personal vessels. (we also provide commercial boat insurance)
  • Your vessel’s current market value: The price of the insurance will depend on the agreed value of your ship.  
  • Whether or not you already have a homeowner’s policy with the insurance company: this can sometimes make a difference and net you a discount, depending on the insurance carrier.

The list goes on! However, here’s a comparison of what you might expect comparing yacht insurance to boat coverage.

Very generally speaking, fully comprehensive insurance covers for a yacht costs around £380, whereas a fully comprehensive cover on a boat, such as a speedboat, for example, will cost around £340.

A houseboat will cost more, and dinghies even less.

IMPORTANT NOTE: The cost of your boat and yacht insurance will completely depend on the type of boat and other features on board. Costs can vary hugely due to the many variables and your personalised needs.

Summary

If you are considering getting boat or yacht insurance, then do ensure that your policy covers everything that you consider to be important for your ship.

The insurance may cost a lot, especially if you do plan on going far; however, there are ways of reducing the costs of your insurances, on both yacht and boat insurances. 

It is also important to remember that while boat insurance isn’t necessarily a legal requirement, if you do plan on taking your yacht into international waters, then you are very likely to need some form of boat insurance.

Personal property coverage alone won’t cut it!

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Do I Need a Survey for Boat Insurance?

If you are currently looking at getting boat insurance for your vessel, then you may well come across boat surveys as viable options.

Some insurance companies do indeed request that professionals survey certain ships before they can accurately insure them.

However, not all vessels are necessarily subject to these kinds of surveys, so how do you know if yours will be and if you’ll need a survey for boat insurance

The chances are that, yes, your boat will need to be surveyed by a professional in order to secure fully comprehensive insurance. It’s worth preparing yourself for a pre-purchase survey regardless of the vessel you’re buying.

But why does your boat need to be surveyed, and what exactly happens during a boat survey?

What Is a Survey for Boat Insurance?

A marine insurance survey is a series of inspections that your boat will have to go through to determine the current state of both the interior and the exterior of your vessel.

Boat surveys happen whether you have a new boat or an older one. 

Boat insurance companies either suggest that you use a marine surveyor that they know and work with or that you contact an accredited professional by yourself.

The surveyor will check the hull, the fuel system, the sole boards, the deck, the rigging, the electric system, the fire extinguishers, other safety equipment, etc.

A proper survey will include a detailed inspection of both the exterior and the interior of the boat to determine the current state of the boat, how safe it is, and generally, what it is worth.

Most surveyors reference moisture meter readings, oil testing, and other tests to determine the current state of the boats.

A good surveyor may even request a sea trial and is likely to request that you haul out your boat in order for them to take a better look at the hull in particular. 

Many insurance companies require that boat owners have marine surveys in order to fit the policy to the specific vessel better.

The insurance company can also decide whether or not it is worth covering the boat and may advise you to fix certain problems before they can give you a comprehensive cover. 

However, you may have successfully managed to set up boat insurance before and have found that your boat insurance company wants all the information regarding your vessel, including insurance surveys before they can move ahead.

It’s a good idea to comply!

Do You Need a Boat Survey for Insurance?

Whether or not your insurer will require a survey depends on a few things: 

  • The insurance company: Many insurers do require boat surveys; however, there are still some that don’t. However, if they do not ask for a survey, it won’t necessarily be a good thing. Given the fact that the survey is there better to determine the value and safety of your boat, your costs could be a lot cheaper than what they would be without a survey. 
  • The vessel type: Whether you have a brand new yacht or an older boat will have a big impact on whether or not your insurance company will ask for a survey report. Boats become more difficult to maintain and are more prone to issues past a certain age. Large boats are also more prone to needing a condition survey, as they tend to go farther and cost more to maintain, repair, etc. So yacht insurance or super yacht insurance will generally require one.
  • Any previous claims that you may have made: Whether or not you have already made a claim, your boat insurance will determine whether or not you will need to have your boat surveyed. It will also determine whether or not you have had accidents in the past, what kinds of accidents, etc. 

Generally speaking, boat surveys depend and vary on the insurance company and on you as a boat owner. Some insurance companies may even ask for a pre-purchase survey, too.

How Much Does a Boat Survey Cost?

