Sailing insurance is meant for individuals who love water sports or going on sailing voyages. Sailing insurance offers coverage for third-party liabilities and loss or damage incurred while sailing.
Sailing Insurance: Scope of Coverage
Sailing insurance comes with the following coverage options:
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Loss or damage: A sailing insurance policy covers loss or damage to the policyholder and the insured vessel caused by an accident or external agents, such as fire, theft, vandalism or malicious activities.
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Racing risk: Individuals who engage in water sports or sailing races opt for racing risk cover. This sailing sports insurance offers financial protection against accidental death or injury to the policyholder as well as damage incurred to the vessel during a sports event.
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Third-party damage: This policy pays for loss or damage to a third-party by an insured vessel or during an insured event.
Sailing Insurance: Principal Exclusions
According to the principle exclusions to the sailing insurance policy cover, no claims shall be made with respect to:
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Loss due to improper handling of the vessel or irresponsible behavior
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Damage to the sailing vessel while in transit
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Wear and tear expenses or depreciation
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Loss of unsecured personal belongings, fittings or equipments, such as fishing gear, unless mentioned in the policy agreement
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Theft of the outboard motor, unless locked with the insured vessel using an anti-theft device
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Mechanical breakdown of the insured vessel
Sailing Insurance: Important Considerations
Some points to keep in mind while buying a sailing insurance include:
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Excess: Sailing insurance comes with an excess amount. This is the amount that the policyholder has to bear before the insurance company begins to pay off.
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Indemnity limit: The indemnity limit under the policy varies for different types of claims.
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General exceptions: Apart from exclusions, a sailing insurance policy comes with general exceptions that define conditions for insured events. The insurance company will not pay for anything beyond general exceptions, even if the loss is a part of an insured event.
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Water limits: A sailing insurance policy is written separately for territorial waters and international waters. An individual with territorial sailing insurance is not covered for loss or damage while sailing beyond the territorial limits.
For better understanding of the insurance cover, limits and exclusions, read the sailing insurance policy disclosure agreement thoroughly.