Getting a boat insurance sounds easy on paper – almost every insurance company in Malta offers this product. On the other hand, finding the best insurance product is a little bit harder. We set up VING Insurance Brokers because we believe people shouldn’t be making insurance decisions based on adverts. As independent brokers, our mission is to assist you when comparing local insurance products and represent your interests should a claim be made. With this in mind, for this article, we will discuss how to best safeguard your boat, how we protect your investment and lower your costs, what you should be aware of and what to avoid.

What kind of covers can I get?

• Comprehensive

A typical comprehensive policy would include cover for accidental loss or damage to your boat and its motors, machinery, gear and equipment as well as personal items used in connection with the boat. It would also include cover for your liability to others. A comprehensive policy would normally also include cover for Personal Accident for yourself and other persons on board the boat. In addition to the above, Insurers offer optional benefits which tend to vary from one to another

• Liability

Your liabilities as an owner would be comprehensively covered. Some policies may also be extended to cover the liabilities of anyone else on board your boat with your permission. This would mean that each of you would be covered for accidents arising out of negligence resulting in injury to each other, or any other party, or damage to someone else͛s boat or other property.

Important covers you should look at

Wear and tear — Does cover on wear and tear exist? Most Insurers exclude any claim caused by wear and tear. We can, however, provide you with cover in relation to wear and tear as well. One condition with this specific type of cover is that there has not been an unreasonable neglect of maintenance.

Racing — Am I covered for racing? Most local Insurers do not provide cover extensions for racing, however we can provide you with such cover. Some racing extensions are normally covered without any additional premium on specific policy types. Other extensions would be offered at a higher premium and/or excess.

Water-sports — Will you require a cover for water sports? We can provide you with cover for water sports, including your liability to those who are participating, as well as their liability to anyone else in the water

Transit — Will my boat be covered whilst in transit? Most policies will cover your craft whilst in transit against accidental damage only. No damage to third party property is included — this can however be covered under your motor insurance policy.

How can we help you?

Having someone help with the legwork who understands what you need can make a major difference. This may be the easiest way to work within a budget without having to shop and do all the work by yourself.

Better yet?

You don’t pay for a Broker.

Brokers are paid a commission from the insurance cover you purchase by the company. This practice allows people to protect their possessions in a way that is sustainable, avoid scams and get the absolute best cover they could have.

The role of a broker

When the going gets rough, a broker can illuminate the best possible actions you can take to mitigate loss, and get back on your feet.

These are the questions a Broker will ask:

• How much you can afford to pay out of pocket?
• What are your actual needs?
• What does the insurance premium you’ll be paying actually cover, and to what extent?
• What kind of activities will you engage in?
• What covers will save you money in the long term — and which won’t?
• Will you use a borrowed or chartered boat?

Through your broker, you can get an extension to cover your liabilities, as the personal owner, whilst you are using a borrowed or chartered boat

• Do you have access to information on boat maintenance?
• Do you need to file a claim?

We will always be there for you when you need us the most and make sure you are treated fairly. Learn more about our claims process by getting in touch with us.

Is it a legal requirement to have my boat insured?

The local regulations stipulate that any mechanically driven boats / small ships having an engine above 10 H.P require third party liability cover.

But, think beyond the legal requirements here. Most people get the boat of their dreams through hard work, scrimping and saving, negotiating with a spouse, and pleading their case to a lender.

Don’t let it go to waste. Boat insurances can be expensive, but we’re here to ensure you get the best possible product in the market. We are free, financially independent, and licensed by the MFSA to assess, examine, and keep our ears to the ground for you.

How can I calculate the total sum insured of my boat?

The total sum insured would normally be composed of the following:

Hull and Equipment– this includes inboard engines (where applicable), electronic equipment not necessarily forming part of the internal fittings as well as all items included in the vessel specifications.

Outboard Motors Trailer Tender / Dinghy Personal Effects –these would typically be clothing, bags or purses, kitchen accessories, toiletries etc.

What documents am I required to carry on board my boat?

You should have the following documents present on board your boat:-Your nautical license (if required) -your vessel͛s registration document -your current insurance certificate

Read our next article on maintaining your boat and minimizing insurance costs:

Where the wind blows: Fireproofing your boat