Generally speaking, surveyors charge based on the size of the boat and, therefore, the time that it will take them to examine the boat entirely.

They very rarely run at a flat rate due to the differences in vessels that they see.

Certain things may cost more to test, although most things that need surveying are generally included in the price.

It is best to ask the surveyor about the different tests that are needed and their general marine survey cost before you have them come to do the survey. 

Moreover, as easy as it may seem, you cannot do the survey by yourself.

In fact, most insurance companies will not even allow the marinas to do the surveys and instead ask that you hire professionals to do it.

You can always ask their advice about surveyors that they have worked with and their general rates. 

Do All Insurers Require a Boat Survey?

Insurance companies typically ask for boat surveys on both new boats and older vessels.

You may find that your boat is not subject to a marine survey just yet, but it is very likely that it will be in the future as it gets older. 

You may even find that, a boat survey is required on an older vessel that might still be a new purchase to you.

As the current owner, it is best if you know as much about the boat’s history as possible to better determine the points that will need to be addressed in the policy wording. 

However, you will not necessarily need to get a boat survey in order to get insurance quotes.

It can help to assure market value, however – so even if you are not offered a marine survey outright, it’s worth keeping them in mind.

Summary

If your boat does need surveying for insurance purposes, then it is best to prepare the vessel beforehand. Take up any repairs that you think need doing, and clean up your boat.

Leaving clutter around will make it more difficult to determine the current state of your vessel, and it will take longer for the surveyor to complete the survey. 

There are also ways of helping your insurance policy go down in price, and increasing the market value of your ship, simply by investing in safety equipment, certain repairs, etc. Preparation is key!

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Does Your Boat Liability Policy Exclude Marine Activities?

Did you know, it is crucial to arrange public & products liability through a specialist marine insurer as many general insurance policies will specifically exclude marine activities within their policy wording?

Whilst it’s not a legal requirement to take out public liability insurance, many business owners see it as an essential business expense, and it’s required by many trade associations.

In many cases, you may find that you’re asked to show proof of public liability before you’re permitted to trade. Tradespeople will often need to show proof of cover before they’re allowed to enter a marina or boatyard and start work.

Similarly, if you are exhibiting or selling products at an exhibition or event, you may be asked to show proof of cover before you’re allowed to set up a stand.

What Is the Difference Between Public and Products Liability Boat Insurance?

Public liability insurance covers compensation claims made against your business by a third party for injury or damage.

Product liability insurance – which is often included in a public liability policy – covers compensation claims for injury or property damage that’s been caused by a product you’ve sold.

Types of Potential Claim

Examples of what liability insurance would cover you for:

  • Someone trips over your toolbox and hurts themselves
  • You are working on a vessel and accidentally spill paint on the deck
  • Whilst valeting the interior of a vessel you accidentally knock expensive marine electronics off the shelf
  • You are working on a vessel on hardstanding using a ladder and debris falls onto a pedestrian

Geographical Limits

The ‘geographical limits’ are the countries where the policy will provide cover to the policyholder in respect of their business activities.

Standard geographical limits are:

  • United Kingdom
  • Europe
  • Worldwide excluding North America
  • Worldwide including North America

Limit of Indemnity

The Limit of Indemnity (LOI) is the maximum amount the insurer will pay under a policy during the policy period.

Standard limits are £3 million or £5 million with many insurers able to offer up to £10 million.

Noted that should a higher limit be required this can often be arranged as Excess Layer Insurance, also known as Excess of Loss, is a policy designed to provide increased limits of liability over your primary insurance cover.

If you need more advice or a quotation for Public & Products Liability for your business, contact the experts at Velos.

Call us now on 0207 929 4058 or email us at marine@velosgroup.co.uk

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How Much Does Commercial Boat Insurance Cost? (Examples Included)

Boat insurance is one of the first things you should always consider for any kind of commercial vessel. It is essential for any ship, but it is crucial for those whose livelihoods depend on their vessels!

However, to find the best cover for your boat, you will need to work with an insurance broker that will happily tailor the policy to your specific needs.

So, let’s get started – and look at a few sample commercial boat insurance policies, rates, and a few things to bear in mind in your hunt for the perfect cover. One of the most asked queries is how much boat insurance costs, so let’s give you an idea in this article.

