April 2010
Navigators & General, the UK’s leading pleasurecraft insurer is warning yacht owners to check their insurance cover before the regatta season starts or risk being under insured or without cover at all.
Virtually all yacht insurance policies will exclude racing as standard, so if you do not have, (and are paying for) the required extension, competing in organised races may invalidate your entire policy. The level of racing covered is also normally specific and the premium based on its risk. So if you are only covered for local club racing but partake in regattas or offshore races you may also be without cover in the event of a claim.
The racing risks extension that is normally provided gives cover for the replacement value of mast, spars, sails standing and running rigging and this is based on a new for old basis with a 1/3 deduction in the event of a claim. Because this value is not indexed linked, it needs reviewing regularly as values tend to go up rather than down, owners should check the sum insured is adequate.
Another important point to stress, is that any structural modifications to the hull, keel & bulb or spars that have been carried out over the winter, (or are planned) need to be overseen by a professional with experience in that field and evidence of their guidance and advice kept. If you are unfortunate enough to incur damage as a result of such work you will need to be able to supply these reports to insurers.
Racing yachts tend to have a much higher loss ratio than cruising yachts despite the higher premiums they pay. Some insurers will not cover racing boats at all so it is important that owners do all they can to minimise claims and keep premiums at an affordable level for all who wish to enjoy yacht racing.
Advice to avoid common claims
• Examine & replace stripped backstay if signs of batten wear or UV damage evident
• Check, tighten and secure all shackles & split pins (particularly rigging)
• Tape/protect all sharp edges & split pins and spreader ends to protect sails
• Check halyards for wear at jammer & sheave points, replace or end for end as required
• Check all lifejackets and safety gear, must be in date, fully functional and accessible
• Check calibration of navigation equipment and date of charts
• Check guardrail condition & tension and consider replacing securing lines
• Always ensure you have enough experienced crew for the likely conditions throughout the whole race
For further information contact:
Joe Field, Marketing & PR Consultant
Tel: 01273 863441
E: joe.field@navandgen.co.uk
Notes to Editors
About Navigators & General
Navigators & General is the UK’s leading pleasurecraft insurer and part of the Zurich Financial Services Group. Established in 1921 it Insurers all types of craft from dinghies speedboats & narrowboats up to racing yachts & £10million superyachts.
About Zurich Insurance
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerla
