Boat Insurance Glossary

Welcome to our Boat Insurance glossary, select a letter to navigate to our list of available definitions;

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Boat Insurance Definitions beginning with - 'L'

Laid up

• A period of time agreed with the boat insurance company when the vessel will be laid up ashore. This is usually over winter period due to the greater potential for damage from adverse weather conditions. Some boat types (e.g. speedbaots, RIBs) contain a specific clause within their boat insurance policy stating any specific storage requirements/ periods. The vessel is still insured during this period as long as the policy conditions are met.

Liability Limit

• For claims made against you by guests or third parties, Insurers will indemnify (protect) you up to your Liability Limit amount detailed in your boat insurance policy.

Loss

• Permanent loss or damage to a vessel (for which a boat insurance policy compensates against).