Wreck recovery/salvage insurance for canal boats rented on AirBnB

[Up-Side-Down]

As a corporate member of the IWA you would be eligible for cover for just about everything boat-related through them. I can pretty much guarantee that savings to be made with them will cover your corporate membership fee several times over. As a boat on the Scottish canals you will find that many of the business/charity craft around you are IWA insured.

 

https://waterways.org.uk/wp-content/uploads/2022/10/08-Insurance.pdf

 

Quickest way to get the full picture is to contact Neil on 01494 783453; neil (at) waterways {dot} org [dot] uk.

[Stroudwater1]

It maybe worthwhile calling a hire boat firm with just a couple of boats and ask them.
Some may not help, but smaller ones may well be happy to tell you what they do for insurance. 

[David Mack]

2 hours ago, jpatrick101 said:

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.

And the answer to that question is that it should be your main (only) insurance provider. If your current insurer can't do that you should change to one who can. Otherwise you run the risk of a claim falling down the cracks between separate insurers. If the worst should happen, you don't want to be the one arguing the toss with two different insurance companies, each of which says the other is responsible for paying out.

[Alan de Enfield]

15 minutes ago, David Mack said:

And the answer to that question is that it should be your main (only) insurance provider. If your current insurer can't do that you should change to one who can. Otherwise you run the risk of a claim falling down the cracks between separate insurers. If the worst should happen, you don't want to be the one arguing the toss with two different insurance companies, each of which says the other is responsible for paying out.

 

You are not helping the OP and are not answering his question.

 

He has made it very clear that he does not wish to be bothered with anything apart from the required answer.

[Mike Todd]

On 30/01/2024 at 16:49, LadyG said:

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.

They may well oft come together but wreck recovery and third party are different things. Wreck recovery covers the costs incurred when a boat sinks or blocks a navigation. It can be rather expensive to recover a boat that is under water in an offside position. There may also be claims for pollution control. Third party is when a boat injures, or worse, someone not connected with the boat and may be the result of a moving incident (ramming into another boat and throwing an occupant into the water, or causing significant damage to the boat) of static, such as when it catches fire and the passes the flames on to an adjacent boat.

[David Mack]

1 hour ago, Alan de Enfield said:

You are not helping the OP and are not answering his question.

Because he's not asking the right question.

I don't know of anyone offering a stand alone salvage/wreck removal policy, but if such a thing exists, my guess is it will be expensive, since only those who can't get the cover as part of their main insurance will be looking for it - I.e. those who the insurers perceive to be a high risk.

And while many of us on here can suggest possible marine trade insurers, Google will do the same. But I doubt if any of us here have personal experience of a standalone salvage/wreck removal policy specifically for static short term let craft, so the OP was never going to get a recommendation from anyone who has actually dealt with the same issue.

[Arthur Marshall]

41 minutes ago, David Mack said:

Because he's not asking the right question.

I don't know of anyone offering a stand alone salvage/wreck removal policy, but if such a thing exists, my guess is it will be expensive, since only those who can't get the cover as part of their main insurance will be looking for it - I.e. those who the insurers perceive to be a high risk.

And while many of us on here can suggest possible marine trade insurers, Google will do the same. But I doubt if any of us here have personal experience of a standalone salvage/wreck removal policy specifically for static short term let craft, so the OP was never going to get a recommendation from anyone who has actually dealt with the same issue.

You really can't grumble that the only reason you can't answer a query is because the question is wrong. I don't want to be told how to change a tyre if I ask someone why my seat belt jams, I either want the answer I need or an honest "I dunno" . Anything else is a waste of time, like this post. Perhaps you'd like people to only ask questions to which they already know the answer.

You may doubt whether anyone's dunnit, but you don't know. And, under your rules, no-one, including the OP, would never know. Lucky, really, that he asked, aint it? At least we now are pretty damn certain that you, at least, can't answer the question and he  can safely skip any further posts with your name at the top!

Edited January 31 by Arthur Marshall

[jpatrick101]

All sorted now. Thanks folks. It was insurance that included wreck recovery I was after - not just stand-alone wreck recovery. And before anyone says that wreck recovery is/should/ought to be covered in any third party/fully comp insurance, I would remind you that insurance is a very precise art. One insurer might insure for something while another won't. And slight change to a boat's risk/circumstance will mean it is easier/harder; cheaper/more expensive to insure. Insurance for wreck recovery for a residential boat is regarded as quite different to that of a leisure or commercial boat. And a commercial boat that allows clients to take the boat out (a bareboat charter) has very different risks to one that doesn't (eg an AirBnB). 

 

So if your assumption about insurance is based on your own experience of your boat or previous boats, best not to assume that my boat is the same or located in the same place or is used for the same purposes - all of which will affect the ability to insure and the price of insurance.  Happy sailing.

[ditchcrawler]

1 minute ago, jpatrick101 said:

All sorted now. Thanks folks. It was insurance that included wreck recovery I was after - not just stand-alone wreck recovery. And before anyone says that wreck recovery is/should/ought to be covered in any third party/fully comp insurance, I would remind you that insurance is a very precise art. One insurer might insure for something while another won't. And slight change to a boat's risk/circumstance will mean it is easier/harder; cheaper/more expensive to insure. Insurance for wreck recovery for a residential boat is regarded as quite different to that of a leisure or commercial boat. And a commercial boat that allows clients to take the boat out (a bareboat charter) has very different risks to one that doesn't (eg an AirBnB). 

 

So if your assumption about insurance is based on your own experience of your boat or previous boats, best not to assume that my boat is the same or located in the same place or is used for the same purposes - all of which will affect the ability to insure and the price of insurance.  Happy sailing.

Glad you are sorted

[Ewan123]

1 hour ago, jpatrick101 said:

All sorted now. Thanks folks. It was insurance that included wreck recovery I was after - not just stand-alone wreck recovery. And before anyone says that wreck recovery is/should/ought to be covered in any third party/fully comp insurance, I would remind you that insurance is a very precise art. One insurer might insure for something while another won't. And slight change to a boat's risk/circumstance will mean it is easier/harder; cheaper/more expensive to insure. Insurance for wreck recovery for a residential boat is regarded as quite different to that of a leisure or commercial boat. And a commercial boat that allows clients to take the boat out (a bareboat charter) has very different risks to one that doesn't (eg an AirBnB). 

 

So if your assumption about insurance is based on your own experience of your boat or previous boats, best not to assume that my boat is the same or located in the same place or is used for the same purposes - all of which will affect the ability to insure and the price of insurance.  Happy sailing.

Would you mind sharing how you sorted it? When people come to the forum and search to see whether someone else has already asked their question, it's quite nice to find the full resolution.