Generally, up to 35 Knots is within the appetite of insurers. Above 35 Knots things start to change, with premium increased but most RIB insurers are comfortable offering cover up to 55 Knots. Above 55 Knots many insurers are uncomfortable meaning that they won't provide cover or there is a sharp rise in premium rates for these RIB's.
What is your experience on RIB's?
Some insurers will allow a small premium discount if you are an experienced skipper. By experienced this is usually taken to mean more than 5 years with RIB's. If you have less than 5 years' experience then be prepared to have your premium loaded - over 2 years' experience but under 5 would typically attract a load of 5% to the basic premium. Under 2 years and it could start to get painful; under 1 and you start to find insurers who will not even offer a quotation and others who will - but with a significant premium increase.
You're Qualifications?
The Royal Yachting Association (RYA) has recognised training centres worldwide. If you invest in getting appropriate RYA qualifications - such as Powerboat Levels 1&2 - there may be a premium discount.
No Claims have occurred?
Typically, insurers will allow a 5% discount per year up to a maximum of 5 if you have held boat insurance and made no claims but it is possible to find insurers offering larger discounts in certain circumstances.
Covering Personal Possessions & Accessories
Trailers, inflatables and other accessories used with your RIB can be added to your schedule of cover - there will usually be an additional premium charged. Check your policy documentation for terms and conditions relating to use, security and storage of these items.
In rturn for a further additional premium your insurers may allow you to add cover for personal possessions against loss of damage whilst on board your RIB. Before opting for this extension, however, it is worth checking exactly what is and isn't covered as some policy wordings will detail a lengthy list of excluded property, including (but not limited to) passports, money, credit cards, travel tickets, jewellery, watches keys, mobile phones and laptops. You might also be able to obtain a better premium rate and scope of cover for this type of property as an "All Risks" extension to your home contents insurance policy.
European Vacation?
Many providers will include up to 30-days European use (including road transit) as a free extension so you can hook up your trailer and have fun - don't forget to check your certificate and/or schedule to make sure this cover is in place before you go.
Here's a tip: If you are going overseas ask your insurer to provide you with a certificate in the language of the country where you will be using your RIB - it may save you a lot of hassle with the local authorities if you can present a certificate of cover that the local authorities don't have to get translated.
Transiting Your RIB
Cover for road transit of your RIB can be included on your policy - sometimes this is a freebie but some insurers will levy an additional premium for transit cover - don't forget to ask your broker if your transit cover is free or if they are charging for the extension.
Marine Third Party Liability
No comments:
Post a Comment