Wreck recovery/salvage insurance for canal boats rented on AirBnB

[jpatrick101]

I need to insure a wide-beam canal boat in Scotland for wreck recovery/salvage. The boat is used as a business for AirBnB and is on a permanent mooring from which it doesn't travel (other than for pump-outs when I drive it).

 

Does anyone have any experience of insuring boats used for short-term lets for wreck recovery?

[IanD]

13 minutes ago, jpatrick101 said:

I need to insure a wide-beam canal boat in Scotland for wreck recovery/salvage. The boat is used as a business for AirBnB and is on a permanent mooring from which it doesn't travel (other than for pump-outs when I drive it).

 

Does anyone have any experience of insuring boats used for short-term lets for wreck recovery?

 

Obvious question -- is it properly fitted out and licensed for commercial (AiBnB) use?

 

If not insurance could be a problem should there ever be a claim... 😞

[jpatrick101]

Yes it is. I have a license to use the boat as a short-term let and am compliant with all the conditions of the license. 

[LadyG]

Sounds like third party.

Have you tried any companies who do boat insurance , it may be worthwhile asking for comp as well, as there may not be a huge difference, you are running a business, so expenses are tax deductable.

I don't expect insurance company will be interested in the frequency of hire. When I say hire, that may be how they view things, even if you have another viewpoint.

Have a good look at the Scottish Canals website 

There will be a few UK boats that have a similar hire, have a look at their websites.

I know from my sailing days that trying to charter yachts is not worth the candle, but you may be in a better position with a permanent mooring.

Edited January 30 by LadyG

[dmr]

As this is a marine business I suggest you talk to Velos who are specialists, but it will cost a bit.

[David Mack]

You need marine business insurance. I would have thought any decent hire boat policy would include salvage cover. But the fact you mention this specifically rather than all the other potential risks does make me wonder if you have bought (and know you have bought) a sinker!

[ditchcrawler]

2 hours ago, jpatrick101 said:

Yes it is. I have a license to use the boat as a short-term let and am compliant with all the conditions of the license. 

In that case assuming you have a BW licence I am surprised your insurance doesn't cover it already

[haggis]

3 minutes ago, ditchcrawler said:

In that case assuming you have a BW licence I am surprised your insurance doesn't cover it already

That's what I thought too. To get a licence from Scottish canals you have to have insurance which surely would include wreck recovery 

[ditchcrawler]

6 minutes ago, haggis said:

That's what I thought too. To get a licence from Scottish canals you have to have insurance which surely would include wreck recovery 

Unless as LadyG says its just third party 

[Alan de Enfield]

3 hours ago, ditchcrawler said:

Unless as LadyG says its just third party 

 

 

3rd Party 'usually' covers wreck recovery.

 

I'd be more concerned that the OP is apparently not worried about public liability insurance.

 

Operating a business where 'the public' are being invited into your business premises is fraught - add in a bit of water and a wobbly boat and you are in the high-risk area.

What does public liability insurance cover?

The UK’s most common accident is a slip, trip, or fall, and the majority of them happen out and about. Public liability insurance, also known as PL or liability insurance is designed to protect your business against third party claims for injuries or property damage, whether you’re at fault or not.

[ditchcrawler]

1 minute ago, Alan de Enfield said:

I'd be more concerned that the OP is apparently not worried about public liability insurance.

 

Who says he hasn't?

[jpatrick101]

I do have public liability insurance. I guess I was specifically after the name of an insurer that can offer wreck recovery for a boat that is rented out for short term lets. I've got everything else covered. It's just the name of an insurer that I need.

[David Mack]

Talk to a marine trade insurance broker. They will sort you out a policy that covers all the risks in a single package. That way no claim can fall into the gaps between different insurers.

Frankly I'm surprised your main insurance policy doesn't already include salvage cover.

[jpatrick101]

Okay, let's close this thread. I'll return to insurance brokers to answer the question. I had simply hoped that someone who runs a short-term let from their boat and has wreck recovery insurance may be able to help.

 

And to those who have speculated on the condition of my boat (brand new from a nationally reputable builder); the licence (approved and all conditions met); public liability insurance (covered) etc etc - thanks for your concern. But please sleep easy tonight. :-). 

 

Thanks however to the member who mentioned Velos who I will chase.

[ditchcrawler]

2 hours ago, jpatrick101 said:

Okay, let's close this thread. I'll return to insurance brokers to answer the question. I had simply hoped that someone who runs a short-term let from their boat and has wreck recovery insurance may be able to help.

