Boat Insurance etc

[Hugh]

As a novice first time buyer can anyone help with the following:

1. Who are the best and cheapest Insurers to go with? There are so many, it's hard to know where to start and if someone has already done the leg work it would be worth a pint to pick your brain!

2. I underestand that when buying a boat you have to check that the bloke selling it is actually entitled to do so! Also to check that there is no outstanding financing on it etc. How do I do that?

3. Is it necessary to register the boat somewhere? How do I go about doing that?

4. Are there any other things I should be thinking of....!!??

Many thanks if you are able to point me in the right direction!

Hugh

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[Vara]

Have a mooch round <A target="_blank" HREF=http://www.rya.org.uk/>This site</A> it maywell answer a few of your questions.

<hr width=100% size=1>If it can't be fixed with a lump hammer dont fit it!

 

[Hugh]

Colmce, thanks for that, that is very useful.

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[AndrewB]

Colmce is right, but to be even more specific, you need <A target="_blank" HREF=http://www.rya.org.uk/shop/ryabooks/default.asp?itemId=233993>THIS BOOKLET</A>.

Regarding ownership, if you are buying through a broker, then the broker should have checked this and will underwrite any problems. If its a private sale though it is not so easy. If the yact should happen to be part 1 registered, then the registration document serves as proof of ownership. Otherwise it comes down to a matter of trust. Putting aside a few cases of theft and con-artistry, problems typically arise when there is a debt secured against the yacht or its being sold in an acrimonious divorce. See if the seller can show you old bills made out to him relating to the yacht, check with the marina or yard that's he's well known to them, otherwise you might even ask for references. Ask him if there is an outstanding loan on the yacht and make sure this will be paid off from the proceeds.

If this is serious dosh as far as you are concerned, then there is quite a bit more you need to know (e.g. about the form of contract, surveying the boat, bill of sale, registration) but the above booklet answers all questions.

 

[Hugh]

Thank you Andrew, I will order one now!

I actually bought her yesterday from a really nice guy who works for a reputable boatyard so I think/hope I'm ok!! I hope I haven't been rash, but I have every confidence that she's ok!

Hugh

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[AndrewB]

Many congratulations! I see from your other posts this is probably quite a small yacht, so probably too many safeguards would be overkill. Even so, can I recommend that you ask the seller for a witnessed bill of sale for the yacht, and for any such he holds from previous owners, as this does help when you come to sell. Also should officialdom ever become interested in your yacht for any reason. There is a bill of sale proforma printed in the RYA booklet, or you can create a suitable one from HERE. If it is already registered, it must be re-registered in your name. I would get it insured, if only because all marinas insist on this. However, the insurer may require a survey to be done. The only other formality is that if you want to carry a VHF radio, and nearly all yachts do, both you and the yacht have to be licenced - that involves a day course and short examination for you, and a fee payment to Ofcom for the yacht.

Then there is training if you haven't sailed before and basic safety gear to carry ... you'll need to post again about these!