perils of cheap boat insurance

River Canal Rescue is warning boat owners about the perils of buying third-party insurance on price alone after finding some insurers will not pay out if a boat sinks. They estimate around four out of 10 sunken boat claims are being rejected due to a lack of definition in the policy small print, misleading wording referring to ‘wreck removal’ rather than ‘salvage ’, exclusions for salvage cover and salvage costs being rejected unless the peril is covered.
Read More