Frequently asked questions
- Am I required by law to have insurance on my boat?
- What does a Yacht policy cover?
- How much does it cost?
- How do you handle claims?
- Do I need to provide a survey?
- There is outstanding financing on my boat. Can you cover the interest?
- Can I insure for a higher limit of third party liability?
1. Am I required by law to have insurance on my boat?
At present, there is no legislation in force in Gibraltar stipulating that boat owners take out any cover, not even for liability insurance.
However, this is a common requirement in other European countries and may well be introduced here in the near future. Certainly most marinas will require cover to be in force to keep your boat at their facility.
2. What does a Yacht policy cover?
It is similar to a motor policy in the sense that it can be arranged to cover damage to your boat, as well as protecting your liabilities to third parties against damage or injury, for which you were responsible.
Cover can be tailored to your individual needs; and we would be pleased to provide further details.
3. How much does it cost?
Again, similar to motor insurance, it depends on values; cover required and usage. Premium will vary according to experience, location of the mooring, excesses chosen etc.
For a free quote, call 00350 20079520 to speak to an underwriter.
4. How do you handle claims?
Argus are one of a few insurers in Gibraltar who handle all claims locally. Our experienced claims team is supported by a carefully selected, network of surveyors and repairers.
Decisions are made swiftly, and locally, and are backed by the Argus Customer Charter.
5. Do I need to provide a survey?
If the vessel is over 12 years old, we would require an "out of water" survey with a surveyor of your choice. We would be happy to provide details of qualified surveyors operating locally.
Otherwise, no survey is required if the boat is in sound, seaworthy condition.
6. There is outstanding financing on my boat. Can you cover their interest?
Yes, It is fairly common to use the boat as collateral for a loan, and we would note the interest of the lender on the policy to protect their loan, in a similar way to including a mortgage on a household policy.
7. Can I insure for a higher limit of third party liability?
The standard policy covers third party liabilities of £250,000 but cover can be arranged for higher limits where necessary.
