What is the difference between Small Craft Insurance and Yacht or Superyacht Insurance?

Nov 23, 2011 by jennnifer

With so much focus nowadays on the superyacht industry, it is important to recognize that the insurance needs of owners of smaller boats can often be overlooked.

“Everybody wants cheap boat insurance these days. Seippel & Light Marine Insurance Broker continues to search for the best insurance cover at the most competitive premium, but we will never compromise cover for the sake of price,” says Heidrun Bierkämper, director of Seippel & Light.

Based in Puerto Portals, Mallorca, Seippel and Light are specialists in finding the most suitable marine insurance policy for their clients, whether it is for a superyacht, yacht or smaller craft.

Cover for Superyachts & Yachts

Superyachts are generally in excess of 100 feet. Yacht insurance coverage  is more individualized because most large vessels have the capability to travel further and have more complex crew and liability risks to consider. Seippel & Light can arrange all the necessary coverage from the world’s most specialized super- and megayacht underwriters.

Vessels over 23’fall into the categories of yachts or motor boats. There are a variety of fairly standard products on the market for these risks, but beware! The expression All Risks can be misleading, and indeed inaccurate. A read of the small print will show you what is covered, and, more importantly, what is excluded. At Seippel & Light we try to point out the pros and cons of each policy we offer, so there are no surprises at claim time.

Cover for Small Craft

Small Craft are generally considered to be 23′ and smaller. Fishing boats, sailing dinghies, speedboats and some RIBs are all considered to be small craft, and you may find yourself wondering if boat insurance is really necessary. We certainly recommend that you have insurance for your small craft, despite its size and relative propensity for accidents. As with most insurance, it’s only when you don’t have coverage that you really appreciate how vital it can be. It is also important to ensure that your insurance complies with national
legal requirements. Different countries have different requirements.

Invariably the best deals for small craft are to be found online. However, it is always best to contact a reliable insurance broker in order to make sure that you are getting the coverage you need. Online deals that “seem too good to be true,” often times are just that.

We encourage owners of small craft to contact us directly to see what kind of deals are to be found.  Seippel & Light offers three key elements to our clients – affordable insurance for small craft with peace of mind that you are obtaining an appropriate insurance policy for your needs;  and, most importantly, help in managing your claims, making an undesirable situation as painless as possible.

From our offices in Mallorcawe provide competitive, efficient, multilingual, worldwide cover. Please call Tim Light or Heidrun Bierkämper to discuss how we can help you on +34 971 100 070 or email marine@seippel.com.