Frequently Asked Questions

Frequently Asked Questions

Note, the terms yacht insurance and boat insurance are used interchangeably.

Do I need yacht insurance?

The minimum boat insurance required for a UK inland waterways licence, and for using most marinas, harbours, recognised mooring areas, lakes and reservoirs is third party insurance.

Third party insurance only provides cover for damage or injury to other water users, not your own boat. Most boat owners want to cover damage to their own boat sometimes called 'comprehensive' or 'all risks' insurance which gives much wider protection.

What insurance documents do I need to carry with me?

Whilst boat insurance is not a legal requirement in the same way that motor insurance is, you should keep a valid certificate of boat insurance with you to demonstrate that you are insured.

What risks does yacht insurance protect against?

The details of your boat insurance cover will be defined in the relevant policy document.

Policies vary but normally cover you against accidental loss or damage:-

to:

  • you
  • your passengers
  • your yacht
  • gear, personal effects, dinghies, trailers and personal watercraft by special arrangement
  • third parties

while:

  • cruising
  • moored
  • laid up
  • in store
  • in tow
  • racing by special arrangement
  • towing waterskiers, by special arrangement

as a result of:

  • external accident
  • grounding
  • water coming into the boat
  • theft
  • malicious damage
  • fire

Will WG Yachts arrange repairs or recovery for me in the event of an accident?

WG Yachts will assist you in making a claim from your insurers and will act as your advocate throughout the process.

Please remember that your insurers must approve any costs before work commences, the only exception is for emergency repairs or recovery.

What risks does boat insurance not cover?

Commonly excluded from boat insurance cover are wear and tear, gradual deterioration, depreciation, gradual breakdown, corrosion or electrolysis, deliberate negligence and recklessness under the influence of drugs or alcohol.

Does my policy cover racing?

Not automatically. However, racing risks cover is normally available at an additional premium.

Is my boat covered whilst in transit by road?

Loss or damage to the boat is covered under most policies for boats less than 30 feet in length.

If your boat is longer than 30 feet, and you let us know in advance and we can obtain quotes for you as long as it is being moved by a professional transportation company using purpose built trailers. Many boat movers will also be able to offer you cover.

If I lend my boat to a friend, will they be covered under the policy?

This depends on the policy and you should check with us before lending your boat to someone else. Nomally this is acceptable provided they are doing so with your permission, they have appropriate experience to skipper the boat for the planned activity and you are confident in their ability to handle the boat.

If I am not intending to use my boat next season, what should I do about insurance?

As a general rule, most boatyards and marinas would expect you to retain at least Third Party Insurance whilst the boat is on their premises, but you should also consider other risks such as fire, theft, malicious damage and stress of weather.

We can provide cover at a reduced rate for boats that are laid up for 12 months.

How much does boat insurance cost?

The cost varies enormously depending on a range of factors including:-

  • the value
  • size
  • type
  • age of boat
  • where you keep and use it
  • your own experience as a skipper
  • claims history

How do I value my boat?

The value of your boat should reflect the current market value, this is the price your boat would sell for based on it's age and condition. The price you paid for the boat is normally a good indicator of this if recently purchased.

Where there is uncertainty, e.g. a lack of market transactions on which to base market value, Yachtline may recommend or ask for an independent valuation.

As the value reduces over time it is important to let us know so that we can amend your policy accordingly.

The maximum amount paid at the time of a loss is the market value of the boat at the time of the loss.

What do I need to tell my insurer - when arranging a policy?

When arranging a policy you will be asked to complete a proposal form, or if by phone we may complete it for you and send to you subsequently as either a form to sign or a statement of the facts you have provided.

Whichever approach is taken you must be careful not to make any misrepresentation in your answers because if you fail to disclose any information we have asked for, you could invalidate your insurance.

If you are unsure what to disclose, then give us all available information or call us to discuss whether it requires disclosure to your insurer - it's always better to disclose anything you are unsure of to avoid potential issues if you should have a claim.

What do I need to tell my insurer - if my circumstances change during the policy year?

You must advise us of any changes to your own or the boat's circumstances throughout the year. As a general rule if any of the information on your proposal form or the policy schedule changes then you should notify us.

If you are unsure what to disclose, then give us all available information or call us to discuss whether it requires disclosure to your insurer - it's always better to disclose anything you are unsure of to avoid potential issues if you should have a claim.

Will I need to get a survey report on my boat?

Most insurers will want to see a recent survey for boats over 20 years old.

However for smaller boats, of standard construction, certain insurers may offer a self-assessment option but this is on a case by case basis.

What should I do if I sell my boat during the year?

You must let us know if you sell the boat while the policy is valid, you may qualify for a refund of premium.

What should I do if I sell my current boat and buy another during the policy year?

You will need to let us know and provide information about your new boat, we will arrange for the policy to be updated and let you know of any change to the premium or cover.

What should I do if I change the boats' permanent mooring location?

You must advise us of any changes to your own or the boat's circumstances throughout the year. As a general rule if any of the information on your proposal form or the policy schedule changes then you should notify us.

If I take out boat insurance but then change my mind, can I get my premium refunded?

If you cancel your policy within 14 days of receiving it (or for renewals, within 14 days of your policy renewal date), we will refund the premium but reserve the right to make a small administration charge. If you cancel your policy after this period, you may eligible for a refund of premium, subject to circumstances and an administration charge.