|
BUYING BOAT INSURANCE
made simple by Euromarine
• the choice
Buying boat insurance can be much harder than you think. You may not be aware, but no two boat policies are alike. Therefore, making comparisons on premium and excess alone can be very misleading.
Many boat owners are not even aware what the basis of settlement will be under most boat insurance policies should the worst happen!
We believe this to be crucial when making your decision as to what policy to buy.
• insurance made simple
We, at Euromarine have therefore put together two policies, which are identical in every way other than in the basis of settlement offered. As a result we can offer you two choices in premium with only a simple decision to make as to which basis of settlement best suits your needs.
• the pros and cons
Euromarine's Norwich Union Sailplan Policy is a traditional indemnity based contract. Insurers will therefore place you in the same position as prior to loss. The contract is based on the price paid for the vessel or a surveyors valuation which becomes the agreed value in the policy.
This policy has the benefit that Insurers will pay out on this amount and will NOT make deductions for depreciation, inflation or currency fluctuation except, in some cases specified in the policy such as wear and tear on machinery and mast, spars and rigging, where up to one third will be deducted.
The Norwich Union policy will suit customers who wish to know EXACTLY what they will be paid out prior to loss. The only drawback is that it can be more expensive than other types of cover.
The EIS Sailplan Policy is a market value policy, insured through underwriters at Lloyd's which is unvalued and the value of the boat is not determined UNTIL loss. An independent surveyor will be appointed by the Insurer to do this should the need arise.
The benefit of such a policy is that this enables you the boat owner to take into account depreciation of your boat, and therefore set your own value for insurance purposes. You could benefit from significant savings in the insurance premium.
Caution should be noted on setting market value too low, since, if you under insure the vessel against its true market value, Insurers will make an adjustment in the settlement of your claim if the total sum insured is considered inadequate at the time of loss or damage.
• the decision
is yours of course. Both policies offer some of the widest cover available, at the best possible price and with two leading insurers. It's simple
• so, don't just buy insurance - buy the right insurance!
For full details of cover click here
|
|
|
