If you are a yacht owner or looking to become a yacht owner then one of the most important things on your list will be yacht insurance and how to ensure that the policy you sign up for fits both your sailing plans and your budgeting requirements.
Is it a legal requirement to have Yacht Insurance in the UK ?
The type of Yacht Insurance you need depends entirely on how you intend to use your yacht and where. There is no legal requirement to have yacht insurance. However, an increasing number of local authorities and marinas insist upon a minimum level of third party liability insurance. For example, you will need a minimum of £1 million third party liability insurance prior to registering your boat for use on inland waterways and usually £3 million at most marinas.
For more information on owning a boat, statutory certificates and safety requirements at sea we suggest you visit the owning a boat web pages on the UK government website. Alternatively, why not contact our specialist team for advice on obtaining yacht insurance that reflects your needs. That way you will obtain the best possible cover at a competitive premium to cover your sailing plans.
When buying a Yacht when should I purchase Insurance?
We would advise that you have yacht insurance in place prior to taking a financial interest in the yacht or when the sea trials have been completed and the boat is handed over, in the case of a new boat. Even if you have no immediate plans to take your new pride and enjoy for a sail, it will be at the mercy of both the weather and other people’s carelessness.
What information will I need to provide for obtaining a Yacht Insurance Quote ?
When obtaining a Yacht Insurance Quote for either a yacht that you already own or one that you are planning to buy, you will need to have the following information to hand:
- All your personal details and contact information
- Full details of people in charge of the yacht including experience, previously owned boats, sailing qualifications and any claims.
- Details of the yacht including model, value, age etc.
- Engine manufacturer, horse power, maximum designed speed and type of fuel.
- Details of the use – private, corporate entertainment or charter
- Value to be insured. This should be market value or price paid
- Details of the mooring and the location and planned cruising within the first year of the insurance policy.
- And, finally the date of when you would like the yacht insurance policy to commence.
How to reduce the risk and yacht insurance premium cost
Just like any other insurance policy, your yacht insurance premium cost will depend on the level of risk, i.e. where in the world you intend to sail her and how she is secured. Here are a few top tips from our experts at Admiral Yacht Insurance on reducing risk:
- Before you buy a second hand yacht make sure you arrange for a full out of water survey by an independent surveyor.
- You are also advised to have the rigging checked. If the rigging is more than 10 years old it should be replaced and you therefore need to factor this into your offer.
- Ask for an alternative quote with a higher than normal excess, as comparison, as this will reduce the premium.
- Never insure for a larger cruising area than you need. If you are not sure you can always ask for an option to extend the cruising area for an additional premium.
If you would like more information on keeping your yacht insurance costs to a minimum or require advice on the type of insurance cover you will need, and an indication of cost, prior to buying a yacht please contact our team of experts who will guide you through the process.