In Part 2 of our guide for enthusiasts new to RIBs and RIB Insurance we look at additional property cover, your third party liability and some of the additional benefits and features to might be offered. Also included are some examples of “small print” you should look for in your RIB Insurance Policy documentation.
Covering Personal Possessions & Accessories
Trailers, inflatables and other accessories used with your RIB can be added to your schedule of cover – there will usually be an additional premium charged. Check your policy documentation for terms and conditions relating to use, security and storage of these items.
In return for a further additional premium your insurers may allow you to add cover for personal possessions against loss of damage whilst on board your RIB. Before opting for this extension, however, it is worth checking exactly what is and isn’t covered as some policy wordings will detail a lengthy list of excluded property, including (but not limited to) passports, money, credit cards, travel tickets, jewellery, watches, keys, mobile phones and laptops. You might also be able to obtain a better premium rate and scope of cover for this type of property as an “All Risks” extension to your home contents insurance policy.
Many providers will include up to 30-days European use (including road transit) as a free extension so you can hook up your trailer and have fun – don’t forget to check your certificate and/or schedule to make sure this cover is in place before you go.
Here’s a tip: If you are going overseas ask your insurer to provide you with a certificate in the language of the country where you will be using your RIB – it may save you a lot of hassle with the local authorities if you can present a certificate of cover that the local authorities don’t have to get translated.
Transiting Your RIB
Cover for road transit of your RIB can be included on your policy – sometimes this is a freebie but some insurers will levy an additional premium for transit cover – don’t forget to ask your broker if your transit cover is free or if they are charging for the extension.
Marine Third Party Liability
Your RIB’s Marine Third Party Liability Insurance covers your legal liabilities arising from the use of your RIB as agreed by your insurers. It will cover injury to passengers and other third parties as well as damage to third party property.
This cover often comes as a free extension to your RIB’s Hull & Machinery Insurance but some providers will levy a separate premium for your Liability Insurance. At time of publication the indemnity limit commonly provided by insurers is £3,000,000, though some will provide a higher limit if required (eg. a particular marina insists on a higher limit) in return for an additional premium.
Depending on where your RIB is berthed, it may be a requirement for you to have Marine Third Party Liability Insurance. For example, the Environment Agency (EA) requires all vessels on their waterways to be registered and part of the registration process is to provide details of your insurance. Although you are not required to submit your documentation the EA carries out spot checks and will fine boat owners who do not have the correct level of insurance.
Will You Be Water-skiing or Towing Toys?
Obviously you’ll want to have fun with your RIB and if that includes water skiing or towing toys such as bananas, ringos and other inflatables you will need to have your liability insurance extended to include this activity.
Policies are commonly endorsed with the permitted number of toys or skiers that can be towed at any one time and may have additional conditions applied such as having somebody on board to act as a look-out or observer in addition to the helmsman.
Some Small Print to Look For:
High Speed Clauses
If the maximum speed of your RIB is in excess of 17 Knots then your insurers are likely to apply some additional terms and conditions to your cover.
Commonly defined as a “High Speed Clause” you are likely to find an endorsement on your schedule or certificate of cover that excludes cover that your policy usually provides to vessels with a design speed up to 17 Knots.
Each insurer will have a slightly different wording so it is worth studying this exclusion if it is likely to apply to you. If in doubt, speak to a specialist broker who is familiar with the nuances of different policies and is able to make a suitable recommendation to meet your specific requirements.
Theft of outboard engines is prevalent. Professional gangs seem to be able to operate without fear of being caught and some cases, such as where they have succeeded in removing even the largest engines from vessels in marinas, their success in escaping with tens of thousands of pounds worth of outboard has been extraordinary.
Insurers will almost certainly require your outboard engines to be secured to your RIB with an anti-theft device in addition to its normal method of attachment.
Theft of your vessel while left unattended at any time on a trailer will more than likely be excluded unless it is secured by a wheel clamp. Some insurers will relax this if the trailer is in a locked building or compound. Check your documentation to be absolutely sure what your insurer’s requirements are.
Excesses often vary – usually the higher the value of your RIB and outboard, the higher the excess is likely to be. In addition to the standard excess, insurers may apply higher excesses for particular types of claim. For example, claims resulting from damage to semi-submerged objects (SSOs) can be subject to higher excesses than the policy’s standard.
At time of writing it is not a legal requirement in the UK for P&P craft to have kill cords in use whilst the craft is underway. However, some insurers are now making the attaching of kill cords a requirement of their cover for fast craft. Again, check your wording or speak to your provider if you are not sure what your insurance obliges you to do.
Nb. These examples represent only a small part of your policy’s terms and conditions. You should carefully read the whole of your policy document to ensure you are aware and fully understand all policy requirements and the scope of cover provided. If in doubt, speak to your insurance provider and obtain clarification from them.
Additional Cover & Free Benefits
This cover is usually an “add on” which attracts a charge. A Legal Expenses policy will cover your uninsured losses in the event of a non-fault claim such as your standard policy excess. It might also cover you with regard to contractual disputes and legal defence.
One insurer I work with offers a free data tag to all policy holders. This is particularly useful for RIB owners as, if your outboard should disappear overnight, it is possible for it to be located by the police and the perpetrators apprehended.
We have already discussed (in Part 1) the premium benefits you are likely to enjoy if your vessel is kept in a marina. This is due to greater security against theft as well as the marina generally being a safer haven from adverse weather conditions than other types of mooring.
In addition to premium savings you can often benefit from not having your excess applied in the event of a claim arising whilst your RIB is marina berthed. Some insurers will also provide the benefit of not penalising your no-claims bonus in the event of theft or damage occurring whilst your vessel is moored in a marina.
Personal Accident Insurance
This is a useful feature and, in most cases, it usually does come as a genuine free benefit. The sums insured are relatively low (typically £5,000 or £10,000) and do not compare favourably with stand-alone personal accident policies but, nevertheless, would provide some support if an insured event were to occur.
You should always seek professional advice from a properly authorised and registered insurance provider before buying insurance. For independent specialist advice about insuring your RIB, telephone Carl Ralph at IRCM on 01902 796 793 or email email@example.com