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  1. #1
    Join Date
    Nov 2013
    Location
    Boat in Plymouth
    Posts
    211

    Default How much insurance do we need?

    It's an expensive time of year. Berthing fees and boat insurance are both due in the same week. My current insurance includes 5 million liability. This part alone is costing 40 more than 3 million liability. Under what circumstances am I going to find myself having to claim this much? I have an oldish boat insured for 95k. Top speed 16kn which we rarely use. We don't travel far and never at night. Is the risk that we might somehow write off a 5 million super yacht?

  2. #2
    Join Date
    Feb 2015
    Location
    Conwy
    Posts
    2,789

    Default Re: How much insurance do we need?

    You'd be surprised. Recently someone clipped the sill gate electricals / hydraulics at a local marina. The marina sill gates then could not close and an entire marina dried out. I wonder if 5 million covered it.

  3. #3
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    14,311

    Default Re: How much insurance do we need?

    Quote Originally Posted by BruceK View Post
    You'd be surprised. Recently someone clipped the sill gate electricals / hydraulics at a local marina. The marina sill gates then could not close and an entire marina dried out. I wonder if 5 million covered it.
    I doubt the boat owner would be held liable for this as the occasional clipping of a sill gate is a predictable occurrence and therefore should be allowed for in the design of the sill.

  4. #4
    Join Date
    Feb 2015
    Location
    Conwy
    Posts
    2,789

    Default Re: How much insurance do we need?

    Possibly, I dont know the finer details, the point being an innocuous mistake can actually have dire consequences and then of course there is life and limb. Another local example is on a river mooring when one boat's mooring ropes went across a pontoon causing it (pontoon) to flip during a storm and sinking 3 boats and damaging two more. All with the best intention of trying to secure the boat more in the face of the storm. It may all have been alright except the sixth boat decided to leg it to the marina leaving the pontoon unbalanced.
    Last edited by BruceK; 05-01-18 at 10:24.

  5. #5
    Join Date
    Sep 2005
    Location
    Brighton/Antibes
    Posts
    8,211

    Default Re: How much insurance do we need?

    A different way to answer this question might be to look at the insurance requirements where you operate your boat. You may find that your marina has a minimum third party liability requirement, for example.

    That all said - my own policy has a third party limit of 3m.

  6. #6
    Join Date
    Jun 2004
    Location
    Guernsey
    Posts
    2,934

    Default Re: How much insurance do we need?

    Think if you inadvertently got embroiled in the death of one or two people, claims flying around etc.

  7. #7
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    14,311

    Default Re: How much insurance do we need?

    Quote Originally Posted by jimmy_the_builder View Post
    A different way to answer this question might be to look at the insurance requirements where you operate your boat. You may find that your marina has a minimum third party liability requirement, for example.

    That all said - my own policy has a third party limit of 3m.
    I imagine that's the same for all of us who insure with 'Y'.

    With regard to increasing it, where would you draw the line, 5m, 10m, 100m?

  8. #8
    Join Date
    Nov 2013
    Location
    Boat in Plymouth
    Posts
    211

    Default Re: How much insurance do we need?

    My marina requires 2 million. My current insurer is the one recommended by the marina.

  9. #9
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    14,311

    Default Re: How much insurance do we need?

    Quote Originally Posted by Cathy* View Post
    My marina requires 2 million. My current insurer is the one recommended by the marina.
    Cathy, 'Y' Insurance are generally regarded hereabouts as the most comprehensive policy with the fewest exclusions. Personally speaking I have found them to be competitively priced and excellent to deal with.

    I would be rather wary of using a policy recommended by your marina who may have an ulterior motive for doing so.

  10. #10
    Join Date
    Nov 2013
    Location
    Boat in Plymouth
    Posts
    211

    Default Re: How much insurance do we need?

    Quote Originally Posted by petem View Post
    Cathy, 'Y' Insurance are generally regarded hereabouts as the most comprehensive policy with the fewest exclusions. Personally speaking I have found them to be competitively priced and excellent to deal with.

    I would be rather wary of using a policy recommended by your marina who may have an ulterior motive for doing so.
    Thanks I'll ask for a quote.

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