Insurance

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Generally speaking, boat insurance relating to an import has two cover three periods:

  • In the US prior to loading for departure
  • Ocean freight
  • In Europe from the point of unloading for the remainder of the policy period

which for which cover is provided in the form of a:

  1. Annual policy (excluding sea shipping)
  2. Ocean freight policy

Annual policy

Through our friends at Velos Insurance Services we are pleased to be able to arrange policies which provide cover in the US and Europe, starting at the date of purchase for a typical period of 12 months.  Velos operate throughout Europe so can provide cover for most destinations, including extra road transport cover if required.

Cover typically excludes the period from when the craft is loaded for sea transport through to being unloaded at teh destination Port.  For this period separate sea shipping cover is normally required.

You can get a preferential quote by clicking on this link to Velos Insurance Services to provide details of the cover required.

Ocean freight policy

The ocean freight policy can be arranged with the shipper or separately.  Typically, it covers the replacement value of the craft (eg invoice cost) less a specified excess/deductable amount.  We offer two options though the client is at liberty to arrange their own cover, or elect not to have cover.

Option 1 - this is arranged direct with the shipping agent.  The premium is a low but the excess is high.  This policy provides cover against serious loss but is less suited to craft with a lower value.

Option 2 - this is arranged by Gablemarine with an insurance partner.  The premium is higher but the excess is a conversely, very low.  This cover particularly suits craft up to USD 50,000 in value.  The policy excludes any items stored within the cargo (craft) unless fixed (eg screwed down).

Written By: Rowland Smith

Rowland Smith is a Naval Architect and founder of Gablemarine.  His industry experience includes Lloyds Register, British Shipbuilders Hydrodynamics Ltd, Cammell Lairds, BP Shipping Ltd & Conoco.  He has a degree in Naval Architecture, a Diploma in Marketing (CIM) and an MBA (Cranfield School of Management).  He has also held Director level positions in a number of technology and engineering companies, including CEproof, which provides RCD compliance software to builders. 

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