A Zurich subsidiary claims that third-party cover is becoming increasingly important for boat owners.
Boat-owners have been told that they may need to arrange third-party insurance for their vessels.
Unlike driving, third-party insurance for boating is not a legal requirement. But according to Navigators & General, a division of insurer Zurich Financial Services which specialises in pleasure-craft insurance, boats need third-party cover for a number of reasons.
Many inland waterways and marinas require boats which use their facilities to have the insurance, while the insurer has seen cases where boats have been damaged by other vessels. As a result, many of its customers are now requesting third-party cover and the company has introduced a new product to address this.
"We've seen increasing instances of boat fires which have destroyed four or five other boats in the same yard, and weather-related claims where the wind blows the owner's boat into those close by causing significant damage and therefore cost for the owner," said James Roberts, head of Navigators & General.
"Having insurance is also a condition of most mooring and storage agreements, so we wanted to provide low-cost cover for boat owners who are simply looking to lay their boat up in a yard outside peak sailing season or whilst it's up for sale."
