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A risk too far say Coleman Marine<br />
Should I insure my boat or put the cost of insurance<br />
towards an engine upgrade or new sail? I’m sure all of us<br />
have considered whether it prudent to effectively ‘self<br />
insure’ or transfer some of the risks associated with boat<br />
ownership to an established marine specialist insurance<br />
company for an annual insurance premium.<br />
For those people who have thought, “I’ve been<br />
operating boats for years without incident, why should I<br />
bother insuring?” have you considered how you would<br />
pay the legal costs of defending a third party allegation?<br />
A significant number of insurance claims arise from<br />
third parties holding our clients liable, ranging from<br />
something as basic as a small dent following a minor<br />
collision, to a significant incident involving personal injury<br />
with loss of earnings and disability. All of the<br />
comprehensive policies available through Coleman<br />
Marine provide coverage to pay the costs of defending a<br />
policy holder following an alleged incident saving our<br />
clients significant time and money.<br />
How would you pay for the recovery of your vessel if<br />
she sank within a shipping channel or within the confines<br />
of the <strong>Harbour</strong>? Worse still sank and polluted local<br />
waters? Good quality insurance will generally include the<br />
reasonable costs of removing your vessel in the<br />
unfortunate event she was significantly damaged and<br />
Yacht & Motorboat Insurance<br />
sank and will normally provide compensation for any<br />
pollution damage (within policy limits) caused as a result<br />
of the incident.<br />
Don’t forget that if you have a boat berthed or<br />
moored within the harbour at present £2,000,000<br />
third party liability insurance is a compulsory<br />
requirement for any vessel issued with a PHC license<br />
in case you cause damage or injury to third party<br />
property or persons. All of the policies we recommend<br />
exceed this requirement by covering our clients with at<br />
least £3,000,000 liability insurance.<br />
Given the complexity of the different policies and<br />
levels of cover available, please contact the team at<br />
Coleman Marine Insurance for independent specialist<br />
insurance advice on: 01202 647400.<br />
Coleman Marine is a trading style of E Coleman & Co<br />
Ltd who are authorised and regulated by the Financial<br />
Services Authority.<br />
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