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PROTECTION TO COVER OAR-DEALS Peter Valentino interviews Nigel Rausi on the importance of insuring a boat or yacht.
Owning a boat is an exciting matter it’s like a love affair; one that however comes with great responsibility where each boat owner should ensure the safety of the boat and her crew. With the cost of boats being what they are, being adequately insured nowadays is a must. Since we’re fast approaching the warmer months, I caught up with Nigel Rausi a Chartered Insurer and a keen sailor since the age of six. Nigel was active in the competitive sailing and windsurfing scene for several years and spent most of his free time at sea with family and friends. I remember the days when our marinas consisted of a few stern to berths; when the number of boats was much less than today, and in fact, back then I very much doubt how many of these were insured. The situation is very different today as the numbers have quadrupled. Going back a good number of years, I remember spending weekends in Comino and there would be only a handful of boats. It is quite different now as the number of boats has dramatically increased and so have the risks associated with owning a boat especially with more powerful boats, increased sea traffic and bays which are getting more crowded than ever before. It is a legal requirement to have at minimum, third party insurance which will protect the boat owner in the event of both property damage or personal injury to third parties, like for example, a collision with another boat or accidental injury to a swimmer. Most owners, however, opt for more comprehensive cover to protect against any loss or damage to the boat itself in addition to having cover for third party damage.
