Here are some basic but important areas you need to cover should things go wrong in order to protect yourself and your investment in the boat.
Third Party Liability
Covers in respect of legal liability arising out of an accident which gives rise to claims for:
-Bodily injury to or death.
-Loss of or damage to any vessel or property.
-Cost in attempting to or actual raising, removal of the wreck of the vessel or any failure to recover.
Personal Accident
Covers personal accident to the owner and any extended person (passenger) on death and permanent disablement as result of death and/or bodily injury caused directly by violent, accidental and external visible sustained while embarking, disembarking and on board of the vessel.
Hull and Machinery
Covers physical loss of or damage to the vessel (hull, machinery, masts, spars, rigging and sails) caused by:
-Fire and explosion.
-Jettison, malicious acts and negligence.
-Theft of vessel, outboard motor, boats or any trailer if insured.
-Perils of the sea, piracy, earthquake, volcanic eruption or lightning and latent defect.
Personal effects
Covers against direct physical loss or damage to personal belongings while the property is aboard or being loaded onto the vessel. Applicable only to vessels with lockable accommodation.
Boat owners who require other personalised coverage need to negotiate with the insurance companies which may accept specialist coverage on case-by-case basis.
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