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.
- 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
- Towing / removal of wreck
- 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!