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Matt15

Is insurance a must have?

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I'd love some advice on boat & trailer insurance.

I started looking around several weeks ago and just can't decide if its worth having or not, especially when I only paid $1000 for my current cat. If I recall correctly the boat can be covered in my home and contents but only if its less than 4 metres in length and afew other requirements. That counts my 4.3 cat out.

I reside in Qld and i'm lucky to sail 2-3 times amonth so what does everybody else do?

Thx in advance, Matt

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There is a good summary on understanding insurance on page 20 of the new blue book - RRS 2013-2016.

If you are racing most clubs and class associations will require you to have $5 million liability insurance.

If you are social sailing or racing two considerations are what damage you could incur on other people and damage to other boats. Forgetting damage to your own boat there are plenty of off the beach boats sailing which cost $30,000 plus. A death or injury to a person could be in the millions. If you can afford those costs/risks insurance is not needed.

On the road your car insurance may cover your trailer automatically - check the policy. It won't cover the boat and hitting a Mercedes or any of the myriad of $100k cars on the road now will be messy.

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Imagine you are sitting on the beach, having a coffee from your thermos a gust of wind pushes your boat over onto little Jimmy playing in the sand and turns him into a paraplegic, do yo have enough money in the value of your house to feed clothe and house little jimmy as well as paying for his medical bills for the rest of his life. If you have that sort of money then you don't need insurance. I see that $350 I pay for insurance as one of the best investments I have made in the last few years. Even short of the worst senario early last year I had a brand new DNA carbon fibre A class (about 2 weeks old) run into the back of my Maricat, I was found to be in the wrong, that A was worth approx $35000.00. Thank god I was insured.

At least see if you can get 3rd party insurance.

Phil

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Thank you for your replies. I'm well aware of the liabilities involved in not having insurance which is why i'm asking what others do.

Tonyquoll your link has been most helpful, cheers.

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It pays to closely read the fine print on any policy to ensure it does cover the widest possible circumstances to which the cat will be put to use ie social sailing only or club racing, carbon fibre parts, sail composition, etc.

The fine print often reveals surprises. I had a real battle with one insurer when my cat trailer detached from the car hitch. I was told they would not honor the claim because the trailer was not attached to the vehicle at the time of the accident. After lots of argument they eventually paid up. their definition said they'd pay if the trailer was involved in an accident only while connected to a vehicle not if the trailer rolled down a driveway and pranged somebody or if cat and trailer had blown over and injured property or people.

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insurance is a must have! all clubs require 5/10 mill coverage for 3rd party. plus if your boat does hit a new boat, being you only paid $1000 for her the cost of fixing, or replacing their boat more than makes up the small cost of coverage. so play it safe and fork out for it!

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