How Much Should Commercial Boat Insurance Cost on Average?

Unfortunately, there’s no straight answer here – there’s no such thing as average commercial boat insurance rates!

Due to the varying uses of commercial crafts, there are many different commercial boat insurance policies and specifics.

In fact, most insurance companies apply different covers and prices to individual needs. That is why creating an average for commercial marine insurance policies is nigh-on impossible.

As you can imagine, a cruise ship with hundreds of passengers, more difficult mooring and countless instruments and employees will pay a far different comprehensive cover than a local fisherman.

It pays to compare and contrast.

There’s a reason why the average is likely to vary so much. Whatever your business, running a commercial craft has a variety of challenges.

Whether you will have your own customers boarding and even staying on the boat, or you use it for your own commercial purposes (such as fishing), your boat will likely go through a lot – including different settings, weather, and even the occasional breakdown.

That is why ensuring that you are fully covered is essential – and why you should start comparing rates as priority.

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What Does Commercial Boat Insurance Cover?

When looking into boat insurance comparison, you’ll likely find the following areas are covered by policies:

  • The vessel’s commercial purpose (whether it is for fishing, diving, cruising, ferrying, sightseeing, potting, layering, water sampling, etc.)
  • Your trading style (how you’re registered)
  • The age of the vessel
  • The owner’s experience and previous claims
  • Its mooring location

The list goes on.

Now, depending on what the boat is used for, insurance experts will be able to better determine what exactly your commercial boat insurance policy should cover.

Some of the more common policies include:

  • Marine legal protection cover
  • Crew liability
  • Third-party liability
  • Personal belongings
  • Personal accident cover
  • Outboard motors

And, again, the list goes on.

The best insurance brokers will work closely with you to better determine exactly what should be covered for your vessel – it’s worth setting up a conversation once you have at least three commercial boat insurance quotes to hand.

Commercial Boat Insurance Price Examples

We understand that finding an average price for boat insurance can be a little tricky.

As there are so many things to consider before being able to reach a set price, and of course, with the price varying depending on the insurance brokers, it can be quite stressful, especially when you are setting out your business plan at the same time!

With that in mind, here are a few examples of boat insurance quotes, bearing in mind that these are for very specific boats and their needs.

For example, all under fully comprehensive cover:

  • Large motorboats cost on average just over £260.
  • Dutch barges cost on average just over £700.
  • RIB insurance costs around £330.
  • Catamarans cost around £480.

However, it is essential to remember that these rates vary depending on the age and current state of the boat, the owner, the captain, the crew, the public, the mooring, the size of the boat, etc.

The only way to truly determine how much you will have to spend on boat insurance is by getting multiple quotes online.

Thankfully, boat insurance comparison has never been easier, and we can help you with that!

We are a vastly experienced, commercial boat insurance broker who will get the most competitive rate possible for your policy needs.

Commercial Boat Insurance Quote

If you wish to insure your commercial boat here in the UK and need to find the best commercial boat insurance quotes available, then you have certainly come to the right place!

All you need do is click on the ‘Get Quote’ button at the top of the website and fill in some quick personal data about your boat to make obtaining insurance quotations that much easier.

We’re also completely authorised and regulated by the Financial Conduct Authority, too – so you can rest easier.

It takes just minutes to arrange cover for your commercial craft.

With a wide array of options available to you, it won’t take long for you to find the perfect insurers to protect you when out on the water.

It’s time to protect your business, your interests, your people – and your boat.

Run a commercial business using your yacht, sailboat, pleasure craft or other type of boat? You can trust your vessel with Velos. Start your COMMERCIAL BOAT INSURANCE POLICY QUOTE NOW by clicking on the quote button at the top of this page.

Summary

Insurance for commercial vessels is always going to vary when it comes to the cost. That’s why it makes sense to save money and time by contacting us at Velos to use our decades of experience to find you the best policies and rates, depending on your precise needs. It’s time to get yourself covered.

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How Much Does Boat Insurance Cost? (Examples Inlcuded)

Are you considering taking to the waves? Or are you maybe considering upgrading ? Besides the costs of the actual boat and running it, one of the biggest things you will have to consider is the cost of boat insurance.

Whether you have a rowing boat or a yacht, every boat owner needs to ensure that they have the cover that they need to protect themselves, their crew, their ship, and other traffic!

