Sacos marine hull & yacht insurance |28 July 2014

It is a must!

Insurance is important as it does not matter what type of vessel you purchase, you want to know your investment is safe... be it a yacht, fishing vessel, or be it a luxury cruiser, for personal use or charter, industrial fishing or weekend pleasure fishing, you have invested and deserve peace of mind.

A good quality insurance policy with Sacos gives you that peace of mind that, whether you are with the vessel at the time or away from the vessel, you're covered. As standard Sacos recommends comprehensive cover, as similar to your car and particularly if the value of your boat is relatively high then you need to ensure your own vessel is also fully repaired/ replaced in the event of an accident. This gives you less exposure to the potential of very expensive boat repair bills.

But the insurance does not take away your responsibility to ensure that your vessel is properly secured and maintained properly.

Sacos Marine Hull/Yacht Insurance has two distinctive risk groups, cover for which can be bought separately or together if necessary and is available for small boats through to ocean-going vessels:

a) Hull cover
b) Liability insurance

The hull and superstructure insurance covers the physical vessel itself against a list of maritime perils and is subject to what is called the 'Institute time clause'. The cover always extends to both physical damage to the vessel and collision liability.

The insured ship or boat is covered for loss or damage for a list of maritime perils called 'perils at sea', fire, explosion, violent theft, piracy, jettison, earthquake, tsunami and volcanic eruption. Some perils are subject to specific additional premiums depending on risk assessment.

Liability cover would include the insured’s liability to third parties, passengers and crew as well as third party material damage caused by you.

Contact the Sacos Insurance Company Ltd on telephone 4295,000 or pay Sacos a visit at the Sacos Tower, Palm Street, Victoria, for professional assistance and guidance.

Contributed by Sacos Insurance Company Ltd.