Catamarans are yachts with twin hulls of equal size, giving them more stability than a mono-hull sailboat. They can be wind or engine-powered and offer a wide range of living accommodation making them a favourite boat among recreational sailors, particularly for coastal cruising. So if you’ve dreamed of a life of leisure on the seven seas, it could be the boat for you.
And while yacht insurance is not a legal requirement in the UK, it certainly buys some peace of mind and is always to be recommended no matter what your sailing experience. Some of the most common claims are lightning strikes and sinking at dock, demonstrating that you can never be too cautious when it comes to insuring your catamaran or any type of craft.
Acquiring yacht insurance is usually quick
Using a broke such as Morgan Marine Insurance means that you have access to a large number of insurers and the broker will do the searching for you.
Take into consideration the age of vessel
If your vessel is 25 years of age or over you may need to supply a Survey or Valuation therefore you might not be able to insure instantly. Factor in enough time if you’re planning a particular voyage.
Make sure your vessel valuation is accurate
A simple rule to bear in mind is that the higher the value of your catamaran, the higher your premium. Equally, if you’re not sufficiently covered, your insurer won’t pay out for the full value of your boat. Make sure your vessel’s valuation is accurate by checking market rates online. If you are buying a pre-owned yacht, you’ll be expected to get a survey to establish base coverage.
Minimise your risk
Long distance cruising, racing, unprotected moorings and older vessels are all known to increase the risk of a claim, so determine exactly what insurance you need and address the items you can so as to reduce risk.
Carefully and correctly declare your navigation area
Mention your experience in coastal waters or bareboat charters that have been further afield, or in more challenging sailing conditions.
The information you’ll need
You’ll be asked to identify your yacht’s make and model, build year, place of registration, length, legal owner, cruising range, mooring type and location and any details of no claims bonuses, or recent claims.
If you would like any advice on insuring your catamaran – or indeed any form of marine insurance – please do not hesitate to get in touch!
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