That is why we are going to guide you through boat insurance, the costs, and more – how much is boat insurance (UK based) on average? It’s time to get covered.

How Much Should Boat Insurance Cost on Average?

In some ways, boat insurance is like any other kind of insurance in that the price depends on the size of the boat, its age, where it is (where it is moored, to be exact), and on you, the owner.

Do you have any experience owning and driving a boat? What are your previous boat insurance claims, if you have any? Are you a licensed driver?

The price of boat insurance also very much depends on the kind of boat insurance policy that you are looking for.

Given that boat insurance is not a legal requirement in the UK, there are some boat owners that would assume that it isn’t necessary.

However, it is essential to note that certain marinas will not allow you to moor your boat without insurance and that in order to use your boat on the British waterways, you will need coverage of some form or other.

But what kind?

To save money, some opt for third party boat insurance alone.

Now, while third party cover is excellent, it will not cover everything, which is why having fully comprehensive boat insurance is always the wisest idea.

Now, we can practically hear you thinking that something like a fully comprehensive cover will cost a fortune! Thankfully, it doesn’t have to – keep reading and we’ll show you why.

How Much Does Boat Insurance Cost blog post image

Are Boats Expensive to Insure?

On the whole, no – but that all depends on a few basics. Generally speaking, smaller boats such as dinghies can cost anything from around £100 a year to insure, whereas bigger boats such as yachts or speed boats can cost a lot more.

However, there are ways that you can reduce the cost of your boat insurance. For example:

  • Get your licence: While having a boat licence isn’t always necessary, it definitely helps to reduce the cost of insurance policies. Put yourself in the shoes of the insurance companies – if they have to insure a boat owner who has no experience sailing or driving a boat, then they are statistically more likely to have a boating accident with it. Therefore, by providing the necessary proof that you do indeed have experience commanding a boat of that size and that you have been qualified to do so, your boat insurance quotes will be significantly lower.
  • Get safety equipment: One way of lowering your rates is by proving that you are at a lower risk. Preparing your vessel for any eventuality, be it for fires, equipment failures, lifejackets, lifeboats, etc., your insurance policy is bound to be cheaper.

 

  • Consider using the same company as the one you use for your home and auto insurance: You may find that the insurance company that you already use for your car insurance, homeowners insurance or others can offer you good insurance cover for your boat at a lower rate. An insurance company that does not know you is bound to offer higher premiums than one that has experience working with you already.
  • Compare boat insurers: The best way of ensuring that you are getting the best policy possible is by comparing as many marine insurance companies as possible.

What Are You Paying For When You Insure a Boat?

Of course, what you will be paying for exactly with your boat insurance depends on the policy basics. However, here are a few things that you should expect to see if you get boat insurance:

  • Third-party cover: The first thing that you should really look at is third party insurance – as discussed. In many cases, boat owners choose to only have this as it covers something that none of us can control – third parties on the water. Third-party liability insurance covers you, your crew, and the guests on your boat should any injuries, damages or even death have been caused by a third party.
  • Fully comprehensive boat insurance: As the name suggests, fully comprehensive boat insurance covers most things, including things that we simply cannot control, such as theft, vandalism, third party fire, property damage, sinking, and even weather-related damage.
  • Medical expenses: Some insurance policies do indeed include cover for medical bills induced from accidents caused onboard that could hurt you, your crew, or your guests.

Example Costs of Boat Insurance

As mentioned, defining exactly how much you will have to pay on boat insurance will vary depending on a few factors.

However, there are, of course, certain averages that can help you to better understand how much you are potentially looking at when it comes to insuring your vessel.

Here are a few examples of boat insurance policy costs in the UK:

  • Yachts: For fully comprehensive insurance for a yacht here in the UK, prices average at just over £380.
  • Catamarans: On a fully comprehensive insurance policy, catamarans cost more on average, coming in at over £480.
  • Speedboats: If you are looking at insuring your speedboat on a fully comprehensive policy, then you are looking at more around £340.
  • Houseboats: Houseboats cost even less to insure, coming in at around £260.
  • Dinghy: If you are looking at a small dinghy for weekend adventures, then you will be happy to know that, on average dinghies cost around £115 on a fully comprehensive insurance policy.

