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. Most boat owners want 'all risks' insurance which gives much wider protection. However, yacht insurance is not a legal requirement in the same way that motor insurance is.
What insurance documents do I need to carry with me?
You need to show a valid certificate of boat insurance to demonstrate that you are insured.
What risks does yacht insurance protect against?
The details of any boat insurance cover will be defined in the relevant policy document and described in the summary of key facts, both of which your insurer is required by the Financial Conduct Authority to send you.
Yachtline's 'all risks' yacht insurance policy covers you against accidental loss or damage:-
- your passengers
- your yacht
- gear, personal effects, dinghies, trailers and personal watercraft by special arrangement
- third parties
- laid up
- in store
- in tow
- racing by special arrangement
- towing waterskiers, by special arrangement
- external accident
- water coming into the boat
- malicious damage
Will Yachtline arrange repairs or recovery for me in the event of an accident?
No. Yachtline's 'all risks' cover is an indemnity policy and with an indemnity policy it is up to the insured to make recovery & repair arrangements. Yachtline will refund the agreed cost.
What risks does boat insurance not cover?
Commonly excluded from yacht 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. You need to check carefully that any insurance quote you are given covers all the risks against which you seek to protect yourself.
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 for boats less than 30 feet in length. If your boat is longer than 30 feet, and you let us know in advance, we can cover the yacht while in transit as long as it is being moved by a professional transportation company using purpose built trailers.
If I lend my boat to a friend, will they be covered under the policy?
Yes, provided they are doing so with your permission 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?
Factors that affect your premium include:
- the value, size, type and age of boat
- where you keep and use it
- your own experience as a skipper and claims history
How do I value my boat?
The value of your boat should reflect the current market value. The price you paid for the boat is normally a good indicator of this. Where there is uncertainty, eg a lack of market transactions on which to base market value, Yachtline may ask for an independent valuation.
What do I need to tell my insurer?
As an insurer, we need to obtain all the information we need to assess the risk, so we need to ask you those questions that will give us that information. 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.
Will I need to get a survey report on my boat?
Yachtline will ask for a recent survey report for all boats over 39 years old and all boats 20-39 years old valued at over £10,000. Yachtline may ask for a survey report on other boats depending on circumstances. The underwriting team will let you know if they need to a see a survey report.
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. If the new owner of your current boat wants to take over the policy then that may be possible. If not, in some circumstances 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, and if necessary we will let you know of any change to the premium or cover.
What should I do if I change the boats' permanent mooring location?
Yes, you must advise us of any relevant changes to your own or the boat's circumstances throughout the year, at the very latest by renewal.
If I take out boat insurance but then change my mind, can I get my premium refunded?
If you cancel your policy within 15 days of receiving it (or for renewals, within 15 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 a small administration charge. Should you be entitled to a refund of premium at any time, Yachtline will pay the refund by cheque.