RIB Insurance Guide
This RIB Insurance Guide is designed to help you make an informed choice when buying insurance for your RIB (Rigid Inflatable Boat). Whether you’re using your RIB for cruising, short trips, water skiing or diving expeditions, knowing that you have the right RIB insurance to meet your needs gives you peace of mind.
Why do I need RIB insurance?
You will need a minimum of third party insurance for your RIB if you want to use it or moor it in certain areas. These are marinas, harbours or recognised mooring and launching areas. You’ll need to provide evidence of this insurance (up to a certain level) before accessing these areas. In addition, cover for the craft itself gives you reassurance that your investment is protected.
What type of cover is available?
The details will vary depending on the insurance provider, but look for an experienced, specialist insurer that can give you different options. For example:
Third Party Liability Cover only
This covers damage caused to third parties or passengers (e.g. up to £5million) in your RIB while you (or someone with your permission) is in charge of your RIB. It is likely to exclude anyone you employ in connection with your RIB.
Craft and Liability Cover
Combining third party liability cover with craft cover is the most popular choice amongst RIB owners. Look for a comprehensive RIB insurance policy that offers you protection against:
- Theft or attempted theft
- Accidental damage
- Malicious damage
- Cover if your boat hits something underwater or partly underwater
- Cover when your RIB is in transit – check that the policy applies to boats of the right size
- Cover for salvage, towage or assistance charges
- Cover for siting costs in the unfortunate event of a stranding
- Personal accident cover
Depending on how you intend to use your RIB, you should also consider the following:
- The option of water skiing and towing of toys
- Water ski liability
- Cover for the cruising areas in which you’ll use your RIB
- Insurance for trailers and trollies
- Cover for your personal belongings when on board
- Cover for portable craft equipment
- Legal expenses cover
Discounts On Your RIB Insurance
You may be able to get a discount on your RIB insurance if you belong to a boating club or you moor your RIB permanently at a marina. Mention this when asking for a quote for your RIB insurance.
Craft Cover Only
If you’re refurbishing your RIB and it isn’t currently being used, then you can opt for craft cover only until you’re ready to launch it. When it’s on the water, you’ll need to upgrade your insurance policy to include third party liability.
What Is Not Covered by RIB Insurance?
Again, these vary depending on the insurance provider, but general exclusions are:
- Damage due to general wear and tear, lack of maintenance or depreciation
- The cost of rectifying faults in design or construction
- Loss or damage caused by mildew, mould, insects, marine borers, barnacles, molluscs, marine growth or fungi
- Loss or damage caused by someone using your RIB for commercial purposes or who is employed in the marine trade
In general, your obligations with regard to your RIB include:
- Regular maintenance of your RIB and ensuring it is in good working order
- Ensuring that the minimum required number of crew are aboard when it is in operation
- The required safety equipment and clothing is worn (e.g. kill chord, buoyancy aid)
- Any required security devices are in place
- Keeping your insurer up to date with changes to your personal information or adaptations to your RIB
- Reporting any accidents, incidents or potential claims as soon as possible
- Informing your insurer if you sell or otherwise dispose of your RIB
- Making the required scheduled payments for your RIB insurance.
We hope that you have found this RIB Insurance Guide helpful. It is a marketing article from Assist Insurance. For more information or to obtain a RIB insurance quote, then talk to one of our boat insurance specialists on 01604 946779.