Summary

Whether you use your boat daily or just every now and then, it is always best to have the best insurance possible.

Anything can happen on boats, whether you are just cruising up down a river or taking on the seven seas.

Thankfully, with high quality boat insurers like Velos to choose from, you ensure that you pay a fair amount for the cover that you need.

Whether you own a yacht, sailboat, pleasure craft or motorboat, you can trust your vessel with Velos. Start your boat insurance policy quote now by clicking on the QUOTE BUTTON at the top of this page.

It can take a little time to decide what exactly you want and need but trust us – it is definitely worth it when it means keeping you, your boat, and your loved ones safe.

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Do You Need Insurance to Drive a Boat (What About a Licence?)

Owning a boat is like having a ticket to unlimited freedom. Being able to sail your own vessel, whether it is to take on the wider seas or move smoothly by across the beautiful inland waterways of the UK, there’s little wonder that boating is so popular here. Given its popularity and the number of boats on our waters, it’s natural to wonder whether or not you need boat insurance or even a licence to use your boat, however.

You do not need insurance or even a boat licence to use certain kinds of boats in the UK. That being said, certain inland waterways, marinas, and vessels will require you to have a boat safety scheme or boat licences, and at the very least some form of boat insurance (such as third party insurance).

Let’s take a closer look.

Is Boat Insurance Required in the UK?

No, you do not need boat insurance in the UK to own or even use your boat. As a boat owner, it’s not a legal requirement for you to have insurance…with some exceptions.

That being said, there are certain marinas, and most inland waterways that insist on boat owners to have at least some form of boat insurance.

It’s generally seen as good practice to provide boat insurance details if requested.

It is recommended that you have at least third-party liability insurance.

Third-party insurance will ensure that if you cause any accidental damage to other boats and people, said damages, injuries and even death will be covered financially.

There are, of course, completely comprehensive policies available for boats that cover fire, theft, personal accident, etc.

Many inland waterways and marinas require you to at least have a boat safety scheme certificate.

For more information, you should contact your own marina and the broads authority to ensure that your boat is safe to use in that specific area.

Do You Have to Have Insurance on A Boat Outside of UK Waters?

Although you will have to research the waters through which you will be specifically travelling on and the countries in which you plan on docking, most European countries and other territories do ask for proof of insurance on your boat.

Of course, it is best to enquire with the specific port and waters that you plan on visiting to be sure of whether or not you need boat insurance and whether your vessel meets all of their requirements for entry.

You should also consult the navigation authorities should you have any queries regarding using your boat.

Is It Illegal to Not Have Boat Insurance?

Since having boat insurance in the UK is not a legal requirement no, it is not illegal to avoid setting up such a policy.

However, given the sheer cost of buying and maintaining a boat, it would be wise to insure it to ensure that your vessel is covered should an accident occur, be it of your doing or someone else’s.

There are plenty of boats sailing in the UK that are not insured and who do not even have third party insurance.

It is always wise to protect your vessel from any eventuality. Especially if you own a valuable luxury yacht. Yacht insurance becomes essential.

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Do I Need a Licence to Own a Boat?

No, you won’t need a boat licence to physically own a boat in the UK.

What’s more, if you use your vessel for commercial purposes, even a small commercial boat will require you to have a licence.

Do You Need a License to Drive a Boat in UK Seas?

Generally speaking, you do not need a boating licence to sail your yacht, rowing boats or most other vessels in UK waters. However, to run speed boats, you will require a licence.

That being said, most inland waterways, such as the Suffolk Broads, the Thames, etc., require boat owners to have a boat licence. That goes for all owners, whether you have a powered boat or an unpowered boat.

Is a Licence Required to Drive a Boat in Foreign Waters?

Many foreign countries and waters require boat owners to possess an International Certificate of Competence (ICC), also known as an international boat licence, to ensure that they are safe to travel within the waters.

However, if you are travelling somewhere abroad, be it a powered boat or not, it is best to take a competency exam beforehand to ensure that you, those on your vessel, and anyone surrounding your boat is free from harm.

You won’t have to pass any kind of exam when it comes to owning a boat – but for the sake of boat safety, it’s best to brush up.

Summary

With boating laws being what they are in the UK right now, it can be easy to assume that driving or sailing a boat is completely free and easy.

