With theft of pleasurecraft and associated equipment reportedly on the increase, Navigators & General is warning boat owners about the risks of ignoring policy security conditions which may result in a claim being declined.
At this time of year a larger number of boats than normal are on their trailers and the economic climate is likely to be adding to this, as boat owners look to save money by keeping boats at home when out of use. Add to this the increased theft risks associated with the economic downturn and it is easy to see why these boats are a likely theft target, particularly ribs and speedboats.
Most pleasurecraft policies will have conditions about what security devices must be fitted to trailers as standard, this will normally state a purpose manufactured wheel clamp or hitch lock. In addition to this, policies may be endorsed to specifically say wheel clamp only if the insurance company is not happy with just a hitch lock.
It is absolutely essential that boat owners who have a trailer take the time to read their policy wording and check what endorsements apply and then comply with these requirements. A trailer protected by a purpose manufactured wheel clamp is significantly less likely to be stolen than one that is not, hence the requirement.
If owners do not comply with these security requirements it is highly likely that theft claims will not be paid. Sadly N&G has already had to decline a number of theft claims where it has transpired that wheel clamps were not fitted.
The cost of wheel clamps and ease of fitting mean it is inexcusable to risk being uninsured through not complying with such an insurance requirement. Taking the time to fit and record evidence by way of a dated photo, could prove invaluable in the event of a claim, as would evidence of the wheel clamps existence such as receipt, keys or the remains of the forcibly removed parts.
For more risk management advice visit www.navandgen.co.uk
