Online boat insurer, Craftinsure.ie, is to provide €5,000,000 Third Party liability insurance as standard across it’s full range of policies, covering craft from racing dinghies to motor cruisers, and yachts to RIBS. The current limit is €3,000,000 any one event.
The higher limit will apply to new policies with effect from 1st May.
Existing customers will benefit from the increased cover as their policies fall due for renewal after 20th May, and will be included at no additional cost.
Although boat owners are still able to limit their liability to 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 injury compensation claims reaching record levels again in 2016, 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 higher levels of liability cover being required by commercial operations and sailing event organisers. This new limit will also address a recent development whereby those visiting UK waters, or sailing in UK events are now often required to have liability cover of at least £3,000,000.
“Whilst €5m Third Party liability insurance might sound far more than necessary for a small dinghy for example, a serious injury could still occur. It therefore makes sense to apply the new limit across the board”.