In fact, given that owning a boat does not mean that you have to have it insured, it can seem easier to own a boat than it is a car in many ways.

However, all vessels, even unpowered boats, can be challenging to use. So much affects the way that your journey will go, including your experience, the weather, and other boat users around you.

Just as you should always have certain security devices on your boat (such as inflatable rafts, life jackets, etc.), you would be wise to also have a boat licence, or at the very least, a boat safety scheme certificate.

Moreover, you will find that the broads authority and other navigation authorities will now insist upon owners having boat licenses, a boat safety scheme, and at the very least third party insurance.

Save yourself some hassle and give yourself peace of mind by making your time on the water safer for you and everyone else.

Whether you own a yacht, sailboat, pleasure craft or motorboat, you can trust your vessel with Velos.

Start your boat insurance policy quote now by clicking on the quote button at the top of this page.

Contact the navigation authority to ensure that you and your boat are safe on the UK waters for more information.

You should also look at marine finance to enquire about any financial information regarding boat insurance and insurance companies.

Read Also: Is my boat covered by my home insurance?

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What Does Third Party Boat Insurance Cover (and What It Doesn't!)

If you are looking at boat insurance, then you will likely have had to consider third-party liability insurance at the very least. Even though boat insurance is not a legal requirement in the UK, it is highly recommended – as many marinas will not accept your boat without any least some form of cover. At the absolute least, third party liability insurance is a wise idea. With more and more insurance claims being made every day, it is always best to ensure that your vessel is protected. So, what is third party liability insurance, and how does it work?

Third-party liability insurance covers you if there is any damage caused to other boats. This type of boat insurance policy should also cover you if the damage caused any physical harm. It will cover the boat owner, crew, and even guests. In total, it will cover:

  • Injuries to the third party
  • Damages to them and/or their vessel
  • Death to the third party

So, what doesn’t third party insurance cover, and what affects the cost of the insurance?

What Is Excluded from Third Party Boat Insurance?

Even though third party cover does protect a great deal, naturally, there are certain things that are excluded from the insurance and that will render the damage uncovered.

For example, even though the policy covers damage to a third party, that only means accidental damage. If it is proven that the cause of the problem was due to malicious damage, then the claims will not be valid or authorised.

Similarly, if it is proven that the damage was caused by wilful misconduct, then the insurance will not cover the damage costs.

Unlike other boat insurance policies (such as fully comp, for example), third party insurance will not cover fire or theft. In order to have those covered, you will need to pay for an additional premium.

Given that fires and theft are more common in cars (and so are generally covered in car insurance), many boat owners do not see the point in having fire and theft covered on their boats, especially as they are not required in most marinas. The choice is yours, of course.

What Factors Affect Third Party Boat Insurance Cost?

From the get-go, it is essential to understand that in order to find the best deals for third party insurance, you will need to compare boat insurance from company to company.

However, generally speaking, there are a few common points for most companies that will affect the cost of your insurance, such as:

Your on-board equipment

Having reliable, present safety equipment on your boat can significantly help you reduce the cost of your boat insurance. Things such as GPS, depth finders, radar, etc, will help to better protect yourself and others aboard your ship, as well as protecting those around you, which will in turn help to reduce the cost of your insurance.

What Does Third Party Boat Insurance cover blog post image

Same-company deals

Sometimes, companies will offer a discount for clients who already have insurance policies with them, be they for cars or other vehicles, homes, etc. Therefore, it could be worth looking at your existing insurance company and enquiring about a discount for your third party insurance policy.

No prior boat insurance claims

As is the case with car insurance, your rates will go up if you have a history of claims. If your boat insurance policies have not been previously claimed upon, then the chances are that your third party boat insurance will be cheaper than it would be if you had.

Your age

Again, the same goes for certain car insurance companies, as your age can significantly impact your insurance policy rate. Generally speaking, the older you are, the more mature the company is likely to consider you to be. Therefore, they consider you to be more responsible and will, in turn, reduce your boat insurance costs.

Boating experience

Whether you have a licence or even have previously owned a similarly sized or even bigger boat will help determine your boat insurance cost. Suppose you have no experience navigating a vessel or have never even owned one (or at least one of the same size or bigger than the one that you are insuring now), then the insurance company will likely give you a higher cost for your boat insurance.

