When you finance the purchase of your boat, it is usually a requirement of the loan contract to have the security comprehensively insured at all times during the contract term. As a consequence, you must organise insurance before delivery of the boat by transferring your current insurance or organising new cover.

AMC is able to provide a competitive insurance quote which may streamline the process for you.

In general, Comprehensive insurance provides cover for:

• Accidental Loss or Damage to the insured vessel up to an agreed value (i.e. a set amount the insurer agrees to with the insured) or market value (i.e. the cost to replace the vessel with a vessel of the same make, model, age and condition immediately prior to the loss or damage). Today, most comprehensive policies are market value policies.

• Your legal liability for damage to another person’s property as a result of an accident which is your fault up to a predefined limit for each event (including certain legal defence costs)

• A number of other additional benefits which are automatically incorporated into the policy such as towing costs, emergency travel & accommodation costs, personal property.

• Certain optional covers (where agreed) such as protected no claim bonus and restricted driver cover.

Benefits of Comprehensive Insurance

• Protects your finances in the event your vessel is damaged, involved in an accident, or stolen.

• Comprehensive Insurance can be easily financed into most loans.

• Comprehensive Insurance is fully transferable.

• Comprehensive Insurance needs to be renewed every twelve months so it provides you with the opportunity to shop around for the best quote.

• Some comprehensive insurance policies also provide additional benefits should you need to claim.

• Comprehensive Insurance can be cancelled and the premium rebated on a pro-rata basis.

• The cost of comprehensive insurance is largely rated based on the type of vessel you are purchasing and your insurance history.