The importance of marine insurance

Be it a small boats or large luxury motor cruisers, for most mariners, their boat is not only their pride and joy but also the second largest investment they will make in life, not only the initial purchase but the ongoing investment in new equipment and maintenance.

Insuring yourselves against loss of this asset and against injury or damage to third party persons or property, is therefore a must, not only for peace of mind but also to comply with local requirements of the harbour authority.

All vessels using harbour facilities, slipways, or moorings are required to carry a minimum of £2,000,000 third party liability.

Marine insurance is the oldest form of insurance, and was how the insurance market place giant Lloyds of London started in 1686, in a coffee shop of the same name, where cargo carriers, merchants and vessel owners used to accumulate to discuss current shipping affairs.

As primarily an indemnity cover, policies will put you back into the position you were immediately prior to the loss. i.e. if your engine is 5 years old, insurers will only pay for repairs or if replacement is required for an engine of the same age, as such it is important that you regularly review your sums insured to reflect the age of your vessel and items.

CIB can offer cover with some of the most recognised insurers both locally and in the UK be that comprehensive cover or Third party liability cover only.