What exactly is marine boat insurance? Marine boat insurance essentially pertains to a range of water-based vessels that can be insured, including large and small boats. Most people, when they think of a boat, picture a relatively large craft, maybe one that can comfortably carry 5 to 10 people or one that is used for fishing or leisure. Obviously, these types of vessels can be insured. However, what people may not realise is that most marine crafts can be insured, even if they wouldn’t typically be considered a boat by most people.
Below is a list of boats that typically fall under the umbrella of cover within marine boat insurance:
1) Dinghy – Depending on the insurance company, a dinghy may be insurable. As a matter of fact, there are some marine boat insurance companies who target this specific niche.
2) Yacht – Obviously yachts are very expensive boats and will want to be fully insured. If you own a yacht, be sure you understand the marine boat insurance policy as some providers don’t cover yachts that are older than 20 years old or are based outside of European borders. Certain types of yachts also may not qualify so be sure you understand what is, and is not, covered.
3) Motor boat – This type of marine craft has a motor attached and may be used for fishing, water skiing, even racing. Some marine boat insurance policies may not cover you if they feel the use of a motor boat is too risky. As with yacht insurance, if your motor boat is located outside of Europe or engaged in “risky” racing events, your boat may not be insurable.
4) Speed boat – UK marine boat insurance providers may or may not cover you if they deem the use of your speed boat is used in risky undertakings however, speed boat insurance is there to protect you for wear and tear, damage to the boat during transit, and even devaluation due to the age and use of the boat.
5) RIB or Inflatable boats – Commonly known as an inflatable dinghy, if the use of your RIB is acceptable, you shouldn’t have trouble insuring this type of boat.
6) Jet skis – Personal watercrafts, also known as “sit on jet skis”, can be covered by marine boat insurance. Here you can expect protection for not only the vessel but cover for you and your passenger in the event of an accident.
7) Narrowboat – Boats that use waterways are known as narrowboats. Some people use these to cruise canals whilst other use them for their permanent residence. Coverage for this type of boat is quite common.
8) Windsurf boards / Sailboats – Windsurfers can rest easy knowing that their sailboats fall under the umbrella of marine boat insurance. These types of water-based crafts can easily be damaged during transit, normal wear and tear, or vandalism.
9) Row Boats – Yet another smaller marine craft, this type of boat can be insured whether on the water or whilst in storage.
10) Motor Cruisers – Considered a boat that can cruise up to 55 knots as well as provide sleeping accomodation. Some providers will only cover the UK and others will cover this craft as long as it remains within the confines of Europe.
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