* Pantaenius UK Limited is authorised and regulated by the Financial Conduct Authority (Authorised No.308688)
Not all boats are the same when it comes to insurance. At Pantaenius UK, we’ve found that certain features, maintenance practices and usage can make a vessel either a favourable option for insurers - or a potential risk.
For boat owners, understanding what insurers view as red flags is crucial for keeping premiums manageable, ensuring smooth renewals, and avoiding unexpected costs. Here’s a closer look at the factors that can raise concerns for insurers and how you can make your boat a more appealing option to insure.
From vintage beauties to high speed powerboats, certain types of boats naturally warrant more caution from insurers. While each offers unique enjoyment, these boats often come with specific risks that may call for closer scrutiny., Here’s why insurers may approach these vessels with added caution.
Older boats have charm, but their structures and systems can pose risks. Over time, boats are more likely to have hidden wear, outdated systems and harder-to-source parts. As boats age, they’re more vulnerable to structural issues and breakdowns, making insurers cautious. From our perspective, the best way for owners of older boats to appeal to insurers is by maintaining thorough inspection and maintenance records. Regular servicing and timely repairs show that, despite the boat’s age, it is well cared for, an essential factor for insurability.
Powerboats are made for speed, which inherently raises their risk of accidents, even for experienced operators. Speed is exhilarating, but it brings added risk. Insurers take this into account, recognising that powerboats, due to their performance capabilities, may be involved in incidents more frequently. For Pantaenius UK, a high-performance vessel with a documented safety protocol and a history of responsible usage will be more appealing, demonstrating that safety is prioritised even in high-speed situations.
A custom or homemade boat has personal charm, but it also presents unique challenges for insurers. Unlike production models with consistent, tested designs, custom boats often lack standardised safety features and build quality. While we’re not opposed to custom vessels we pay close attention to the construction quality and safety considerations. If your boat was built from scratch or heavily modified, having it inspected by an accredited surveyor can provide insurers with the reassurance that it meets high standards of safety and craftsmanship.
Few things cause insurers more concern than a boat with inconsistent maintenance. Boats face constant exposure to saltwater, sun and continuous movement - all of which take its toll over time. Regular, documented maintenance reassures us that a boat is more likely to remain seaworthy and safe.
A well-documented maintenance history is like a CV for your boat; it demonstrates attention to detail and a commitment to safety. Without these records, insurers see only potential risks and costly repairs. Pantaenius UK recommends clients maintain these records, as consistent upkeep makes your boat a more attractive proposition for insurers, increasing the likelihood of securing cover.
Common signs of neglect, such as a deteriorating hull, worn out rigging, or poor engine condition, raise immediate concerns. These issues are more than cosmetic; they can indicate compromised safety. At Pantaenius, we assess the overall condition of a vessel based on its maintenance history and care, which helps us understand the owner’s level of responsibility. If you’re planning to insure your boat, investing in regular upkeep ensures that your vessel is seen as well maintained and a safe option for insurers.
DIY projects may seem tempting, but insurers prefer modifications and repairs to be carried out by professionals. Non-standard modifications, especially those impacting performance, stability, or structural integrity, can raise concerns and increase risk. At Pantaenius UK, we assess whether repairs and modifications were conducted by certified professionals and adhere to industry standards. If you’re considering a major modification, it’s wise to consult with both your insurer and a reputable marine professional to ensure the changes meet safety and seaworthiness requirements - making your boat a safer and more insurable asset.
Safety gear isn’t just about protecting lives, it’s an essential part of being a responsible boat owner..
Life jackets, fire extinguishers, first aid kits, and signalling devices are the bare minimum. At Pantaenius UK, we expect responsible boat owners to have up to date safety equipment on board. This not only enhances onboard safety but signals to insurers that the owner is managing risk appropriately, making the boat a better risk for insurance.
Where and how a boat is used has a substantial effect on its risk profile, which Insurers consider when determining premiums and cover options.
If your boat is frequently used for racing or high-speed ventures, insurers view this as higher risk, which can lead to higher premiums. At Pantaenius, we take usage into account when assessing risk, so understanding how you plan to use your boat allows us to tailor the cover to fit your needs, ensuring you’re not paying unnecessary costs.
Some regions are more prone to harsh weather or navigational hazards, and insurers consider this when assessing risk. Boats docked or operating in storm-prone regions, for example, often face higher premiums. However, If you’re based in a high-risk area, taking proactive steps like implementing storm preparation protocols and docking in secured marinas can help demonstrate responsible risk management, potentially making your boat a more attractive proposition for insurers.
An owner’s history speaks volumes to insurers. Experienced boaters are considered lower risk, as their skill and knowledge help them handle challenges more effectively, which insurers value. On the other hand, a history of claims may signal ongoing risk, depending on the nature of those claims. While some incidents are simply a matter of bad luck, others might suggest patterns of preventable issues or lack of risk management
If you’re new to boating, taking additional training or safety courses can demonstrate your commitment to responsible boat operation.
At Pantaenius, we evaluate both boating experience and past claims to understand the overall risk profile. This helps us manage risk and secure the most appropriate cover.
The growing trend towards sustainable boating has brought electric boats into the spotlight, but insuring these vessels can present unique challenges. Because of their advanced technologies, such as the lithium-ion battery systems used in electric boats, insurance often requires tailored cover. Recognising these evolving needs, Pantaenius is committed to adapting alongside these innovations. One such example is how Mike Wimbridge successfully helped Optima Yachts secure insurance for their e10, a 100% electric yacht, which was having difficulty securing insurance due to its advanced lithium-ion battery system.
Boat insurance is a vital layer of protection, and understanding what insurers look for empowers you to navigate the process with confidence. By staying proactive - prioritising safety, maintaining regular upkeep, and understanding your boat’s risk factors - you’re positioning yourself for smoother renewals and comprehensive cover.
Understanding what insurers look for is as important as the cover itself.
Mike Wimbridge reiterates. “By addressing the risk factors, boat owners protect not only their investment but also the peace of mind that comes with responsible ownership.”
For boat owners looking to improve insurability, the first step is understanding the insurer’s perspective. With a bit of extra care and preparation you can transform your boat into a well-protected, insurable asset, regardless of where your adventures take you.
Now is the time to review your current insurance policy – make sure your boat meets all safety standards and compliance requirements. Don’t wait until it’s too late; take proactive steps now to safeguard your investment and enjoy peace of mind on the water. Contact us today for a policy review and expert advice tailored to your boating needs.