 

And to those who have speculated on the condition of my boat (brand new from a nationally reputable builder); the licence (approved and all conditions met); public liability insurance (covered) etc etc - thanks for your concern. But please sleep easy tonight. :-). 

 

Thanks however to the member who mentioned Velos who I will chase.

@jpatrick101 Before you leave both I and another member suggested that the boat insurance you already have, ie. the insurance you needed to get your BW boat licence may already cover this, have you checked that policy? I have never seen a fully comprehensive one that doesn't cover it which I assume you would have on a new wide beam boat.

[jpatrick101]

Thanks. I've got third party insurance which specifically excludes wreck recovery. And they won't quote for fully comp insurance for a boat on Airbnb. 

 

[haggis]

River Canal Rescue have fairly recently produced a table (I've seen it in canal magazines) of which insurance companies provide wreck recovery (3rd party and comprehensive) and I had a quick look on their web site but can't see it. I think such a table would help you find what you are looking for so an email or call to RCR might help. 

[David Mack]

1 hour ago, jpatrick101 said:

Thanks. I've got third party insurance which specifically excludes wreck recovery. And they won't quote for fully comp insurance for a boat on Airbnb. 

 

And does your third party insurance cover Airnbn? If you have an ordinary leisure boat policy it wouldn't cover the situation where anybody pays money to be on the boat.

[Tam & Di]

1 hour ago, jpatrick101 said:

Thanks. I've got third party insurance which specifically excludes wreck recovery. And they won't quote for fully comp insurance for a boat on Airbnb. 

 

 

From what you say I can see why you are concerned. Have you looked at insurers used by hire boat companies? I'd imagine their cover should suit your circumstance - it would pretty certainly include recovery of wreck.

[Arthur Marshall]

2 minutes ago, David Mack said:

And does your third party insurance cover Airnbn? If you have an ordinary leisure boat policy it wouldn't cover the situation where anybody pays money to be on the boat.

Third party won't be relevant except when the OP is driving it. It's hard to hit another boat when you never leave the mooring, and nowt else is covered by 3rd party.

5 minutes ago, David Mack said:

And does your third party insurance cover Airnbn? If you have an ordinary leisure boat policy it wouldn't cover the situation where anybody pays money to be on the boat.

Presumably, as he's obviously asked them about fully comp coverage. No point in looking for problems, especially when the bloke has already said he's fully compliant.

[ditchcrawler]

5 minutes ago, Tam & Di said:

 

From what you say I can see why you are concerned. Have you looked at insurers used by hire boat companies? I'd imagine their cover should suit your circumstance - it would pretty certainly include recovery of wreck.

I wouldn't be surprised it they didn't cover it themselves, they always seem to go and retrieve boats sunk in locks.
If I was the OP and was prepared to risk £200,000 for the loss of the boat with third party cover then another 2 or £3K  seems a small risk to take especially as the boat doesn't go anywhere.

[David Mack]

26 minutes ago, Arthur Marshall said:

Third party won't be relevant except when the OP is driving it. It's hard to hit another boat when you never leave the mooring, and nowt else is covered by 3rd party.

True. But he does say he takes it elsewhere for pumpout.

What surprises me is that he (apparently) has insurance which covers public liability and "everything else covered" (which presumably covers Airbnb letting) but which doesn't include salvage/wreck removal. Why would any insurer offer such a policy? Every customer for that sort of insurance is going to want the risk to be covered, so I would expect it to be included in any standard marine trade policy for this type of activity. Which makes me think that he may not actually have all the other risks covered.

[Jim Riley]

Why is Airbnb relevant, you are hiring out your.boat for short term lets Shirley. Airbnb is just the advert, you manage it yourself? Has Airbnb been specifically excluded?

[ditchcrawler]

Just now, Jim Riley said:

Why is Airbnb relevant, you are hiring out your.boat for short term lets Shirley. Airbnb is just the advert, you manage it yourself? Has Airbnb been specifically excluded?

I think it was probably to indicate it wasn't a long term hire, ie someone living full time on the boat.

[jpatrick101]

I'm touched by everyone's concern regarding whether I have all my risks covered and fascinated by the general chat about my insurance needs and the speculation as to whether I have a 'sinker', public liability / fully comp / third party insurance or whether I have actually read the terms of my current insurance! etc.

 

Perhaps I should have been more specific in the wording of my question - which was specifically asking for the name of an insurer who can cover wreck recovery for a boat rented out on Airbnb. A couple of people have moved me closer to that so thank you to them.