Insurance for recreational craft, despite being compulsory in Spain, is of course not as well known as car insurance. For this reason, we thought it advisable to write this article to clarify several issues that affect them.
Basic characteristics of the vessel
Naturally, the price of insurance is greatly influenced by the type of vessel we are talking about.
We will see that we have to contribute to companies these data:
- Type of boat: motorboat, sailboat, inflatable, jet ski...
- Use of the same: private, professional, rental...
- Year of construction
- Metres of length
- No. of engines and hp of the vessel, if motorised
- Registration and navigation area
In addition, we will see that the hedging will be the other key factor to give you a competitive price on our boat insurance.
Recommended coverages in boat insurance
Let's take a look at what we consider to be the essential coverages:
- The guarantee of Civil Liability: One part is compulsory, but there is another voluntary part which it is advisable to take out. Without the compulsory insurance we will not be allowed to enter marinas.
- Nautical assistanceThe following is a list of the main risks to both the people on the vessel and the vessel itself.
- Defence and claims for damagesHaving a lawyer to defend you in the event of an accident.
- Removal of debrisIf the ship is wrecked, it covers the cost of refloating it.
Now we will see what other guarantees further improve boat insurance.
Extended warranties and All Risks of our boat insurance
In the same way as with car insurance, we can choose between a third party or All Risks policy.
In this respect, we may choose to cover not only damages to others and assistance, but also the cost of shock repairs suffered by our boat. Thanks to this cover, damage to: hull, engine, accessories, whether caused by shipwreck, running aground, storm, collision, ... Accessories must, however, be expressly declared.
The maximum age at which we can insure All Risks depends on each company, but up to 15-20 years is achievable.
In addition, occupant accident cover can be taken out.
How do I arrange a claim or a towage of my ship?
In the face of a accident or breakdown If there is a need for a means of towing the vessel, as well as the persons on board, there are two ways of obtaining assistance:
- VHF channel 16 (maritime radio communication).
- Freephone: 900202202.
This is how we contacted Maritime Rescue and they will be able to attend to us.
The ransom amount will have to be paid and, reimbursement will then be processed with the company.
Likewise, if there is damage to the boat and we have “All Risks” insurance, we should contact the brokerage or the company. When the report is made, a “All Risks" will be appointed.“Damage commissioner”(acts as an expert).
From PIB Group Iberia We'll help you compare companies and get the boat insurance you're looking for.
