Moored boats face unique risks that are quite different when compared to boats in transit. How can you protect your prized vessel when it’s moored? The answer is simple – moored boat insurance. This kind of marine insurance addresses these issues, offering New Zealand boat owners peace of mind and financial protection.
Are you wondering if you need this kind of marine insurance? How can you benefit from this specialised coverage?
Understanding Moored Boat Insurance
Moored boats are marine vessels that are moored, or stationary and secured, to a dock, marina or other designated mooring area. Unlike standard boat insurance policies, this specialised coverage is meant to provide protection for boats that are stationary. This can include protection against physical damage, liability, theft and environmental damage that could occur when the boat is moored.
A few concerns that moored boat owners may have regarding their NZ boats are:
Weather-Related Damage. Storms, high winds and more can damage moored boats, whether due to causing the boat to break free or from impact damage from airborne debris or other nearby vessels. Rising water levels can also cause water to get inside the boat, causing more damage. Proper moored boat insurance coverage can help to mitigate the financial impact of this property damage.
When mooring your boat, make sure you follow all proper mooring procedures. Be sure you correctly secure your boat and keep your possessions safe. You may want to take important items with you when you leave your boat at the marina, even if you plan on taking your vessel out again sometime soon.
Theft And Vandalism. When boats are moored and unattended by their owners, there’s always a chance that someone could attempt to steal the boat, steal possessions from the boat or vandalise the boat. Insurance coverage can help to cover the loss of equipment and the cost of repairs in case of vandalism.
Accidental Damage. When boats are moored, there’s a chance that they could be rocked by the water and collide with other vessels. This can cause damage to both boats and could frustrate you and the owner of the other damaged boat.
While moored boat insurance can help to address this kind of damage, it’s best to try and prevent it from happening in the first place. Make sure the mooring equipment and lines you use are high-quality, durable, dependable and properly used.
Liability Risks. Liability coverage is needed to cover damage to other boats, docks or marina facilities.
As mentioned above, be sure to follow procedures when mooring your boat. Additionally, behave accordingly when navigating your boat in the marina, as acting recklessly can result in damages and injuries.
Choosing Your Moored Boat Insurance
When choosing your boat insurance policy, consider the following so that you can get the adequate coverage you need:
Work With An Experienced Insurance Broker. Choosing the right marine insurance policy is necessary, so consider consulting a professional insurance broker before you begin navigating your options. An insurance broker can review details such as any particular concerns for your boat and your budget to help identify the best policy for you.
Assess Your Coverage Needs. Together with your insurance broker, discuss your coverage needs and how to address them. Evaluate the specific risks that your boat faces when it’s moored in your chosen marina and discuss your standard usage of it.
You’ll also want to discuss the value of your boat and the equipment you use with it to ensure you have adequate coverage from your moored boat insurance policy.
Compare Policies. Examine different NZ insurers that your insurance broker typically works with, and look at the varying levels of coverage. While insurance brokers generally work with certain insurance companies, remember that you aren’t always limited to those companies. If there are any others you’re interested in, talk about your preferences with your broker to see what you can do.
When you look at available policies, always carefully read through them to understand exclusions and limitations and fully understand what is and isn’t covered. This will help you avoid unfortunate misunderstandings in the future.
Review And Update your Coverage Regularly. After you’ve chosen your marine insurance policy, plan to review it regularly in the future. Your needs can change over time, so what works for you today may not be sufficient in a year or two. Talk to your insurance broker about routinely reviewing and updating your coverage.
Discovering The Best Moored Boat Insurance Policy For You
Insurance can act as a much-needed financial safety net, and finding the right marine insurance policy is an important part of being a responsible NZ boat owner. If you’re searching for the right policy, consider speaking to us at Baileys Insurance. Aside from marine insurance, we also have experience with business insurance, life and health insurance and more.
To get the process started, call us on 0800 898585.
Stay protected and enjoy peace of mind with Baileys Insurance.