A Guide to Insuring
your Musto Performance Skiff
If you've just bought a Musto Skiff or
are thinking just comparing different policies prior
to renewing your insurance, this guide may help you
decide the sort of policy you need.
The cover provided by different Insurance Companies,
and also the service they offer, can vary greatly. Bear
in mind that a cheaper policy may end up costing you
more, if you have to make a claim and you should always
check what cover is being offered before signing up.
Q. What should I look out for?
A. Everyone's needs are different, and only you can
decide if wider cover is important to you. It is essential
though, to understand what is being offered to you,
before being able to make an informed decision.
• Third Party Liability - You should not consider going
afloat without liability insurance, which will cover
you if you cause damage to another boat or worse still
cause injury. The industry standard provides a limit
of £2,000,000 and should be sufficient to sail
in the UK. Many Insurers now offer a policy providing
£3,000,000 worth of cover.
• Racing Risks - Most policies will provide cover for
racing as standard, but some insurers may charge you
an additional premium. If you race without paying the
additional premium you may not be covered.
• New-For-Old cover - This will replace damaged items
with new, but check whether there is an age limit on
your equipment. For instance if you were to break a
ten year old mast, some companies would replace this
with a new mast of equivalent specification, others
would only pay out what they considered to be the mast's
value at the time of loss, leaving you to fund the difference.
• Policy Excess - You will be required to pay the first
£x of any claim.
• Comprehensive Cover - will provide cover for your
boat against accidental damage, theft, fire and vandalism,
plus third party liability cover.
Q. Do I need to use a specialist marine
insurance company?
A. No - Many High Street Insurance Brokers will be able
to arrange your insurance, but they may not have the
necessary expertise to advise you correctly. Ask yourself
how knowledgeable the company is in relation to sailing
and in particular the Musto Skiff. We have heard reports
that some companies have asked sailors whether their
skiff will be moored afloat, or asked whether it will
be raced. If a claim occurs, will they have sufficient
knowledge to get you back on the water as quickly as
possible with the minimum of fuss?
Q. What happens if I damage a sail, mast
or boom?
A. Some insurance policies will only pay claims based
on a percentage of the new replacement cost of your
mast, spars or sails, dependant on its age, leaving
you to fund the difference. Typically, insurance companies
will only pay two thirds of the replacement price on
equipment over three years old. Irrespective of the
equipment’s age, the dinghy policy provided by Noble
Marine will pay for the new replacement cost of your
mast, spars or sails, if lost, stolen or damaged beyond
repair. If a sail or the mast can be repaired, without
contravening class rules or altering the boat’s performance,
then your insurance policy will pay for the cost of
any repairs. If the mast or sail is not repairable,
Noble Marine will pay for the new replacement item
Q. How can I be sure the insurance company
I choose is reliable?
A. Your policy is only as good as the service you receive
if you have to submit a claim. Why not speak to your
fellow sailors, for their comments regarding which insurers
provide good (or bad) service to their clients. With
effect from 14th January 2005, it is a legal requirement
that any company providing an insurance policy, must
be authorised and regulated by the Financial Services
Authority.
Q. Why do I need third party cover?
A. £2,000,000 Third Party Liability is usually
compulsory if you are to sail in the UK and you should
not consider sailing without this cover as a minimum.
A policy providing third party liability, should cover
you if you were to cause damage to property or injury
to another person, with your boat. Cover is normally
provided for a named boat, and therefore another person
sailing your boat, with your permission, would also
be covered, however you must check your policy if you
are unsure. It is unlikely that you are covered to sail
any boat under this policy and if you are borrowing
another boat, you should always check with a boat's
owner that you are insured to sail it. Third party risks
whilst in transit would be EXCLUDED as this is normally
covered by your motor insurance policy.
Q. Should I expect a standard policy to
cover me while I'm not sailing (ie, when my boat is
sitting in the drive or while I'm travelling?)
A. Comprehensive policies should cover your boat against
accidental damage, theft, fire and vandalism, whether
in use or not; however there may be restrictions on
your policy. Boats should be securely tied down, trailers
locked and / or immobilised when not in use, and equipment
stored beneath your cover or taken home after use, if
possible. It is relatively common for mice, rats or
other rodents to make nests in your sails if stored
in your boat. If they do, your sail will become eaten
and stained. Not all insurance policies will cover this
eventuality, so it is important to carefully check your
policy to establish what is, and more importantly, what
isn’t covered.
