Welcome to our Boat Insurance glossary, select a letter to navigate to our list of available definitions;
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | R | S | T | U | V | W | Y |
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 insurance policies (e.g. speedboat insurance, RIB insurance) 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.
Liable party
- The liable party is the person(s) who are adjudged to be ultimately legally responsible. Boat liability insurance is the provision of policy cover for damage to possessions or persons.
Lifebuoy
- A piece of boat safety equipment that is thrown to an individual who has gone overboard. The device is often fitted with light and whistle, but being air filled it's primary purpose is as a basic buoyancy aid for the person to hold on to intended to reduce the risk of drowning.
Lifejacket
- A buoyancy aid garment that will keep a person’s head above water whilst afloat. Strongly recommended by all good boat insurance companies!
Loss
- Permanent loss or damage to a vessel (for which a boat insurance policy compensates against).
Top