Is your boat insured? All boats, including visiting craft, will need to carry £2,000,000 minimum third party liability insurance cover from April 2010. The insurance requirement does not apply to unpowered boats with a block area of less than six metres square. Owners are reminded that they must sign the insurance declaration on their Broads Authority toll account before they can be sent a toll plaque.

David Long, Yachtmaster Insurance Services Ltd, has kindly provided the following guidance to boat owners.

Reputable companies. It is important to ensure that your insurance is with a broker or underwriter that will provide a prompt and efficient service. If you use a UK company they will be regulated by the Financial Services Authority, which gives you a greater measure of security. Just selecting the cheapest quote is not always wise!

Extent of cover. Third Party cover protects you, as owner, in respect of claims for damage which you may cause to other boats or property, or injuries to other people, but it does not meet the cost of damage to your own boat. Cover on full terms (comprehensive cover) includes the cost of repair or loss of the boat insured. Marine cover is normally arranged on an ‘agreed value’ basis rather than trying to establish a value at time of loss.

Agreed Value. The value for insurance purposes need not be the original acquisition cost of the vessel but should be the market value at the commencement of the period of cover. Usually the purchase price is a good guide figure but improvements to the vessel or general changes in market values can be taken into account or a valuation may be required. Consult your insurer for guidance and remember to review the sum insured occasionally.

Racing Risks Extension Clause. As boats racing are liable to be pushed harder than when cruising, insurers will only meet the cost of damage to the mast, spars, sails and rigging where the Racing Risks Extension Clause has been purchased within the policy; cover under this clause will provide for reimbursement up to two-thirds of the total cost of the loss – (in some circumstances this can be extended to three-thirds). It is essential that the true replacement cost of these items is stated and agreed at the outset as otherwise the settlement figure will be proportionately further reduced.

Surveys. For craft over 20 years of age most reputable insurers will need to see an appropriate survey to confirm the craft is in good condition. A current Boat Safety Certificate together with a boatyard condition report may be accepted by local insurers.