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Something to think about...

September 13, 2017

For most of the year, your insurance is probably the last thing on your mind and rightly so, but with the season at an end it may be a good time to review your insurance cover.  

Here’s something to think about…imagine you have just received a call from your marina…your yacht or motor yacht has sunk overnight and they want it lifted out of the way. With a thudding heart you picture all the damage, engines; electrics; computers; furnishings; all that lovely woodwork ruined!

Following (an extremely expensive) salvage operation you discover the cause of the flooding was the failure of one those dodgy brass seacocks. Now the question is: will your insurers meet any of the costs of, not only repairing or replacing your vessel, but all the other expenses associated with the salvage operation? Further, if the boat turns out to be a constructive total loss and, if your insurers will pay the claim (a big if) then what value will they settle for the boat. Market value or sum insured as written into your policy?

It is tempting to think that yacht insurance can safely be selected from some price comparison website where the only considerations are the premium and deductible. Marine insurance policies tend to be far more complicated than motor or household policies and therefore it is essential to understand what is covered and what is not. Unfortunately, this means you have read the terms and conditions which for most of us is not the most exciting pastime!  That great deal you got on your insurance cover may not be worth it, when you find you’re not protected when you really need it.

To quote Jonathan Ruskin: The common law of business prohibits paying a little and getting a lot – it can’t be done or to put it another way ‘you pays your money and you takes your chances’.

The difference in premiums between insurance providers is likely to be quite small when expressed as a percentage of the value of your vessel and ultimately only you can decide what price for peace of mind?

 By the way, the Pantaenius All Risks policy will meet all the costs of the claim scenario above…will yours? Get your QUOTE today.