The idea of boat insurance originated when ships and their ship owners needed to take a share of the loss of a ship. Multiple ship owners pooled their resources together, and in essence, became the insurer for each other. Insurance became a major part of allowing commerce to continue, because a ship owner knew that in the event of an untimely incident he was not left totally bankrupt if insurance was in place.
Further to this, Lloyds of London’s birthplace was due to the need of the time, for a formal insurance arrangement to be put in place, and have a separate entity, being an insurer, take the risk of insuring the boats. A premium was paid for for this risk by the ship owner.
It is interesting, that even now, the main Act that governs marine and boat insurance in Australia in 2016, is the Marine Insurance Act 1906 – meaning it is over 100 years old.
Irrespective of whether your vessel is doing the Sydney to Hobart, being shipped to the Mediterranean or the Bermuda’s to be used for private charter, or has a nightclub inside the vessel itself for your own entertainment, we have the experience to assist you in the insurance of the vessel.