On the third day of Christmas......



It's the 3rd day of Christmas! A crazy time of year in our industry as clients look to shore cover up prior to going away or check that cover is correct on certain personal items. For us it's the storm before the calm. In about a week or so the craziness will end and we can start to relax and enjoy family time.

With Christmas now so close our next couple of memo's will focus on getting yourself ready for Christmas. It's such a hectic time of year and it's easy to overlook some things to help protect your family and belongings.

Keeping it simple this week and focusing on the one item that we insure more than anything else at this time of year...... Boats! It's amazing how many people let their boat insurance lapse throughout the year and then magically dust it off in the garage and prepare it for the holiday season. I think I only have maybe a dozen clients who currently have boat insurance through us and I kid you not all bar 3 are due in November / December.
 
It's great that you think to insure it prior to the annual run off The Coffs Coast, up The Manning River or in Sydney Harbour but for so many people to let their boat insurance lapse whilst it sits in their garage is frightening. Insurance on your vessel is not only required whilst on the water. What happens if a fire engulfs your home or garage and the boat goes up in flames? What happens if Johnny Five Fingers takes your boat trailer and all? Most standard home & contents Insurance policies will only cover watercraft up to a certain metre length. This varies but averages around 4 metres. (4 metres on our AIMS wordings) The average runabout is over 5 metres in length so as such would not be covered.
 
We also see cover note hoppers this time of year. This is a person who takes out cover on their boat and says they will pay it in 14 days yet mysteriously come late January advise us to lapse cover. So effectively they have used their boat for 2 months and not had to pay for insurance. Believe it or not but all Insurance companies have data bases and can track people's insurance buying patterns. If you keep this up you may find yourself uninsurable.
 
It's important to keep your vessel covered all year round. Boat insurance is very cost effective as the claims frequency is low. Major storm events like Cyclone Yasi claimed for alot of claims in the past few years but with the overall frequency low rates on boat insurance are still competitive. If cost is an issue there are options available on your boat policy to make it suit your budget and lifestyle. For example 'Lay up' cover.
 
Any decent boat insurance policy will provide the option for lay up cover. This is where you select the months you will not be using your boat. You will still be covered for damage to your boat that occurs at your home address or taking it to a dealer for regular maintenance. However as soon as you use the boat on the water no cover exists. It is a simple way of ensuring your boat remains protected all year round and not just the 3 months of the year you use it.
 
Whilst on the water you should also make sure if you are towing "anything" behind your boat that you have a waterskier's extension in place. I mean anything! Whether it's a biscuit, donut, or like we do sometimes, ski on a surfboard (let me qualify that, TRY, to ski on a surfboard) you need to make sure you have the boats Public Liability extended for water skiing. This extension covers for death or injury to a skier being towed by your boat, to any person caused by a water skier being towed by your boat or any property damaged by a skier being towed by your boat. if you've watched funniest homes videos I'm sure you'll agree it does actually happen.
 
Getting out on the water is great fun, but simple consideration for your boat and the environment around it will give peace of mind to you and those sharing the vessel. Again, boat insurance is cost effective and has the lay up option if you want to try and further reduce costs. We have access to some of Australia's leading Marine insurers and can put together cover on the same day if required.
 
Talk to us about insurance for your boat all year round and enjoy the water this summer.
 
 
*** Advice provided in of a general nature only and no consideration of any personal circumstances have been taken. Images courtesy of Sea ray, Courier Mail. Some information on policy definitions and extensions courtesy of Club Marine and VERO Insurance. ***
 

Comments

  1. Unknown18 December 2012 at 22:13

    i found this in a google search. i really like your blog. hard to find something both informative and easy to read.

    Boat Insurance Southern California

    ReplyDelete

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