I always thought it was my decision as to whether or not I had insurance or if I was willing to take the low risk of not having and possibly have to pay for damage I may cause out of my pocket. I don't recall doing this at any other major event I have ever attended.
The NOR says "The participating boat is required to hold adequate insurance and in particular to hold insurance against third party claims of at least $1,000,000 CAD". I've got a pretty generic home insurance policy and it includes $1,000,000 liability coverage plus coverage for watercraft that I am using. Check your policy, but chances are that you are already covered.
I'd also check if your policy excludes watercraft being raced.
I have a question.
Every laserite must have a insurance on a Laser at HALIFAX MASTER WORLD CHAMPIONSHIP ?
Thanks a lot.
Alex
22.6 The participating boat is required to hold adequate insurance and in particular to hold insurance against third party claims of at least $1,000,000 CAD (1 million Canadian Dollars).
Does anybody know first-hand if a homeowner's umbrella policy would provide coverage for sailboat racing? I tried to insure just my boat a few years ago through USAA. They said they wouldn't cover it if it were used for racing.
Looks like the Brits have outdone the Canadians. The NOR for the Masters Worlds in the UK this year calls for 2 million GBP liability insurance. Anybody got any advice on good place to buy this?
I would expect £12m is a typo - but as with all these things it is what they have written that is important and not what I might think they might have meant.By the way, the FAQ on the event website says you need 12 million GBP liability insurance... but I'm hoping that's a mistake?
As Deimos has already pointed out £2million GBP is kind of standard. Pretty much any policy you buy in the UK will come with this as standard. If you cannot get this state side then i suggest you contact one of the UK marine brokers and see if they can do you a short term policy.
I would recommend Noble Marine, not the cheapest but by far the best compnay to deal with (website http://www.noblemarine.co.uk).
I believe we have our American friends compensation culture to thank for this....
Remember £2million will not go that far in litigation, especially if youe little Laser damages or injures someone else......