The UK fishing industry is worth millions of pounds, and if you dont want your fishing business to go down the drain, its high time you considered obtaining fishing boat insurance. There are numerous fishing boats available, different shapes, sizes and with many different uses. Therefore it is very important that when you purchase your insurance cover, you choose a policy which has been tailored to your needs.

Fishing boat insurance typically covers a standard set of risks, but it is essential that you confirm your level of coverage with your provider. However, you should expect to see protection against the following:
Personal accident
Crew liability
Liability for the navigator
Accidental loss or damage to the boat
Damage to hull and engine
Loss of use
Damage or loss to the outboard motors
Removal of wreck charges

The cost of the annual premium for your fishing boat insurance is determined by a number of different factors, firstly relating to your vessel, and secondly relating its usage, and thirdly relating to you personally.

Your insurance provider will consider the following when calculating the cost of your fishing boat insurance:
Size of the boat
Material
Maximum speed
Type of fishing e.g. netting, potting, charter angling, line or rod dishing
Area coverage the higher the cruising range, the higher your premium
Size of crew
Existing claims record
Boating experience

All these factors will be taken into consideration when purchasing your cover, but it is extremely important that you do have adequate cover to ensure that you are financially safe in the event of an incident. You dont want to have to worry about covering the costs of your fishing boat, or paying out any compensation to third parties if the accident was your fault.

Obtaining a satisfactory level of fishing boat insurance needs to be your priority as the owner of a fishing business to ensure that you, your employees or crew and your vessels are protected at all times.