Summary

Given that there is no compulsory insurance for a boat owner in the UK right now, it can be easy to assume that it’s not necessary. However, the benefits that come with ensuring that you and your vessel are covered are essential.

Many marinas and rivers in the UK are tightly regulated and insist that boat owners have at least third party insurance. Therefore, it is wise to have at least this kind of boat or yacht insurance, and at best, a fully comprehensive policy to cover even the most expensive parts of your vessel

Remember to always compare boat insurance online – so you can ensure the details of your policy are to your standard and are at the best price for your needs.

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Do you require Professional Indemnity Insurance?

What is professional indemnity insurance?

Professional indemnity insurance is sometimes referred to as PI insurance. It is a form of protection against compensation owed to a client. Compensation can vary depending on the type of claim as well as the severity. A professional indemnity policy will reduce the financial impact on your business by allowing you to recover losses from compensation claims made against you.

What does professional indemnity insurance cover?

Depending on policy coverage you may receive cover for causing a financial loss, or reputational damage, to a customer for:

  • Professional Negligence – this may be due to a mistake on your part, or incorrect advice or information provided to a customer that results in them suffering a financial loss. It may also include your client overrunning on their budget and making a compensation claim against you.
  • Legal Costs – including compensation payments awarded to the defendant. Your defence costs are also paid, including legal fees.
  • Breach of Confidentiality – including sharing information without permission, or infringing any copyrighted material, trademarks, or intellectual property rights.
  • Bodily Injury – if a client is injured due to your negligence.
  • Property Damage – when a building or its contents are damaged due to negligent work.
  • Acts of Defamation – such as libellous or slanderous statements made about a client.
  • Loss or Damage to Goods or Information – loss or damage to stock, equipment, or other belongings, as well as information which could include documents or data..

If you own your own business cover may also extend to include your employees.
Professional indemnity insurance is provided on a claims made basis meaning it will only cover you for claims made during the time you’re insured.

Do I need professional indemnity insurance?

Not every business requires professional indemnity insurance, and it isn’t a legal requirement. Usually, this type of cover is required by businesses or individuals that offer knowledge, skills, or advice as part of their work. Some professionals will need to have professional indemnity insurance if they want to be a member of their professional body, or their industry may have regulations that require this cover. These professionals within the marine industry can include:

  • Designers
  • Engineers
  • Business Consultants
  • Educators & Training Providers
  • Coaches & Trainers
  • Surveyors

If you need more advice about the impact of Professional Indemnity on your business, call the experts at Velos.
Call us now on 0207 929 4058 or email us at marine@velosgroup.co.uk

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Categories: Boat insurance, News

What is Directors & Officers Liability Insurance?

Directors and officers (D&O) insurance policies provide liability cover for company managers to protect them from claims which may arise from the decisions and actions taken as part of their regular duties.

Any allegations of wrongdoing need to be investigated and defended, and this can come with a significant amount even if the case does not reach court. This means directors and officers personal finances are at risk, so it’s essential companies provide protection through directors and officers (D&O) liability insurance.

What is covered under Directors & Officers Liability insurance?

The main purpose of a D&O policy is to provide financial protection for managers against the consequences of actual or alleged “wrongful acts” when acting in the scope of their managerial duties. The D&O policy will pay for defence costs and financial losses. In addition, extensions to many D&O policies also cover costs for managers generated by administrative and criminal proceedings or during investigations by regulators or criminal prosecutors.

Who is covered under Directors & Officers Liability insurance?

All current, future, and past directors and officers of a company and its subsidiaries are covered under a D&O policy, which can also include non-executive directors. Cover is usually taken out and paid for by the company.

The Reassurance of Directors & Officers Liability insurance

Directors and officers insurance covers costs associated with the defence of an allegation of a wrongful act. This means it takes away the financial risks faced by directors and officers, giving them protection should an allegation or claim be made against them. Considering that even simple investigations can cost thousands purchasing directors and officers makes financial sense.

What is a wrongful act?

This could be a breach of trust, breach of duty, neglect, misleading statement, error, or wrongful trading, committed or attempted by a director or officer whilst acting in this capacity on behalf of the company.

Why are individuals vulnerable?

