Our Cover

Market Value

In the event of a total loss claim, the amount paid to you will be determined by the value of similar vessels (of the same make, model & age) on the second-hand market. For example, if you bought a boat brand new for £10,000 two years ago and it’s only worth £7,000 second-hand now, insurers will pay £7,000 (less any policy excesses).

Agreed Value

In the event of a total loss insurers will pay the lower of:

• the sum insured on your policy schedule
• the most recent value of your craft obtained by an independent qualified surveyor or yacht broker
• the advertised price or agreed sale price

Boat insurance is designed to protect you from financial loss through perils such as fire, theft, sinking, or accidental/malicious damage. It will also cover any third party costs that you are liable for. You’ll need proof of third-party cover at most marinas, and to obtain a boat licence for inland waterways. Full details of the cover provided is detailed in the policy wording, along with any exclusions that apply.

The sum insured is the maximum you’ll receive after a total loss of your vessel and it should reflect its current market value. The sum insured is usually based on the price you paid. If you think the current market value is higher than the price paid, we’ll ask to see an independent written valuation to support this.

Yes, assuming they have your permission and you’re confident they can handle the boat safely.

We usually ask for a survey for boats over 25 feet in length and over 35 years old, but some boats will require a survey before this. Once a survey has been approved, you won’t need another for at least five years.

The excess is the amount that you have to contribute towards each claim, shown in your policy schedule. A discount is usually available if you choose to accept a higher excess on your policy.