There are different kinds of marine insurance options to protect your boat in different ways. While standard boat insurance can keep you financially protected on the water, you need moored boat insurance if you plan on mooring your boat in a marina.
This specialised boat insurance is designed to protect boats that are moored and not actively out on the water. This is because moored boats face unique risks when compared to boats in use, so you need coverage to protect yourself and your boat from these potential problems.
Why Moored Boat Insurance Is Vital For Boats Moored In New Zealand
What kind of benefits can you expect when you invest in this specialised marine insurance?
Compliance With Marina Regulations. Marinas usually have criteria for what their members need to have before mooring their boats. You may be required to have proof of insurance before you can moor your boat. Similarly, if you took out a loan for your boat, then your lender may need proof of insurance so they know your vessel is protected.
Always check the requirements of the marina you want to moor at before you join.
Liability Coverage. One of the most prominent benefits of any kind of marine insurance is liability coverage. There’s always a chance that your boat will cause damage to other boats or property around it when it’s moored and unsupervised. Prevent damage by ensuring your boat is correctly moored, and invest in moored boat insurance just in case an incident occurs. You never know when an accident will happen, so insurance gives you a safety net. Insurance can help with legal fees, medical expenses, property damage and other costs.
Protecting Your Financial Investment. Any dedicated NZ boat owner will tell you that boats aren’t just possessions; they’re investments. You’ve put plenty of time, effort and money into buying, maintaining and modifying your boat, and you certainly want to keep your prized vessel protected. Consider standard boat insurance, moored boat insurance and trailer boat insurance to keep your treasured marine vessel protected no matter what you’re doing with it. Look for insurance products that suit your circumstances, like liability, property damage, travel, pleasurecraft, etc.
Coverage For Environmental Risks. Moored boats are exposed to weather conditions like rain, wind and tidal changes. These can cause damage to your boat, potentially leading to expensive repairs. Specialised insurance will keep your boat financially protected in case it’s damaged while moored.
Peace Of Mind. It’s challenging to protect your boat when it’s unattended, which it will be for long periods of time when moored. Even when you’re away, you could be stressing about what’s happening to your boat while it’s moored.
Boating is about relaxing, spending quality time with friends and family and enjoying your investment. When you aren’t insured, you could constantly be worried about what’s happening to your boat or how much you’d have to pay if it’s damaged.
With moored boat insurance, you can instead focus on having a good time. There’s still a chance that something can happen, but with insurance, you can have peace of mind knowing that you’ll be okay.
Remember to also take other precautions to protect your boat. Keep it maintained, moor it correctly, join a reputable marina and take other steps to keep your vessel safe.
What Insurance Companies Consider When Working With Clients
When you apply for marine insurance, your insurers will look at both you and your boat.
When they assess you, they will consider your history with boats. Have you owned boats in the past? If so, what kinds? Furthermore, they’ll ask about your experience. Experienced owners are less likely to make expensive amateur mistakes, so insurers tend to favour experienced boaters. Skilled boat owners can avoid accidents like collisions and damages due to improper mooring.
If you’re new to boating or investing in a type of marine vessel that you’ve never used before, then invest in your knowledge. Consider taking a course to expand your experience and make you more reliable in the eyes of your insurance providers
When they assess your boat, they’ll consider factors like:
- Age. Older boats are more prone to malfunctions and expensive incidents, making them more risky.
- Location Of Mooring. Insurance providers may be hesitant if you plan on mooring your boat in a risky location rather than a reputable marina.
- Maintenance. Boats that are regularly maintained are less likely to experience frequent breakdowns and expensive problems. Make sure your boat is routinely checked out by a professional, and have it serviced if you notice anything wrong.
Regardless of your boating history or the status of your boat, consider working with an insurance broker with experience with NZ insurance companies and marine insurance. They will help you look over your situation, improving your odds of getting insurance and guiding you towards policies that suit your situation.
Staying Protected With Moored Boat Insurance And More
Learn more about marine insurance and other kinds of coverage by visiting our Baileys Insurance website. We also welcome you to call us on 0800-898585 or message us online.
Baileys Insurance: Keep your boat protected and enjoy peace of mind with our assistance.
