7 July 2004
Sailors competing in regattas and club racing this summer are being urged to check that they are properly insured to ensure that they don't get left behind on the starting line. Most pleasurecraft insurance policies normally exclude claims for mast spars and sails whilst racing, but this can normally be added as an extension to the policy on request.
Navigators and General, the UK's number one in yacht and motorboat insurance, and part of the Zurich Group, is reminding sailors to check that their policies specifically cover claims that occur whilst racing, especially loss or damage to mast spars and sails. Although the racing element itself isn't classed as specific exclusion, most insurers will consider this a material fact that you must disclose and it may affect your right to make a claim under the policy if you do not disclose this to your insurance company.
Research shows that the most common claim received from racing during Cowes Week and other racing events is collision. This is particularly critical on the start line with so many boats in one area at the same time, so extra vigilance should be applied at this point.
Navigators & General suggests the following:
- Check that your insurance policy has been extended to provide cover for claims that occur whilst racing. If it doesn't, this can normally be added as an extension to your existing policy
- Declare the level at which the boat is racing, otherwise insurance could be invalidated *
- Inform your insurer if you have modified any part of the boat from standard production *
- Ensure all crew are fully briefed and aware of the safety procedures on the boat before you set sail
- Make sure that the yacht and the equipment are in a good state of repair. This will help avoid gear failures and resulting injury.
As the risk of third party injury increases whilst racing, boat owners and skippers should make sure that they take all possible steps to lessen the risk of accidents and injuries. Crews should be fully briefed of the risks and safety procedures onboard the boat and all safety equipment including lifejackets and fire extinguishers should be checked to ensure that that they are in good working order and comply with current legislation.
Joe Field, Marketing Manager of Navigators & General comments: "We advise racing enthusiasts to ensure that they are properly prepared and insured for the summer racing season. Although this is an exciting time in the boating calendar, failure to ensure that you have the appropriate cover in place can result in your insurance being invalidated".
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Notes to editors
*Information such as modifications made to the vessel, the value of the boat has increased, the boat will be used to race, and at what level, would be considered as a material fact by the insurance company. Failure to disclose these facts may result in the policy being invalidated.
*On policies where 2/3rds of the amount insured is paid out, it is important to advise the insurance company of the current values of sails etc to ensure the maximum replacement value is received.
Navigators & General Insurance Company, part of the Zurich Financial Services Group, is a UK-based pleasurecraft and commercial marine trade insurer. Established in 1921, it is the UK's oldest and largest insurer in its target market. Based in Brighton, it employs approximately 40 people and provides specialist policies for dinghies, inland craft, yachts, motorboats and commercial marine trade risks.
Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 62,000 people.
For more information, please contact:
Joe Field, Marketing Manager, Navigators & General,
Tel: 01273 863415
E-mail joe.field@navandgen.co.uk
or
Nicola Bryson, Zurich Press Office, Tel: 01793 503354
E-mail bryson.nicola@uk.zurich.com
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