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Which is the best policy? The answer is the one that covers you for what you need and to the monetary extent you need to recover should you have a claim. There many questions to ask when looking for the right policy, here are a few to bear in mind. Buying boat insurance can be much harder than you think. You may not be aware, but no two boat policies are alike. Therefore, making comparisons on premium and excess alone can be very misleading. Let's look at your options when purchasing your marine insurance. The "Third Party" Only Option A Third Party Only policy, you will get a cheaper price than an "All Risks" policy. However, if you cause a collision, the other boat will be covered for the damage, but repairs to damage to your vessel will be at your own expense, as will losses such as theft or fire and should you be in unfortunate position that your vessel sunk on its mooring in most cases then would be no help with recover the vessel. The "All Risk" policies-the Choice...
The Agreed value Policy is a traditional indemnity based contract. Insurers will therefore place you in the same position as prior to loss. The contract is based on the price paid for the vessel or a surveyor's valuation, which becomes the agreed value in the policy. This type of policy has the benefit that insurers will pay out on this amount and will NOT make deductions for depreciation, inflation or currency fluctuation except, in some cases specified in the policy such as wear and tear on machinery and masts, spars and rigging, outboard engines where a deduction will/can be made. This type of policy suits clients who wish to know EXACTLY what they will be paid out prior to loss. The only drawback is that is can be more expensive than other types of cover. The Market Value policy is an unvalued policy and the value of the boat is not determined UNTIL loss. An independent surveyor will be appointed by the Insurer to do this should the need arise. The benefit of this type of policy is that it enables you the boat owner to take into account depreciation of your boat, and therefore set you own value for insurance purposes. You could benefit from significant savings in the insurance premium. Caution should be noted on setting the market value too low, since, if you under insure the vessel against its true market value, Insurers will make an adjustment in the settlement of your claim if the total sum insured is considered inadequate at the time of loss or damage. Finally, you have a motor. Check that underwater machinery damage is covered. Check this at each renewal as sometimes age of you motor will affect whether it is covered. If it isn't, it may be possible to add it back in at an increased premium or by taking a higher excess. The decision..................... Is your of course, Don't just buy your marine insurance on price alone, as the cheapest does not always mean it is the best/suitable policy for you, consider the type of policy, the terms and conditions, the policy excess, and you will be pleased to know that at Porthcawl Insurance in association with Greenwell Marine we can offer you a number of policies from a number of insurers to ensure the correct policy for your needs. So make your First "Port of Call" to insure your Quintrex Porthcawl Insurance Consultants (UK) Limited Telephone: 01656 784866
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