Smooth Sailing: Why International Boat Insurance Is A Must
For boat owners based in Malta, it’s important to know that third-party only cover is mandatory for crafts powered by an engine exceeding 9.9HP. The insurance policy you choose for your vessel will be designed to suit your boat’s size,speed and value
However, for coverage in waters more distant to Malta, an international boat insurance policy is vital to cover your boat and passengers in case of accidents or injury. Carefully weighing up your boat insurance options is helpful so you and your vessel are properly protected.
Global boat insurance market size was reported as $960.9 million in 2021. Forecasters are predicting that the market will reach $1,260 million by 2028, with a CAGR (compound annual growth rate) of 3.9% by this date.
As more boat owners invest in insurance for their vessels, it’s clear that taking out an insurance policy makes sense as any accident that may occur could cost a significant amount and leave you out of pocket.
Contents
What is international boat insurance?
Why do I need to insure my boat?
What type of cover is available?
What should I do if I’m involved in a boat accident?
Boat insurance Malta benefits.
What Is International Boat Insurance?
Also known as blue water cruising insurance, international boat insurance policies cover boats that travel outside home waters. Designed for offshore and long-distance trips, some international boat insurance policies include features which may not be part of a standard policy, such as:
Coverage for named storm damage.
Higher liability limits for the risks of international travel.
Global navigation limits across many international waterways.
Customised underwriting for extended trips.
Like any insurance policy, it’s important to check every policy detail to understand coverage and any limits to the deal.
Why Do I Need To Insure My Boat?
Insuring your boat is on a par with insuring your house or car. If something untoward or unexpected happens, you want adequate coverage to pay the cost of repairing your vessel or other vessels if you are liable for any damage.
Here are three essential reasons for investing in boat insurance:
Navigation authorities, harbours and marinas generally require you to have third-party liability coverage to protect against any damage or injury caused by your boat. Most expect third-party coverage at around £1 million as collateral for any incidents.
Physical damage or loss of your boat can create high costs in terms of repair or replacement. Hull insurance provides adequate cover which is critical when it comes to the rising costs of reconstruction.
Some insurance policies include additional features, such as wreck removal, equipment theft or personal injury.
What Type Of Cover Is Available?
Any international boat insurance policy you look into will have its own distinctive features and elements that suit different boats and varying owner circumstances. Here are three types of boat insurance:
Third Party Only
This is the minimum cover you need for safely sailing across water stretches. Third party covers accidents, damage or injury to other boats and passengers within your liability and is the most basic form of boat insurance policy.
Comprehensive cover
This is a more substantial policy which covers damage to your boat and your liability to third parties for accidents happening in or around your vessel.
What Should I Do If I’m Involved In A Boat Accident?
Follow these simple steps to make sure you, your boat and passengers are safe and that you fulfill the terms of your boat insurance policy:
Make sure everyone on board – or on any boat that you have collided with – are safe and well. Report any incidents that require medical attention.
Document the incident and exchange insurance information and boat owner details – such as boat registration numbers and contact details.
Get in touch with your boat insurance policy provider. Pass on all essential information and gather advice around your boat incident situation.
If you need additional support, contact your lawyer for legal advice so they can guide you through your rights and protect your interests.
Boat Insurance Malta Benefits
As a leading provider of boat insurance in Malta, GasanMamo’s boat insurance policies provide cover for loss or damage to your vessel and equipment caused by external accidents, including collision, contact, stranding, explosion or sinking.
Plus, there are multiple additional benefits for your boat, such as sighting costs, legal costs, emergency salvage charges and accident cover.
You can also access a no claims bonus which can scale up to a maximum discount of 25%. Begin your own search for the right plan in Malta by looking through our ideal benefits on our boat insurance page.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.
