Buying boat insurance made simple by Porthcawl Insurance
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 marine insurance policies should the worst happen!
We believe this to be crucial when making your decision as to what policy to
buy and to which insurer your policy should be placed with and as Independent
Specialist Marine Insurance Brokers it is our job to help you make that
decision.
The Choice................
At Porthcawl Insurance Consultants Ltd we work with insurers and underwriting
agencies that we feel provide quality marine insurance policies with the
insurance security underwritten in the UK. As a result we can offer several
policies the choice being:
- The Agreed Value policy
- The Market Value policy
The Agreed Value 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 surveyor’s valuation, which becomes
the agreed value in the policy.
This type of 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 masts,
spars and rigging, outboard engines where a deduction will/can be made.
This type of policy suits clients who wish to know EXACTLY what they will be
paid out prior to loss. The only drawback is that is can be more expensive than
other types of cover.
The Market Value Policy is an unvalued policy 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 this type of policy is that it enables you the boat owner to take
into account depreciation of your boat, and therefore set you own value for
insurance purposes. You could benefit from significant savings in the insurance
premium.
Caution should be noted on setting the 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. However rest assured, as a leading Specialist Marine
Insurance Broker we will recommend the most competitive premium we are
able to provide from our panel of leading insurers who we feel will cover your
needs and demands.
So ...Make your first Port of Call:
Porthcawl Insurance Consultants Ltd
Independent Marine Insurance made simple
The right price and the right cover