5 Reasons to have Boat Insurance

Five Things To Know About Boat Insurance

You’ve just purchased your boat and can’t wait to get the hull wet. But have you taken a moment to consider whether you’ve covered your new hobby with boat insurance?

The risks faced on the water are not the same as those of other possessions, but they are still very real. You need to guarantee that you will enjoy your craft, rather than worrying about it.

  • Peace of mind

The phrase is often thrown around when it comes to insurance. But you’ve just invested in your water and pleasure craft and what can spoil the chance of enjoying it more than having to constantly worry about it? A good insurance policy will let you enjoy the ride in relaxation. Five Things To Know About Boat Insurance

  • The range of cover – part 1

A good insurance policy does not limit itself to what it wants to cover, conveniently. Highly flexible cover will include boats, dinghies, yachts, cats, jet skis and more; plus all on-board equipment and accessories.

  • The range of cover – part 2

Yes, the range of cover should definitely be flexible and apply to your water craft but it should also cover various events that could include things accidents, fire, lightning, malicious acts and disasters such as earthquakes and volcanic eruptions. Covers also extends to theft, collision and third party liability.

  • Freedom of using your craft

The last thing you would want to hear after having insured your craft is that you cannot use it where, when and how you want. A good policy should apply to any body of water in Southern Africa and up to 12 nautical miles from the coast of South Africa, Namibia and Mozambique.

  • Financial security

Your watercraft is not cheap. Knowing it is possible to have it insured at the value of the current price of a new, same or a similar model vessel. New replacement value for vessels not older than four years and Market Value for vessels older than four years.
At Compendium we offer highly flexible insurance policies for salt and freshwater enthusiasts alike. If you’d like to find out more about us, visit our website at: http://www.cig.co.za/, or contact one of our brokers on: 031 242 6800.

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