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Boat Insurance protects your precious marine vessel from physical damage and 3rd-party liability. Provide offers you the easiest way to purchase Boat Insurance with comprehensive cover, affordably & quickly.
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What is Boat Insurance, and what does it cover?
Boat Insurance protects your marine vessel from two major risks: i) hull damage and ii) marine liability. Physical damage to your boat is a huge risk. This type of insurance will pay for repairs and reinstatement works. When you’re out sailing, you may collide with another vessel, and cause potential damage or injuries to other seafarers. This insurance will also pay for your legal expenses if you are sued for such liability. Some wharfs will also require proof of Boat Insurance if you intend to dock there.
Boat insurance covers physical damage due to:
- Perils of the seas
- Fire
- Explosions
- Jettison
- Piracy
- Vandalism
- Running aground
- Contact damage with wharf
- Lightning, volcanic eruptions, earthquakes
- Theft of the boat
Boat Insurance also covers legal liabilities to third-parties for:
- Loss/damage to third party vessels due to collision
- Damage to wharfs while docking
- Removal of wreckage caused by collision
- Legal expenses (e.g. lawyer fees) incurred as a result of the liabilities above
What kinds of vessels does Boat Insurance cover?
Our Boat Insurance can cover all types of vessels. Popular types of boats that we have assisted with include:
- Yachts
- Skiffs
- Jon boats
- Sail boat
- Catamarans/Trimarans
- Inflatable boats
- Jet skis
- Dinghies
- Wooden boats
- Motorboats/Speedboats
- Pleasure crafts of all sizes
- And many more
We’re able to provide customised Boat Insurance policies for almost any type of vessel. Whether you’re sailing in a small personal watercraft, or a mega yacht, our boat insurance – backed by highly-rated global insurers – will protect you.
Is Boat Insurance legally mandatory?
Yes. All boat owners in Singapore must purchase boat insurance when registering vessels with the Maritime Port Authority. The minimum coverage amount is $25,000. Of course, it’s a good idea to purchase amounts higher than this. Unless you’re piloting a very small water craft, $25,000 cover, in the vast majority of cases, will be woefully insufficient.
This mandatory insurance requirement applies to all boats that are docked in Singapore. Also, most wharfs will require you to show proof of boat insurance before you’ll be allowed to dock your vessel.
Is a survey required to purchase this type of insurance?
Usually, our boat insurance has no survey requirements. In most cases, we only need to gather some information about your boat. It’s a straightforward process.
How much coverage do I need for my water craft?
The amount of boat insurance you should carry varies widely depending on the type of vessel you own, and the value of your vessel. As a very general guideline, you should insure an amount that can replace your entire boat. This is the safest approach. If you suffer a catastrophic, total loss of your boat, you will at least have an insurance policy that can pay for a new boat.
Some boat owners will choose to carry higher amounts of boat liability insurance. This is particularly important if you are sailing in high-traffic waters (e.g. Singapore waters), if you own a high-speed vessel, or you own a large boat.
What are some examples of Boat Insurance claims?
#1. Multi-million dollar yacht sinks off Malaysia coast
#2. Dominica-flagged vessel sinks in Singapore waters
#3. Two ships collide in Singapore waters, 7 dead, 3 missing, 2 injured
#4. More piracy cases in Singapore strait this year than whole of 2019
#5. Four people held on hijacked yacht killed by pirates
#6. 15 people injured after fire rages on yacht in Sentosa Cove
In 2018, a yacht caught fire while docked at Sentosa Cove. Many people were injured, with one person suffering serious injuries. A baby was amongst those hurt in the blaze. The fire also ended up damaging other people’s boats that were docked nearby.
In this case, the yacht owner would have to deal with two sets of large costs. The first would be to repair their own yacht from the fire damage. Debris from the fire would have to be cleared, equipment would have to be replaced, new furniture would have to be ordered, and other expensive repair works would have to be carried out.
The second set of costs would be legal claims from the owners of the surrounding boats that were damaged. Since boats are expensive pieces of equipment, these legal claims could have been potentially substantial. Damaging someone’s yacht – particularly if it were a big boat – could easily cost one a few million in property damage claims.
How can I file a claim on Boat Insurance?
Simply notify your insurance broker that you wish to file a claim. If you suffered an accident, it’s helpful to take photos/videos of the damage as proof. The insurance company will guide you through the process from there.
What other insurance do I need as a boat owner?
You should have Work Injury Compensation Insurance for all yacht crew. This is legally required for yacht staff. Provide is one of Singapore’s leading providers of Work Injury Compensation Insurance.
For all foreigners on your staff who are Work Permit holders, you must also purchase Foreign Worker Medical Insurance. This insurance must have a minimum cover amount of $15,000.
Given the risk of piracy and hijacking, you should also strongly consider Kidnap and Ransom Insurance. This type of insurance will pay for ransoms if you are held hostage. Kidnap and Ransom Insurance can cover you, your family, and your crew.
How much does Boat Insurance cost?
Premiums for boat insurance vary widely. There are many underwriting factors for boat insurance: boat age, captain/owner sailing experience, boat make, location of mooring, and more. It’s best to speak with an experienced insurance broker like us for a personalised quote.
Provide is the best place to get your Boat Insurance. We help you save up to 25%, and can get you coverage in a quick and hassle-free manner.