Craftinsure to provide £5m Third Party Cover as standard
by Rod Daniel 5 Oct 2015 10:43 BST
5 October 2015
Leading online boat insurer, Craftinsure.com, is to provide £5m Third Party liability insurance as standard across it's full range of policies, covering Optimists to Oysters. The current limit is £3m any one event.
The higher limit applies to new policies with effect from 1st November 2015, coinciding with the date when Insurance Premium Tax increases from 6% to 9.5% for new insurance contracts, as announced in the last Budget.
Existing customers will benefit from the increased cover as their policies fall due for renewal after 1st November.
Although boat owners are still able to limit their liability to well below £5m under maritime law in most circumstances, the thresholds have been raised from those agreed by previous international conventions, and with the size of compensation claims reaching record levels again in 2015, the move to £5m now seems prudent.
Craftinsure's Rod Daniel comments "due to the general increase in size of third party liability claims in recent years, we have seen a move towards £5m as the level of cover more commonly expected by non-marine operations when involving boats, and now even some sailing event organisers".
"Whilst £5m Third Party liability insurance might sound far more than necessary for a small dinghy, a serious injury could still occur, and so however unlikely, it makes sense to apply the new limit across the board".
www.craftinsure.com