AP_B_2015_03_04_

58 Asia-Pacific Boating March/April 2015

FEATURE

appropriate cover as well as assist them in getting claims. Th e burden of the law diff erentiates them

from an insurance agent. Brokers are not individuals but companies licenced by the Insurance

Regulatory and Development Authority (IRDA). One can go to the IRDA website and get the list

of the brokers available in India. 

How should we do a background check?

A background check is not necessary since these companies are very tightly regulated by the

IRDA. However, you need to ensure that they have the capability of handling ‘marine hull’ risks.

Not many insurers as well as brokers have the expertise to guide persons requiring insurance of

yachts, speedboats and sailing vessels.

What all aspects should the insurance cover?

Th is will vary on the type of boat and it is best to go by the advice of the insurer or

the insurance broker.

What is the key point to remember?

Ensure that you get the right coverage and also ensure you are covered for liability risks.

How can one save money on the right insurance cover? 

I believe, what is more important to get the right coverage. Remember a stitch in time, saves nine.

on wreck removal at the owner’s expense.

Such risks can be covered under a policy. For

instance, in one episode the claim was paid

in full because the yacht owner had taken

the appropriate cover. Mumbai harbour is

considered to be relatively safe yet the extent

of damage to boats in moored off the Gateway

of India was substantial. In one case very

expensive electronics of an ultra-luxury sail

boat were completely damaged.

Is it any diff erent from home or auto insurance?

Th is is quite akin to auto insurance in that it

covers accidental damage to your vessel and

also third party liability.

So how and where do we start?

If you are price conscious and are sure you

can buy the appropriate cover you require,

you could approach any of the public sector

insurers or IFFCO Tokio Marine General

Insurance Company in the private sector. Tata

AIG is also likely to enter this segment.

 Who are the right people to get in touch with?

If you think that you need the advice of a

specialist, it is advisable to use the services

of an insurance broker. Th ey are required by

law to assist their clients in purchasing the

“IF YOU THINK THAT YOU NEED

THE ADVICE OF A SPECIALIST,

IT IS ADVISABLE TO USE THE SERVICES

OF AN INSURANCE BROKER.”

Insurance.indd 58 07/03/15 2:07 pm