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Yacht and Pleasure Craft Insurance

We have been covering quite a few corporate insurances recently, and thought to throw in something about… pleasure.

Now with the restrictions lifted, people can finally dust off their boat covers. With that, we’ve received some inquiries recently about pleasure craft coverage, so we thought to share some information!

Thrill of the Open Sea

For recreational sailors, the sea embodies thrill, freedom and adventure, but also not with its perils and potential risks to you and your boat.

With Pleasure Craft Insurance, you can enjoy the freedom of boating, and leave the worry of any unforeseen accidents to your insurer.

Just like any expensive properties or your personal vehicles, insurance is often required. In the case of your boat, it will be required at the marine clubs or berths you dock at. Even if you have your own seaside property with a dock in say, Sentosa, you still need to consider what is most important – third-party liabilities.

What Pleasure Craft(PC) Insurance Can Cover

The policy can provide various of sections of benefits for the pleasure craft and its accessory equipment, and also several classes of marine liability.

To summarise, a PC insurance covers physical loss and damages, as well as legal liabilities to 3rd parties to help put your mind at ease.

Physical loss/damages:

  • Perils of the sea – partial damages or total loss (at the agreed value to your boat)
  • Fire or explosion damages
  • Theft of entire yacht or its tethered boat/jet ski
  • Jettison (in which something tossed from an airplane or a ship damages your boat)
  • Piracy or malicious acts
  • Contact damages from hitting another boat or while docking
  • Acts of God
  • Accidents during loading or fuelling, etc
  • Grounding
  • Towing / removal of wreck

Legal Liabilities:

  • Personal Accidental coverage for you and other owners
  • Sudden and accidental pollution liability
  • Damaging/total loss of third-party vessel in the case of a collision
  • Loss of life or injury
  • Towing / removal of wreck

In a Nutshell

You can consider a more basic Pleasure Craft Insurance if you are moored most of the time, but would still want to be covered in case of a hit and run.

If you enjoy your ocean fishing or island-hopping, you should definitely look at having an all-risk comprehensive policy – not only to ensure your damage costs will be reimbursed, but to also cover legal liabilities in the case a 3rd-party is involved, as well as pollution fines (if your fuel leak from damages), towing and wreckage removal charges, etc.

As with any other vehicles, this policy also has a No Claims Discount (NCD) in place!

Maintain Your Equipments

With that said, prevention is better than cure. Always remember to maintain your boat’s engine and rotors, check for leaks, and stock a fire extinguisher onboard.

For extinguishers, check regularly that the pressure gauge is in the green area – or just replace one every 5 years!

At AWG, we are an insurance brokerage that represents multiple qualified Insurers, and will be able to advise the best-suiting coverage you will need. Simply drop us a message below, or give us a call at 6294 6688!

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    AWG: Covid19 Announcement

    Dear Valuable Clients and Partners, 

    Following the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) on 3rd April 2020, we would like to announce the following changes to our work so as to continue our service to our customers. 

    AWG Insurance Brokers is a key member of the financial service industry and we are exempted from the suspension. We will continue to provide services to our customers, but with the following measures and changes. 

    Closure of Office to walk-in Customers. 
    We will no longer allow walk-in submission of documents. The office will not be opened to the public and you will need to submit any Original Documents to our Letter Box placed at our office. If Original is not required, we will encourage sending via email. This is to reduce human contacts and reducing the risk of infection. 

    Working from home
    Our staff and management will be taking turns to work at home. We will have a reduced workforce during this period. Many insurance companies also have their staff working from home. You may still contact your servicer at the DID in their email. 

    Premium Payment

    We will not be able to receive cash payment from customer and all payment is to be made via Paynow with UEN No : 199002234G, QR Code (reflected on our debit note) and Cheques. Please indicate the policy/policies number that you pay and email to dorcaschoy@awginsurance.com for any funds transfer 

    MAS has also announced recently on the availability of premium installment. We have not gotten any update from insurers as of today and will update you soonest once we have any information.  

    Claims 
    Claim function is probably the most important part of our existence. We continue to assist and advise you on any claims matter. For claims payment, we would advise that you opt for direct fund transfer to your designated account number if the option is available. 

    We apologize if there is any inconvenience caused and wish you good health amidst this difficult time. 

    Regards