Comprehensive insurance of your pleasure craft
Would you like take out own damage insurance (comprehensive insurance) on top of your 'Civil Liability Insurance'? You can. No matter how old your vessel is, we are happy to offer you comprehensive insurance. Did you know that 75% of our clients insure their vessel in this way? Comprehensive insurance involves so much more than people realise, such as:
- Collision, fire, lightning, storm, stranding, explosion;
- Rescue & salvage – clearance & removal;
- Theft: you must take anti-theft measures as prescribed by the company into account for this. This depends on the type of vessel.
What does comprehensive boat coverage involve?
Comprehensive boat coverage for your vessel is calculated based on what the vessel is worth in the current market. This is the value of your vessel on the second-hand market and is sometimes referred to as the true/fair value. We recommend that you review this value every three years and adjust it if necessary.
You can also insure your vessel under a valued marine policy. In that case, a value is assigned to the insured vessel before the occurrence of loss or damage, and this is used as a presumed value at the time of the claim. For this you must have a valuation, also known as a taxation, carried out. A sworn expert can do this for you. Please enquire about our non-binding list of experts. In that case, the value as determined by the expert applies. This can be included in the insurance policy for a period of three years. After this time, your vessel must be revalued.
Do you own an older vessel? In that case, the company may request a recent inspection report before providing cover. In addition to determine the value, the insurer also does this to get a better idea of the vessel’s general condition.
Taking out cover in the name of a company
When taking out insurance in the name of a company, you must explicitly state whether you wish to insure the vessel, including or excluding VAT. Meaning, can you recover VAT in the event of damage?
The personal effects are often under the cover-up to 20% of the insured amount, but this depends on your insurer. Personal effects shall include: all objects on board for personal and domestic use that are not considered part of the nautical equipment and accessories of the vessel. Personal effects are only insured against 'theft' after breaking and entering. Items that were stolen without any trace of breaking of entering are never insured. Obviously, valuable items must always be kept under lock and key. We also recommend removing such items from the vessel during winter storage.
Deductible and no-claim discount
Your insurer will offer a deductible as part of your comprehensive insurance. This is determined based on the insured value, the berth, the number of horsepower, etc. Many of the companies with whom we work decrease their deductible by 20% per claim-free insurance year, to a minimum of €250. Nice to know, right?
Many companies also offer a no-claim discount. This discount - which can be up to 35% - is given on insurance premiums for clients who have been sailing damage-free for a number of years.
Insurance of the propulsion system, dinghy and trailer
Vessel owners often ask us whether the propulsion system (engine, propeller, propeller shaft, cooling, etc.) is also insured. Damage to the propulsion system due to external causes is covered under comprehensive insurance. The vessel’s age is obviously taken into account for this (‘new for old’ deduction). Inherent defects of the propulsion installation are also covered for up to ten years, and sometimes even up to twenty years. For more details, please refer to the policy conditions.
You can also insure the dinghy and trailer under comprehensive insurance. To add your dinghy to the policy for free, it must meet a number of conditions. If this is not the case, you can of course insure the dinghy separately. We therefore recommend that you always inform us of the specs (make/type, year of construction, power, value, etc.) of your dinghy so we can provide the correct insurance cover.
The trailer can be covered under your comprehensive insurance, albeit always at the current market value. In this context, we also wish to remind you that you are legally required to take out 'Civil Liability Insurance' for a towing vehicle.
Additional prevention measures apply to both the dinghy and the trailer to prevent theft. The dinghy must always be secured to the main vessel with a strong lock or stored safely in the cabin/hatch. The trailer must always be fitted with a wheel clamp and a drawbar/trailer lock. We are happy to assist you with the right advice regarding these measures. We recommend taking photos of everything, so that you can provide proof in the event of damage and/or theft.
We are happy to help
Are you planning a long trip with your vessel? Or do you want to transport your vessel, either by road or as deck cargo? Get in touch! We are happy to provide the necessary advice and adjust your insurance policy accordingly.
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