Perks of Consulting With a Claims Adviser

Use an Insurance Broker!

I'm going to say specialist insurance broker rather than a quotation sourced direct from an insurer. I will declare an interest here in that I actually am a specialist broker. There are advantages:

https://training.joniandfriends.org/eportfolios/258/Garza/C_THR87_2005_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_THR88_2005_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_THR89_2005_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_THR92_2005_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_THR95_2005_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_THR97_2005_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_TS450_1709_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_TS460_1709_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_TS4FI_1809_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_TSCM42_67_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/C_TSCM66_66_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DCP315C_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DEA2TT3_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DES1B21_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DES1B31_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DES5221_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DES9131_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DP300_PDF

https://training.joniandfriends.org/eportfolios/258/Garza/DP900_PDF

https://training.joniandfriends.org/eportfolios/260/jenny/E20307_PDF

https://training.joniandfriends.org/eportfolios/260/jenny/E20542_PDF

https://training.joniandfriends.org/eportfolios/260/jenny/E20562_PDF

https://training.joniandfriends.org/eportfolios/260/jenny/E20593_PDF

https://training.joniandfriends.org/eportfolios/260/jenny/E20597_PDF

https://training.joniandfriends.org/eportfolios/260/jenny/E20598_PDF

A specialist broker can do your shopping for you because they will have access to multiple markets and therefore make a recommendation as to which one best fits your needs.

A specialist broker should also be able to help you if a claim happens. Understanding and liaising with your insurers regarding liability and/or settlement value. They may also have access to a wide range of approved boat builders, dealers and repairers that will help you get your RIB back in use with minimum disruption to your pleasure in using your RIB.

This is in contrast to going direct to an insurance company which means you will just receive information based on their product. It also means you will have to make time consuming multiple telephone calls find out what is available so to decide what is best for you. That's OK if you have time, but time is money!

What Value is the RIB insured for - Purchase Price or Agreed Value?

You need to understand the basis on which your RIB is covered. It is common for insurers to cover the RIB and its equipment for the purchase price. However, cover can also be on "agreed value". If you are unsure which yours is check your insurer's policy wording. Some may state that they will pay the value stated in in the Schedule of Cover (this will be "agreed value") and others will state they will only pay up to that value (i.e. the purchase price less any depreciation). If your RIB is a total loss the difference in the policy wording could have a significant effect on the amount of your claim is settled for.

As you will expect, the more you pay for your RIB, the more your insurance cover is likely to cost. Insurers rate your policy on the value of your hull, machinery, trailer and any special equipment you might have. The rate applied will usually decrease as the insured value slides up, so the cost to cover a RIB at £50,000 would usually be proportionately cheaper to cover than one valued at under £10,000.

Here are some of the other factors that will affect your overall annual premium for your RIB insurance:

Where are you keeping your RIB?

Location can matter. Certain parts of the UK that are considered prone to extreme weather and it will cost more to insure there. Additionally, your choice of mooring can have an effect too - chances are you could be relatively free from a moorings loading if you are on a pontoon in a marina but a swing mooring will often result in your cover costing you more. Also it is worth mentioning that, if your RIB is permanently moored in Continental Europe it will be rated differently than if UK based.

The insurance world categorizes both houseboats and yachts in a similar class. It is because of this that coverage pricing as well as insuring conditions are much the same. The key difference between houseboats and yachts are the following factors: the houseboat's production makes it more challenging to ride the waters and it is not as capable to navigate the rough sea as the yacht.