SAFETY AND HANDICAPS
There are two pieces of paperwork that you need to complete before you set sail in the PIC Insurance Brokers Coastal Classic.
The Coastal is defined by Yachting NZ as a Category 3 event. This means you need to get a Cat 3 safety certificate issued by Yachting NZ. These require an insepction, cost $121 for club members and are valid for two years.
RACE INSURANCE 101
The team at PIC Insurance Brokers know everything there is to know about marine insurance and have kindly put together this useful guide for Coastal entrants.
Why is Insurance important?
Insurance transfers the risk of a potential loss to an insurance company. Insurance not only covers you for any loss caused by you, but also for losses caused by a third party or damage due to environmental factors, such as a weather event.
Why is a broker important?
A broker is your independent advocate that helps both with advice on the product as well as assistance in the event of a claim. PIC is a 100% New Zealand owned Insurance Broker. This gives us independence, which is good for you because everything we do is tailored to your needs. We are totally tuned into all the things that affect your life. We never want to lose our ability to be genuine advocates for you, your family and your business.
What am I covered for?
Not all things are created equal and insurance products are a typical example of this. The devil is in the policy detail and too often Yacht owners find out the harsh reality of what is actually covered and disappointingly what is not at claim time.
Insurance should form part of a risk management programme and a broker such as PIC assists in getting the right cover in place and in the event of a claim will provide assistance in negotiations.
The following are some important things to consider when insuring your vessel:
Knowledge & specific experience of the broker and insurer;
Policy wording – this is the basis of the contract between you and the insurer;
Claims service – is it local or somewhere offshore?
Claim turnaround – can the insurer respond in a timely manner & make decisions;
Claims attitude - does the insurer/broker try to assist and proactively resolve any issues.
Vessel Insurance typically named Pleasurecraft Insurance should cover you for a sudden or accidental loss to your vessel and place you in a pre-accident situation. In Addition cover is usually provided for third party liability. $5,000,000 liability cover is often required by Marina Operators.
Some areas to check that we find a number of owners come unstuck on:
Mechanical breakdown what is and what is not covered;
Racing Risk – all policies and companies respond differently;
Depreciation – what parts of the vessel if any does the insurer apply depreciation too;
Any endorsements or conditions to the policy.
Do I require a Racing Risk extension?
For an event such as the PIC Coastal Classic most vessels will require a Racing Risk extension. It is best to check with your insurance provider if the Costal Classic is currently covered under your policy as some company’s limit the distance that cover is provided for.
What do I need to have done prior to the race?
Prior to the start of the PIC Coastal Classic, PIC recommend that you talk to your insurance provider, find out what is and is not covered and know what to do in the event of an emergency. Prior planning goes a long way to minimising harm to your vessel and crew.
What are the benefits of insuring through an Insurance broker?
Insurance brokers are experts who work on behalf of you to provide advice on the various policies in the market, source the right cover at the right price and assist in any claims negotiations. We act on behalf of the Owner.
Why Should I insure through PIC Insurance Brokers?
PIC is the largest entirely New Zealand owned and operated independent broking house. This means that when you deal with PIC you deal with locals who understand the New Zealand Market and our way of life. PIC Insurance brokers are passionate about sailing and have a dedicated Marine team who are experts in the Marine Insurance Industry. We have an in-depth understanding of the products and the covers you will require. PIC have formed strong relationships with all major insurers to provide a more comprehensive cover than if you were insured directly or with one of our competitors.
Contact the PIC Marine Insurance team
The marine specialists at PIC are standing by to take your questions. Get in touch here now by completing this form, or call Daniel or Finn on Free Phone 0508 742 742