Do I require marine insurance

Marine insurance dates back to one of the first types of insurance available. It is a form of risk management specifically designed to safeguard vessels, owners, cargo and passengers at sea in the event of risk, damage or death. There are many forms of marine insurance available and it is essential that you select the most appropriate form of policy in line with the intended use of your boat. It is advised to seek the professional assistance of a yacht broker or consultancy firm when seeking insurance for your vessel.

For more information, please view our Marine Insurance page, or to find out how we can assist with you specific marine insurance needs, please Contact Us.

Importance of marine insurance

In general, marine insurance is a policy adopted by a vessel owner in order to limit liability and ensure financial cover in the event of any crisis, damage or other risks at sea. Typically, this type of risk management policy can cover any category of boat, form yachts to cargo ships, however the type of insurance policy will vary depending on whether the vessel is for private or commercial use, and whether it will carry persons on board or just cargo.

It is a legal requirement for boats to have a suitable insurance cover in order to navigate international waters.

It is not only for legal compliance that marine insurance is required, but also for security and peace of mind when it comes to operating and maintaining a boat. The risks faced at sea are unpredictable and can result in death or sinking of a boat with a change in the weather. It is therefore one of the most dangerous areas of transportation and those navigating on open seas should subsequently obtain the necessary liability and financial cover.

Most marine insurance covers will protect the boat and its onboard equipment, cargo and persons from the point of departure to the final destination; thus ensuring any damage or injury experience on the journey is covered.

Natural disasters such as pollution, hurricanes and tidal waves can be included within a marine insurance policy to ensure any damage caused by these events will render the vessel owner non-liable and financial cover will be given. Other forms of risk management needed by ship or yacht owners is for the break down or failure of the engine, or loss of other necessary equipment onboard that is essential to the safe operation of the boat.

Marine insurance is a valuable, necessary, and highly beneficial risk management plan to invest in; payments can be made monthly and a plan can be found that would suit not only your vessel requirements but also your financial objectives.

A professional consultancy firm or independent yacht broker can help you decide on the most appropriate type of risk management plan to adopt in order to safeguard you both financially and in terms of liability when operating your ship or yacht. There are many different policies available and as such, selecting the right plan can be relatively confusing for boat owners. Understanding which policy they may need is vital to the successful operation of their vessel while also ensuring that all legal and marine standards are complied with.