Thinking of buying a Rigid Inflatable Boat (RIB)? Well assuming it's for private and pleasure (P&P) use (commercial use will be dealt with in a separate article) here's a guide to some of the insurance issues you may encounter as well as some of the benefits you might get as part of your cover.
Use an Insurance Broker!
I'm going to say specialist insurance broker rather than a quotation sourced direct from an insurer. I will declare an interest here in that I actually am a specialist broker. There are advantages:
A specialist broker can do your shopping for you because they will have access to multiple markets and therefore make a recommendation as to which one best fits your needs.
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A specialist broker should also be able to help you if a claim happens. Understanding and liaising with your insurers regarding liability and/or settlement value. They may also have access to a wide range of approved boat builders, dealers and repairers that will help you get your RIB back in use with minimum disruption to your pleasure in using your RIB.
This is in contrast to going direct to an insurance company which means you will just receive information based on their product. It also means you will have to make time consuming multiple telephone calls find out what is available so to decide what is best for you. That's OK if you have time, but time is money!
What Value is the RIB insured for - Purchase Price or Agreed Value?
You need to understand the basis on which your RIB is covered. It is common for insurers to cover the RIB and its equipment for the purchase price. However, cover can also be on "agreed value". If you are unsure which yours is check your insurer's policy wording. Some may state that they will pay the value stated in in the Schedule of Cover (this will be "agreed value") and others will state they will only pay up to that value (i.e. the purchase price less any depreciation). If your RIB is a total loss the difference in the policy wording could have a significant effect on the amount of your claim is settled for.
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