Watercraft insurance offers extensive cover for all types of vessels such as stranding, sinking, collision, fire, theft, vandalism, storms, capsizing, and in extreme cases explosions.

There are also liability issues to consider since negligent navigation could lead to accidental damage to other vessels, or to structures such as peers and wharves, loss of life and bodily injury. Such incidents have the potential to bankrupt watercraft owners, so it is essential that the necessary liability cover is in included and catered for when seeking watercraft insurance.

Things to Consider Regarding Watercraft Insurance:

• Make sure that the territorial limits in terms of the policy are such that these limits cater for your needs. For example, if you are one that takes your vessel to Mozambique make sure that your policy provides the relevant cover to you and your vessel whilst cross border.
• Ensure that your trailer is comprehensively insured.
• Make sure that your vessel is insured for the correct value as some marine policies require the vessel to be insured for its new replacement value from new and three years thereafter.

After three years the insured value is based on Market Value.

• Ensure that your vessel is insured for usage in the correct waters. For example, it is not automatic that your vessel is insured for usage in the sea.
• Ensure that you hold the correct skipper’s certificate in relation to the category vessel you own and use.

Watercraft insurance can be included under your Domestic policy however at SMB Insurance brokers CC we have specialized Marine products which provide all the cover you need

Get a quote today and save on insurance!

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