Q. Would my trolley and trailer be covered?
A. Most policies can be extended, by payment of an additional
premium, to include these items. Claims would be limited
to either the market value at the time of loss or the
sum specified on the policy whichever is the lesser
amount. It may be a requirement of the policy that trailers
are immobilised and / or locked when not in use.
Q. To what extend would my equipment be
covered on a standard policy (ie, sails, spars etc)?
A. Some insurers will only pay claims based on a percentage
of the new replacement cost of your mast spars or sails,
dependant on its age, leaving you to fund the difference.
Typically, insurance companies will only pay two thirds
of the replacement price on equipment over three years
old. The dinghy policy offered by Noble Marine will
pay the full replacement cost of your mast, spars or
sails, damaged beyond repair, irrespective of age. All
you need to pay is your policy excess.
Q. Does it matter who is in charge of
my boat?
A. The majority of insurance policies will allow anyone
to sail your boat with your permission, however it would
be prudent to check this first. If you receive money
in return, i.e. the boat is being chartered or hired;
this may invalidate your policy.
Q. What is legal protection?
A. Upon payment of an additional premium, some insurance
policies can be extended to include legal representation
if your boat is involved in a collision or other accident
and you suffer financial loss or injury. If you are
injured, it is even more important that you receive
expert help so that any claim for uninsured loasses
is pursued quickly and efficiently.
Q. What about cover for sailing abroad?
A. This will vary, depending on the policy you have
chosen. Always check with your insurance company before
taking your boat abroad. Noble Marine's clients automatically
have cover for 30 days use in Europe each year. If your
sailing takes you outside Europe for short periods of
time, or your boat will be in Europe in excess of 30
days per annum, then it may be possible to extend the
cover accordingly.
Q. What should I do in the event of a
claim?
A. You should always submit your claim as soon as possible
after an accident. After all, the faster you make the
claim, the faster you can get back on the water. Any
incidences of theft or criminal damage should be reported
to the police - remember that you'll need the Crime
Reference Number for the claim form.
You will be required to provide at least one estimate
for the repairs, or a written quote for the replacement
items if a repair is not possible. Your Insurer may
ask to inspect any equipment damaged, before authorising
its replacement. Noble Marine's clients, can complete
an online claim or obtain a form by ringing 01636 707606
during office hours.
Q. How quickly should I expect to have
my claim sorted?
A. This will depend on which insurance company you use
and their speed of response. It can also depend how
quickly your repairer can provide a quotation and then
carry out the necessary repairs. It is Noble Marine's
intention is to respond to you within two working days,
advising how to proceed, so you'll know exactly where
you stand, and how soon you can expect to be back on
the water.
All Dinghy Policies provided by Noble Marine
include:
• £3,000,000 Third party liability for anyone
using your boat with your permission. No excess is payable
on third party only claims.
• Accidental damage, theft, fire and vandalism.
• Damage to the boat (and your trolley and trailer if
specified on the policy) whilst in transit, but excluding
third party liability in transit, as this should be
covered by your vehicle's policy.
• New for Old Cover - Your mast, boom, rigging and all
sails are insured on a New-For-Old basis. If any of
these items are lost, damaged beyond repair or stolen,
we will pay the cost of new replacement item, less the
policy excess. No deduction is made for depreciation.
• Full cover for Racing
• Comprehensive All Year Round Cover - 12 months cover
for all inland and coastal waters of the U.K. and up
to one month's use in Europe. It may be possible, to
extend this cover either for use outside Europe or for
more than one month's use within Europe.
• Cover for sails damaged by vermin
If you have any further questions regarding insurance
for your Musto Skiff, I would be pleased to assist.
I can be contacted by email jon@noblemarine.co.uk or
by telephone on 01636 707606.
Jonathan Langford
Noble Marine (Insurance Brokers) Ltd
Clinton House, Lombard Street, Newark, Nottinghamshire.
NG24 1XB
Tel : 01636 707606
Fax : 01636 707632
See www.noblemarine.co.uk/mps
to obtain an insurance quote, buy cover or to simply
renew your existing policy with Noble Marine on-line.
Noble Marine (Insurance Brokers) Ltd is authorised and
regulated by the Financial Services Authority
|
