How to find the right charter boat insurance for your business
If you run charter boats in Australia, you’ll know the importance of finding the right cover for your operation. Today, we’re sharing our tips for finding charter boat insurance that matches your needs, so you can get on with running your business.
Don’t go too cheap
Purchasing the cheapest charter boat insurance on the market will likely mean you’re not covered for key activities and risks, which leave you at significant financial risk, if an accident were to occur.
Unfortunately, accidents on board tend to result in big expenses, so simply paying for the right level of cover will give you the peace of mind to focus on your business without additional stress.
Before you choose a policy, be sure to look over what is covered, and most importantly, what isn’t. At a minimum, ensure you are covered for:
- Loss, theft, damage or injury risk to your charter boat or passengers.
- Physical damage to your vessel, including its motor and other associated equipment – for example, trailers.
- Costs to other people incurred as a result of accidental damage.
- Storm damage, vandalism or accidents.
- Liability coverage for yourself or passengers who accidentally injure a person or property. (Check how much you’re covered for before signing up.)
- Where your charter will go – for example, you may need additional cover if you’re taking your vessel into international waters or to another country.
- The activities you use your charter for – including less common activities and insurance risks.
Get the facts
Before an insurer can provide you with a quote for your charter boat cover, you’ll need to provide them with specific information about your business and vessel. This is to ensure your insurer has all the facts to quote and recommend the right product.
At Trident, we ask charter operators for:
- Identifying information, including your name, address and contact info.
- Information about the vessel, including its make, model, name, length, tonnage and other key info.
- Specs on the motor, including the serial number, make and model and whether it meets the hull manufacturer’s recommendations. (Plus, other key data.)
- The year, rego and make and model of your trailer.
- A list of equipment, including accessories, and their value.
- The location and method of storage.
- Your cruising itinerary and how the vessel will be used.
- Passenger capacity, annual passenger numbers and other information relating to how people use the vessel.
- The experience of the owner and Master, including the length of time spent on board the vessel, and the number of crew.
- Any past claims or convictions against you or the proposed Drivers over the past 5 years.
- Whether your boat has been surveyed in the past.
- The purchase price of the vessel.
Of course, the information above is a snapshot of what your insurer is likely to ask you, and each insurer will have their own specific set of questions. For a more detailed overview of what our charter insurance questions involve, please head here.
Review your cover
Reviewing your charter boat insurance on an annual basis is an excellent way to ensure you’re getting the most appropriate cover for your business. Most good marine insurers offer online quote options, or you can get in touch direct to see what is available.
Checking in on your cover ensures you’re not stuck with a dated insurance policy that’s no longer covering you for what matters. Sometimes, the activities you conduct evolve, and so your policy needs to expand to cover these new risks too.
Your goal should be to pinpoint insurance that covers you comprehensively, so that you’re not caught out in the event of an accident. Reviewing your cover, to check it is still working for you, is a simple and easy way to do this.
Need charter boat insurance?
Contact us about securing comprehensive charter boat insurance that matches the unique needs of your operation. We make sure you’re covered for what matters, so you can stay focused on giving people the trip of a lifetime.