Marine Liability Insurance
Marine Third Party Liability Insurance
Under your Pantaenius Marine Third Party Liability Insurance your legal liabilities as an owner are comprehensively covered, with the policy extending to cover the liabilities of anyone else on board your yacht with your permission either as a guest or as your unpaid crew.
This means the legal liabilities of both you and your crew are covered for accidents arising out of your, or your crew’s negligence which result in injury to any other party, or damage to someone else’s yacht or other property.
Third Party Liability insurance shouldn’t be confused with Professional Indemnity or Public Liability insurance both of which provide insurance cover if you are a business working with the public, for an example a Marine Surveyor.
In marine insurance, liability is not always easily determined. It is necessary to demonstrate negligence to the extent that a court of law would be able to attribute legal liability. Of course, this does not mean that all claims for liability would or should get to court! But it does mean that, even though someone else’s boat or property may have been damaged, or someone may have been injured, in an accident involving your boat, it may not legally be your liability.
Do I need Third Party Liability Insurance?
Here at Pantaenius we recommend taking out, as a minimum marine third party liability insurance as compensating a third party for injuries or damage can be an expensive business.
You will also find that it is a requirement of many local authorities and marinas that, to use their mooring facilities, you must have a minimum of marine third party liability insurance in place.
Even when in storage in the winter and during transport to the storage location there are risks of third party damage for which you, as the yacht owner, may be held liable. It is therefore important to have a liability policy in force, indeed most yards will insist upon it.
The majority, but by no means all, of insurers include liabilities to third parties in the same policy as the hull insurance. Pantaenius offers a separate Marine Third Party Liability Insurance policy, which can be taken in association with a Hull Insurance policy. Keeping the Third Party Liability Insurance policy separate means that claims on the one policy should not affect the premium or conditions on the other.
Other benefits of this cover include:
- No policy excess (deductible).
- Cover for watersports, including liability to those participating, and their liability to anyone else in the water.
- Cover for scuba diving, unless not properly qualified, supervised or if equipment is not serviceable.
- Cover for water pollution
- An extension to cover your liabilities, as a personal owner, when you are using a borrowed or chartered yacht.
- Wreck removal costs, for which are legally liable.
Why not get a boat insurance quote or discuss your insurance requirements with us?