I always thought that my house insurance specifying my boat plus MYA 3rd party insurance was adequately covering my boat from loss. A fellow club member has advised me that this is not so once it is on the water. Covered at home, in car etc but not in the event of sinking! With boats often costing in excess of £2000, how do members insure against loss? Gamble on it not happening or take out normal full size boat insurance?

Suppose it depends on how tall you consider the risks to be? I don't know of anyone personally who has completely lost a boat - even sunk ones have been recovered. I'm sure it does happen, but would you spend good money on the off chance?

I wouldn't have thought any home policy would cover racing risks, but it might be worth a chat with a broker.

You need to consider the excess on Household policies as well...

In 60 years of racing, club, open, National & World Championships,   vane & radio,  all classes,  I've never had a boat lost or damaged.

no doubt I will now I've said that!!!

 

 

It clearly depends on your insurance company. I requested clarification, and received written confirmation from my company that I was fully covered for all racing risks under the ‘all risks’ section of my Policy. The only stipulation is that my yachts are fully described and stated at their full replacement value within that section. Thankfully I have not yet had to test the reality of the Insurer’s stated position though!

I would suggest that anyone in doubt should specifically ask their Insurer to clarify, in writing, their position over racing risks and third party liability 

I approched Noble Marine Insurance to ask about insurance for my RC Laser. It was before I joined MYA and got 3rd Party cover, so I didn't pursue it..

Thank you for your email, we can provide £5 Million Third Party Liability on our Dinghy Insurance Scheme, details attached.

The annual premium would be £33.60, we do insure other Radio Controlled Laser’s so not as silly as you think.

If you would like anything further or wish to proceed with cover, please do not hesitate to contact me.

Kind regards Nickie Morgan Direct Dial : 01636 675878 Noble Marine Insurance Clinton House, Lombard Street, Newark, Nottinghamshire. NG24 1XB 01636 707606 (General Enquiries) 01636 675888 (Claims) 01636 707632 (Fax) www.noblemarine.co.uk

On 15/03/2021 at 00:15, SaltIre said:

I approched Noble Marine Insurance to ask about insurance for my RC Laser. It was before I joined MYA and got 3rd Party cover, so I didn't pursue it..

Thank you for your email, we can provide £5 Million Third Party Liability on our Dinghy Insurance Scheme, details attached.

That is for third party liability. ie to cover you for claims made by someone's against you not to insure your boat against loss. So basically same as MYA insurance.

 

As a follow on from the MYA Public Liability précis of cover in the last e-Quaint, consideration was given to devising a boat insurance All Risks scheme. However not only was there seemingly a low level of interest among MYA members but the cost would probably be a lot more than via Home Insurance cover. However, as part of this review, Walker Midgley (a Broker in Sheffield) were helpful and currently offer what seems to be required. I think the cost is about £10 per £1,000 of specified value of asset (boat hull, rigs, RC kit etc) - but this cover is available to individuals. Hope that helps. 
Certainly care needs to be taken to ensure that, if you use your Home Insurance policy to cover your boat etc, you tell the Insurer that the boat will be used for racing - assuming it will be!