Maritime Insurance – How to get your boat or yacht covered by insurance and what you need to know

If you are considering purchasing comprehensive marine insurance, you are faced with an important financial decision, as the fact is that a boat is probably one of the largest expenses you will ever make in your life.

If it gets damaged in dry dock or at sea then the repair costs are significant, and if you have a problem at sea you should also make sure you have some sort of emergency cover for storm damage, hi-jacking and recovery costs.

When looking for marine insurance quotes online, you should try to have certain information ready so that your insurance can be easily arranged. This means that the four things that almost all online maritime insurers ask for are:

– Hull size

– Intended use for the vessel

– Engine type, and

– Year of production

If you are trying to purchase boat or yacht insurance from a boat insurance broker offline you will find that considerably more information is requested than this so it is a good idea to get a few online quotes even if you end up seek more specialized advice from an insurance broker you trust.

It could be that the quotes you get online are actually cheaper because the amount of information is less and therefore the quotes are more general. Obviously, before you sign any policy documents, make sure you double check that the policy is as comprehensive as you want it to be, and that it provides both adequate protection and the nuances of coverage you were looking for.

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