A Buyer’s Guide to Marine Insurance
Posted by:GJW Direct | Jun 19, 2021
Your boat is likely to be your prized possession and that’s why ensuring it is fully protected from damage, theft or any accidents should be your first priority. Are you a first-time buyer or are you seeking to change insurance companies? Either way, we’re here to tell you what to expect when purchasing boat insurance and how storing your boat in a UK marina can actually provide you with exclusive benefits.
Do I need marine insurance?
Boat insurance in the UK isn’t a legal requirement, however in order to obtain an inland waterways licence and at most marinas, having adequate insurance will be essential. It’s also good practice to ensure you and your vessel are protected should anything happen.
What am I covered for?
Any insurance cover you receive will ultimately depend upon the insurance provider you choose, however you’re likely to be covered for:
- Legal Protection cover
- Personal Accident cover
- Medical Expenses
- Protected no claims bonus
- Third-Party Liability up to £5,000,000
- Theft, vandalism and damage
Researching insurance providers is essential to finding the perfect policy cover for you and your vessel.
What are the benefits of marine insurance?
If you’re seeking marina benefits specifically, then choosing GJW Direct as your insurance provider will provide boat owners who store their vessels in a UK marina with exclusive benefits.
Our marina benefits include:
- Berthing fees
- We return you home after an incident
- We double the medical expenses cover to £3000
- We increase Legal Protection up to £100,000 (retailer limit over £5,000)
- You do not pay your Policy excess and do not lose your No Claims Bonus if loss or damage occurs in the marina
- If loss or damage to your vessel has been caused by an unknown or untraceable Third Party, you will not have to pay your Policy Excess
- We cover the cost of replacement keys if they have been lost or stolen
- Narrowboat owners can also benefit from a River Canal Rescue (RCR) membership. For more information on what we cover, visit our website.
What are the exclusions to my insurance?
Similar to your insurance cover, any exclusions will depend upon the insurance provider and type of policy you choose. However, you can expect some of the following to be exclusions:
- Wear and tear
- Rot, mildew, dampness or weathering or any other gradually operating cause
- Wilful misconduct
- Speed tests or trials
- Defective workmanship
- A fault in design or construction
What are my obligations?
No matter what type of vessel you own, it’s important that you are performing regular maintenance checks to ensure everything is in working order and there are no signs of wear and tear. Alongside this, if you do notice any issues or there are changes to your boat, you’ll need to inform your insurance provider of this. It’s also important to keep up with your payment plans for your insurance policy as this will ensure you’re fully covered for the duration should anything happen.
Where can I buy marine insurance?
Here at GJW Direct, we offer a range of comprehensive insurance policies, depending on the type of vessel you own. Visit our website where we have more information on the type of cover you can expect from us and you can even get an insurance quote from us within minutes!
Are you looking for first-time insurance or thinking of switching insurers? Get a quote for marine insurance with us in minutes and you can even purchase online.