Guide to RIB Insurance
by: Patrick Altoft
If you require insurance for your RIB, but have been presented with a number of alternative policy wordings from a variety of companies, Noble Marine's Guide to RIB Insurance may help you decide the sort of policy you require. Full details of the cover provided and an interactive quotation form, providing quotations at any time of day or night, can be found by clicking the RIB Insurance link on Noble Marine's website.
Both the cover provided by different RIB insurance companies and the service they offer, can vary greatly. Bear in mind that a cheaper policy may end up costing you more, if you have to make a claim and you should always check what cover is being offered before signing up.
Q. What should I look out for?
A. Everyone's needs are different, and only you can decide if wider cover is important to you. It is essential though, to understand what is being offered to you, before being able to make an informed decision.
Comprehensive Cover - will provide cover for your boat against accidental damage, theft, fire and vandalism.
Third Party Liability - You should not consider going afloat without liability insurance, which will cover you if you cause damage to another boat or worse still cause injury.
Racing Risks - Most insurers will exclude cover if you are racing your boat.
New-For-Old cover - This will replace damaged items with new, however age limits may apply.
Policy Excess - You will be required to pay the first ?x of any claim.
Laid up Period - Do your insurers restrict cover by insisting that your boat is laid up ashore between certain dates?
Waterskiing liability - do you require cover for accidents caused to water-skiers being towed by your boat, or cover for damage caused by a person skiing behind your boat.
Towing toys - Many insurers are unable to provide cover for towing toys such as doughnuts, banana, ringos etc.
Damage to underwater machinery - Will provide cover for propeller and engine damage if you were to run aground or hit a submerged object. Not all policies provide this cover as standard.
Q. Do I need to use a specialist marine or RIB insurance company?
A. No - Many High Street Insurance Brokers will be able to arrange your RIB insurance, but they may not have the necessary expertise to advise you correctly.
Q. How can I be sure the insurance company I choose is reliable?
A. Your policy is only as good as the service you receive if you have to submit a claim. Why not speak to your fellow boat owners, for their comments regarding which insurers provide good (or bad) service to their clients.
A small number of marine insurance companies are based overseas and it would be wise to establish that the insurers are based in the UK where you will have access to UK Law and compensation should a serious problem occur with your policy.
With effect from 14th January 2005, it is a legal requirement that any UK company providing an insurance policy, must be authorised and regulated by the Financial Services Authority (FSA).
A firm should clearly display their status on any documentation, including their web site. If you are in any doubt, have a look at the FSA's Register of Firms.
Q. Why do I need third party cover?
A. ?2,000,000 Third Party Liability is usually compulsory if you are to launch you boat in the UK and you should not consider going afloat without this cover as a minimum. A policy providing third party liability should cover you if you were to cause damage to property or injury to another person, with your RIB.
The industry standard provides a limit of ?2,000,000 and should be sufficient for use in the UK. Marine Law limits the maximum payable on navigable waters.
Third party risks whilst in transit would be EXCLUDED as this is normally covered by your motor insurance policy.
Q. Should I expect a standard policy to cover me while my Rib is not being used (i.e. when my boat is ashore or while I'm travelling?)
A. Comprehensive policies should cover your boat against accidental damage, theft, fire and vandalism, whether in use or not
About The Author
Patrick Altoft is an insurance expert with Noble Marine a specialist UK insurance broker providing boat insurance for most types of pleasure craft. Policies and claims are dealt with in-house, by knowledgeable staff, giving unequalled levels of service. See http://www.noblemarine.co.uk for more useful articles.
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