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Marine Insurance – Compare Cheap Quotes
As the name suggests, marine insurance is a type of commercial boat insurance policy that is designed to protect seafaring vessels and their cargo.
This type of policy can be used to insure fishing boats, cargo ships, passenger yachts, ferries and a range of other commercial vessels, and plays a vital role in protecting the business’s financial and commercial interests from the risk of accidents, theft or malicious damage.
Is marine insurance a legal requirement in the UK?
There is no government legislation that makes marine insurance a legal requirement in the UK, but in many cases it might be mandatory even though it isn’t required by law.
For instance, most harbours, marinas, commercial docks and sea ports are likely to insist that your boat or ship has suitable marine insurance in place before it can moor or dock there.
Of course, even if this type of insurance isn’t mandatory in your own particular case, it’s still a wise investment because it can help to protect your business against a range of different insurable risks.
How much coverage do I require when taking out marine insurance?
Third party boat insurance is the minimum level of coverage you can take out, and in most cases this type of policy will give you £1 million of coverage.
However, in order to ensure your vessel is fully protected it would be advisable to consider a more comprehensive policy that insures your own boat against the risk of accidents and theft.
If you usually transport a lot of cargo it would be a good idea to take out a policy that specifically covers this cargo against insurable risks as well.
How much does marine insurance cost?
Marine insurance specialists take a wide range of different risk factors into consideration when they are calculating your premium, so it’s impossible to give an idea of how much you’re likely to pay for marine insurance without taking these variables into consideration.
For instance, the type of boat or ship you own, its estimated market value, the value of any cargo it transports, where the vessel will be sailed and the ports it will use can all affect the cost of marine insurance.
The best plan is to use our price comparison service to compare marine insurance quotes from a range of different providers, and then go with the one that offers the best coverage at the best price.
Should I use a marine insurance broker to find a cheaper policy?
If an insurance broker specialises in marine insurance policies it’s possible they might have access to specialist insurance providers you might not be able to find yourself, in which case it might be worth finding out what sort of quotes they can offer you.
However, even if you do decide to speak to a marine insurance broker it’s still a good idea to compare policies yourself as well. After all, if you compare quotes from a wide range of different providers you increase your odds of finding the right policy at a cheaper price.