As the long nights, shorter days and cold weather has truly set in for the season, most boat owners are storing their boats for the winter, whether that be in a marina, dry stack or on a mooring.
Whilst it is not unwise to consider that vessels are less susceptible to threat when they are in storage or out of use, statistics reveal that 40% of insurance claims are made between the period of November 1st and March 31st. With this in mind, it is vital to ensure that your policy adequately protects you and your business over this period.
Perils in the off-season
It is worth drawing on the Holyhead Marina catastrophe to substantiate these statistics; occurring in March of this year. Storm Emma caused strong gales to rip through Holyhead Marina, consequentially damaging 80+ boats, several of which sank as total losses. The aftermath was a scene of catastrophe, not only were the remaining boats in wreckage, but thieves proceeded to target the vessels. Safeguard has emergency measures available to protect boatyards/marinas in similar incidents. The cost of the damage was estimated to have run into the millions. Not only was there damage to the boats, but there was also an environmental impact from pollutants and interruption to numerous businesses.
The weather is just one of the risks to stored boats in the off-season. There are multiple factors to consider when preparing for this period, and insurance needs to be one of them. You can’t account for every eventuality, no matter how prepared you are.
What about your existing insurance?
It is true that a number of policies will protect you over a period of 12 months, however, some will restrict your level of cover between November and March, meaning you may not be as protected as you think during this time. It is worthwhile checking your policy to ensure you have the protection you require, otherwise you are at risk of being caught short should an incident occur. Why not contact us for a silent review in which our specialists will confidentially review your current insurance arrangements, examining whether there are any gaps in your current policies and if your insurance is competitively priced?
Your policy may have certain requirements which you need to fulfil in order to stay covered, so it’s essential you are aware of these beforehand. For example, you may need to maintain any warranties you hold or be able to provide proof of electrical certification for any power outlets.
The Safeguard standard
Specialists in all aspects of Marine Insurance since 1970, Safeguard’s expert brokers will use their extensive experience to analyse your existing policy or recommend suitable cover. We will ensure to make you aware of any limitations that your policy stipulates over the winter months in order to recommend a solution that protects your boatyard or marina during the off-season.
We’re also offering a guaranteed reduction of 15% off your current insurance* for all new marine customers, subject to a copy of your schedule and terms and conditions from your providers.
Get in touch on 01322 337557 or contact Safeguard’s Director Stewart on 07956 490 452.
*Subject to terms and conditions