Boats can be insured for an agreed value amount or on an actual cash value (market value) basis. Engines are usually insured for replacement cost. As water ways increasingly become congested, most marinas mandate that boats using their facilities carry their own insurance.
Perils covered are Losses and/or damages caused by
- Perils of the Seas, Rivers, Lakes or other navigable waters.
- Fire, Jettison and Piracy.
- Contact with Dock or Harbour, Land Conveyance.
- Malicious acts
- Theft of the entire Vessel or her boat(s) or Outboard Motor(s)
- Latent detects in Hull or Machinery
- Loss or damage to any other vessel or property
- Loss of Life, Personal injury or illness
- Removal or destruction of a wreck
The following extensions can also be considered on request but subject to additional premium and at terms & conditions agreed.
- Outboard motor dropping off or falling overboard
- Person affected
- Liability to or incurred by any person engaged in water skiing or aqua planning
- War and strikes risks
- Machinery damage
- Racing risks
- Inland transit risks
Premium rate for yachts and boats depend on age, construction, navigation, purpose of usage [private or commercial], passenger capacity, previous loss history etc.