Boat Insurance – Frequently Asked Questions

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Boat Insurance FAQs

What type of cover is available?

The cover options available are the following:

Comprehensive covering loss or damage to your boat and third party property damage and/or bodily injury

Third Party Only covering third party property damage and/or bodily injury

What items do I have to include to arrive to the sum insured?

Hull and Equipment : Including inboard engines (if applicable) and all items normally given in the vessel specifications and items of electronic equipment i.e those forming part of the integral fittings of the boat and those (purchased separately or removed from the vessel while not in use.)

Special Equipment: Items of electronic equipment that do not form part of the integral fittings which may be purchased separately and removed from the vessel whilst not in use.

Tender/Dinghy: The vessel’s name must be shown on the tender to comply with the policy’s conditions.

Outboard Motors

Trailer/Trolley

Personal Effects: Items not forming part of the vessel, being items of clothing including caps, hats, shoes and towels; waterproof gear; bags; coolers; kitchen accessories; wallets or purses (excluding cash and credit cards); toiletries; keys or pens.

Is there a No Claim Bonus scheme?

Yes, No Claim Bonus is applicable in the same way as in motor insurance and the scale is as follows:

After 1 year 10%
After 2 consecutive years 15%
After 3 consecutive years 20%
After 4 consecutive years 25%

Does my premium increase if I have a claim, and is there an excess?

If there is a claim under the policy all your No Claim Bonus is lost. However, if a claim is made in respect of personal effects, tender or tender outboard the no claim bonus will not be lost.

Furthermore there is a policy excess which is deducted from the final claims settlement. The excess amount depends on the sum insured of the boat and will be stated in your Policy Schedule.

Is my boat covered whilst in transit?

If an accident occurs whilst the boat is in transit, claims settlement will be as follows:

Damage to the boat: Damages to the boat are covered under your boat policy (excluding scratching, denting or bruising).

Damage to third party property: This is excluded under the boat policy. You will have to make sure that your motor policy is extended to cover third party damages caused by the use of trailers.

Why do I need to insure my boat?

The law requires that any seacraft with an engine exceeding 9.9HP has to take out at least ‘Third Party Liability’ insurance cover. It is however advisable that the cover which you choose is ‘Comprehensive’ which would cover damage to your boat whilst this is being used and also when this is garaged.

If I am insured on a comprehensive basis and my boat is damaged by fire whilst garaged, and damage is done to third party property and my own garage, will I be covered?

Claims settlement in respect of the above case would be as follows:

Damage to the boat: This would be covered under your boat policy.

Damage to Third Party Property: This would be covered under your Boat Policy, up to the limit specified in the Policy.

Damage to your garage: This would not be covered under your boat policy. You would have to purchase a Fire & Special Perils policy which would cover your garage adequately.

Will my trailer be covered whilst this is left unattended?

Theft cover is applicable subject that the trailer is securely immobilised by an anti-theft device, or that it is placed in lock-fast premises.

Is there any limitation under the policy for propeller fowling?

The limitation applies to boats with a maximum designed speed exceeding 17 knots. The maximum amount payable is limited to €3,500 for each engine, for each and every claim. If this amount is inadequate, this may be increased accordingly.

The limitation above does not apply if the vessel is designed to include sleeping facilities.