  • Legal liability is shifting away from companies and towards personal liability.
  • Regulators are now more proactive in investigating companies.
  • Employees know their employment rights and are increasingly likely to pursue legal action..

If you need more advice about the impact of Directors & Officer’s Liability on your business, call the experts at Velos.

Call us now on 0207 929 4058
or email us at insurance@velosgroup.co.uk

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Categories: Boat insurance, News

Does Homeowners Insurance Cover Boats? Is Home Insurance Enough?

When looking for a boat insurance policy, boat owners often wonder whether their boat is covered by their homeowners insurance.

So, does homeowners insurance cover boats?

In this blog we explain the liability coverage of homeowners insurance policies vs boat insurance policies and whether it’s a better idea to take out a dedicated boat insurance policy.

Do I Need Separate Insurance for My Boat?

Boats have a high recovery and replacement cost and come with their own risks. So, insuring them makes sense.

You may find that your homeowners insurance policy or car insurance provides a degree of cover, but there are lots of good reasons for taking out a dedicated boat insurance policy or personal watercraft insurance.

Will My Home Contents Insurance Cover My Boat?

While your boat is stored at your home it may be covered – up to a certain value – by your homeowners insurance policy.

Home insurers, for the most part, do not have any particular expertise in insuring watercraft.

So, you will find that you have limited coverage that is not tailored to your needs.

And if you are in the unfortunate position of needing to claim for damage or an accident to your boat, you may be getting help from someone who does not have a full understanding of what has happened and what your needs are.

It is certainly worth calling up your home insurance company or provider and asking them whether your boat is covered.

But specialist boat or watercraft insurance will give you better insurance coverage, better service and better peace of mind than homeowner’s insurance.

It will provide coverage when your boat is on the water, in a marina or in a boatyard, too rather than the very limited coverage that home insurance policies provide.

Will My Car Insurance Cover My Boat?

While you’re towing your boat to the water, it may be covered by your car or auto insurance if you’ve made appropriate arrangements.

Note that some motor insurances have restrictions about the length of boat you can tow in your boat trailer and are usually limited to small boats.

It’s best to call up and ask before you set out.

Do I Need Boat Insurance?

You probably do need boat insurance, particularly if we’re talking about a larger boat with a high replacement cost.

Insurance may also be a condition of navigating certain waters or taking part in organised sailing activities.

So not having boat insurance can be quite limiting.

Your home insurance might cover your boat while it’s stored at your home.

But your homeowners policy won’t cover your boat on the water, in transit or in a boat yard.

Personal liability coverage is almost always very limited when you have homeowners insurance cover and homeowners policies will have restrictions on many things such as boat size and certain vessels won’t be covered by your insurance provider at all.

Not ideal if you get into a boating accident and need yours or a third parties medical bills covered.

Boat insurance cover will almost always give you better liability insurance and personal property coverage than homeowners insurance.

Is Boat Insurance a Legal Requirement?

There is no UK law saying that you must insure your boat – but you will need, at the very least, third-party cover if you want to access the facilities at a marina or use a boatyard.

And you’ll also need it if you plan to navigate rivers and canals.

Am I Covered by The Previous Owner’s Boat Insurance?

If you buy a boat second-hand, the insurance previously held won’t apply any more. You need to take out a new policy for your boat.

How Do I Cut the Cost of My Boat Insurance?

You can reduce the cost of boat insurance by:

  • shopping around to find a policy that best meets your needs (NOTE: Velos won’t be on any price comparison websites because we offer a tailored insurance service)
  • building up a no claims bonus
  • taking some training (particularly if you are a new boat owner).

How Much Does Boat Insurance Cost?

The cost of boat insurance varies enormously according to what type of boat you wish to insure, where it is stored, your level of experience and competence and what activities you have planned on the water.

At Velos we provide tailored insurance, so the best way to find out the cost of your boat insurance is to use our form to get a quick quote.

Summary

Ultimately, while boat owners have limited coverage of their personal watercraft via their home insurance policy while it is on their property, we hope you’ve seen that a specific boat insurance policy is always the better option to have full coverage for your boat.

More is typically covered than would be on your home insurance policy, especially if a person’s boat is being used on the water, rather than sitting on your drive.

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Categories: Boat insurance, News

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