FAQs | Topsail Insurance

Boat Insurance FAQs

What is the Excess or Deductible?

Many policies include an excess or sometimes called a deductible. This is the amount you have to pay if you decide to make a claim on your policy. It’s a way of you accepting a small portion of the risk yourself. The amount of the excess is specified in your policy.

What is the difference between a Market Value and an Agreed value Policy?

Each insurer will usually have their own definitions for Market and Agreed Value. In most cases, in the event of a total loss of your boat under a market value policy, underwriters will typically consider the value of the boat in line with the current market conditions and pay a settlement based on what they consider to be a fair market value. Whereas, if you have insured your boat under an agreed value policy then the value of the boat is agreed at the beginning of the policy and if there is a total loss then the agreed value may be paid without deduction for market conditions.

It is recommend to discuss which option is most suitable for you and reviewing the relevant PDS before making a decision.

Am I entitled to any No Claims Discount/ Bonus?

Depending on your insurer, they may offer a no claims discount which means that year you are insured without making an insurance claim, you earn a No Claims Discount that is then applied to your boat insurance policy at renewal. This may be transferred from a previous insurer or built up annually. You may be asked for evidence of your no claims discount if it is being transferred from another insurer.

What happens to my No Claims Discount / Bonus if I have a claim?

If you have a claim during the policy period of your boat insurance, then your No Claims Discount might revert to nil and will build up after the claim each year you are claim free.

What happens to my No Claims Discount / Bonus if I have a claim and it is not my fault?

Initially, if a claim has been paid by your insurer it will affect your No Claims Discount until such time as a successful recovery is obtained from the third party insurer. At this point, your No Claims Discount will be reinstated to the same level that it was at prior to the loss.

What is liability or third party liability ?

Liability is your legal liability to other people and their property. Liability insurance provides protection against claims resulting from injuries and damage to people and/or property it also covers legal costs and payouts for which the insured party would be found liable.

Does my policy cover lightning strikes?

Most sailing yacht or motorboat insurance policies cover the loss or damage caused by lightning strikes. There may be some restrictions so please contact us for advice on the cover provided and to find out more.

I want to charter out my boat, can you cover me?

We are usually able to extend sailing yacht insurance and boat insurance policies to cover the vessel whilst being used for Skipper Charter. If you require Bareboat Charter cover, please contact the office to discuss your requirements.

How do I make a claim?

Should an incident occur which may result in a claim under your policy, all the information on how to make a claim can be found in your Certificate Schedule or Policy documentation. If in doubt please contact the office and we will provide you with a claim form and the necessary support to assist you in making a claim under your policy.

What does ‘See Policy’ mean next to the tender, outboard and personal belongings on my quotation?

If you have not specified insured values in respect of your outboard motor(s), tender(s) and personal effects, your boat insurance policy may provide limited cover for these items automatically. Please check the policy or discuss this with a member of our team.

What is defined as self-steering gear?

A self-steering gear is best defined as; equipment used on ships and boats to maintain a chosen course without constant human contact. It is also commonly known as autopilot and autohelm.

Can I get Third Party Liability Insurance only?

We can offer Third Party Liability only cover through our list of suppliers, please contact the office for more details.

Can I let others sail my boat without a charter agreement, even if they are not joint owners and have no financial interest?

Under the terms of most sailing yacht or motorboat insurance policies, cover is in place for loss or damage caused by Permitted Users (people using the vessel with your permission). Please check the policy or discuss this with a member of our team.

Frequently Asked Questions