วันพุธที่ 9 มีนาคม พ.ศ. 2554

Boat Insurance

Shopping for boat insurance can be a very tricky task. Unlike car insurance, it is a very selective field, as the amount of people who are boat owners in the UK is relatively low, therefore providers can afford to keep the price of their premiums at a relatively high rate, although it does depend on the type of boat you own and wish to insure.

There are a number of insurance providers who offer quotations and cover online or by phone for most classes of dinghy, sailboard, yacht, speedboat, RBI, narrowboat, rowing boat, houseboat and Jet Ski (the different forms of boat insurance). A third party policy is the minimum level of insurance offered.

A typical insurance policy will include:
  • Cover against accidental loss or damage to your boat, including fire, theft and malicious acts.
  • Third party liability cover (amount depends on insurer).
  • No Claim Discount (amount depends on insurer).
  • Claims help lines open 365 days.
  • How to make a claim
  • Whenever an incident occurs and another boat is involved, take a note of the details of the other persons/boats involved. You will also need to obtain the details of any potential witnesses, which can prove to be difficult whilst afloat, but note the name of the boat or the sail number and make contact once you are ashore.

The information you might require would include:

  1. The name and address of the person who was in charge of the other vessel.
  2. Are they the owner of the boat? If not, the name and address of the boat's owners will be required.
  3. Their insurance company and policy number if is known.
  4. Their boat name and / or sail number.
  5. If possible, try and take photographs of the damage to the boat and email or post with your claim form.

You will also be required to arrange estimates for the repair or replacement items. Only one estimate may be required initially, but if the costs involved are large, further estimates may be required or a Surveyor may be appointed to inspect the boat or oversee the repairs.

Bear in mind it may be necessary to communicate with the other party involved, or their Insurers, before authority can be given to proceed with the repairs.

Important factors to remember when buying boat insurance:

  • Boat Insurance is not compulsory, but most owners do take out some boat insurance to help cover their large investment in the craft. It is important to remember that some harbours, marinas, or water authorities insist on third-party insurance cover of at least £1 million as a minimum if you are to be allowed to moor your boat.
  • First time boat users should be aware that boat insurance premiums can vary depending on their experience.
  • Type of boat, current value, and the current location of the boat can also affect the premium the boat owner should expect to pay.
  • Make sure all items within the boat are locked away as your boat insurance may not cover you for items stolen that were left on the deck.
  • Check through the small print of the boat insurance cover to make sure you are purchasing the cover that is right for you and doesn’t contain any unnecessary cover. Most policies will cover for damage, sinking, collision, theft etc, but make sure this is indicated in the policy document.
  • Commercial use of a boat is not normally covered, unless agreed at the time the policy was taken out.

Finally, remember to shop around when searching for your insurance and compare policies using online tools.

Regime’s NITC ship insurance cover hit by sanctions

NCRI – The Iranian regime’s biggest crude oil tanker operator NITC said on Friday its ship insurers had declined to renew policy cover for the coming year due to the impact of tightening sanctions in the European Union, Reuters reported on Friday.

The privately owned group said its four P&I clubs had declined to renew cover for the 2011/2012 policy year, Reuters said.

According to the news agency, Andrew Bardot, executive officer with the International Group of P&I Clubs, told Reuters while he was not privy to the specific negotiations he said that the clubs concerned had been liaising closely with NITC and with the UK Treasury “regarding the sanctions applicable to NITC's insurance arrangements.”

London ship insurers add Libya to high-risk list

LONDON, March 4 (Reuters) - London's marine insurance market has added Libya to a list of areas deemed high risk as violence escalates in Africa's third-largest oil producer, a senior market official said on Friday.

Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday on the outskirts of the key oil terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death".

"The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd's market.

"On the issue of pricing, that's a matter for individual negotiation on a voyage-by-voyage basis. It's likely that things will change on a day-to-day basis," he told Reuters.

Marine insurance for shipping firms set to rise this year

SINGAPORE : Marine insurance for shipping companies has increased significantly over the last year and it looks set to rise even higher this year.

Analysts said that a typical bulk carrier valued at US$50 million will now have to pay an estimated additional premium of US$50,000 a month.

This is partly due to rising piracy risks and political unrest in the region.

But analysts said the higher shipping costs would only be passed on to consumers and this would further add to their inflation woes.

Analysts said the outlook for the shipping industry looks rough this year.

Marine insurers are charging shipowners, such as Rickmers Maritime, higher insurance premiums and this will raise shipping rates.

Analysts said this is due to rising piracy risks globally.

Thomas Preben Hansen, CEO of Rickmers Trust Management, said: "There is no doubt, (with) additional war-risk premiums, which (are) put in place in the piracy-prone areas, the typical container carrier is faced with up to 30,000 to 40,000 dollars additional premiums (when) going through the piracy area."

Analysts added that with the political uncertainty in Korea and unrest in the Middle East, the insurance premiums for ships will rise even higher this year.

Teddy Tsai, deputy head of research at DnB Nor Bank, said: "Cargo cover will be influenced by higher events around the world. Last year, we saw things like the Korean missile test and things like that; some of these things can continue this year."

Shipping analysts added that Egypt's popular Suez Canal of the Red Sea is now considered a "higher risk area" by marine insurers.

As the majority of trade from Asia to Europe passes through the Suez Canal daily, most Asian shippers will have to incur these higher insurance premiums.

A spokesperson for General Insurance Association of Singapore (GIA) said that there are two main types of marine insurance - cargo and hull insurance.

GIA added that piracy and hijacking risks would have a greater impact on hull than cargo insurance, and in general, ship owners have to bear the higher insurance costs.

This is particularly so when the piracy involves the kidnapping of the captain and crew members for ransom.

However, shipping experts said that as shipping companies struggle to keep afloat and watch their bottomlines, they are unloading the bulk of these higher costs to their customers instead.

Mr Hansen said: "Whether there is an increase in fuel cost or insurance cost, or charter rates, ultimately it will be priced in the freight rate and passed on the consumer. So our carriers, our customers are paying these additional premiums, for the trade on most of our ships."

As a whole, however, analysts pointed out that overall insurance costs for shipping companies are still relatively low at less than 5 per cent.

Shipping analysts said that shipowners are passing the bulk of these increased costs to the shipliner companies, by charging them higher freight rates. These higher costs will eventually be absorbed by the average consumer on the street.