FAQ - Answers
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Who are Osprey Special Risks Limited? |
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This company is incorporated and operates under the laws of the United Kingdom.
We are based in Ilkley, West Yorkshire, within the United Kingdom and act as Underwriting
Agents for the Insurers listed elsewhere on this website. We were formerly T L Dallas
(Special Risks) Ltd. but changed our name in May 2008 to Osprey Special Risks ltd..
All of our personnel and contact details remain the same as before and the company
enjoys the same excellent reputation throughout the Insurance market. Full details
can be obtained by clicking on the following
link or searching the records at
Companies House , Cardiff, United Kingdom.
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When my vessel is repaired will I receive all the repair costs less my deductible? |
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We will place your vessel in the same condition it was in before your loss, in so
far as it is possible. What this means is that we will apply depreciation to costs
that have been agreed as fair and reasonable. The way and manner we apply depreciation
is set out within the insuring agreement. This policy is not new for old and this
is the reason that we apply depreciation.
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What is 'Sue & Labor' ? |
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Sue & Labor is most easily defined as an expense that you incur to prevent or
minimise loss or damage to your vessel that would be covered by your insurance policy.
Your policy obliges you to take all necessary steps to prevent or minimize such
loss or damage and even if these are unsuccessful, your insurers will pay the costs
you incur over and above any claim that may be paid for loss or damage to your vessel,
up to 50% of the agreed value of your vessel
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What is my deductible? |
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This is shown on your policy declaration page (headed “Cover Note”)
alongside each heading of coverage afforded. This is the amount of each claim that
you must meet. Usually this is taken off the agreed gross amount of your claim and
a net figure arrived at. If your vessel is damaged by a named windstorm then the
amount of this deductible will be doubled. Different deductibles also apply
to theft losses.
Salvage charges are defined by the insuring agreement as those reasonable charges
and expenses that you incur “with our permission and consent” to prevent
further loss and or damage to your vessel. We will pay these charges in full without
application of your deductible and regardless of whether your eventual claim exceeds
the deductible.
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What is the difference then between 'Salvage charges' and 'Sue & Labor' ? |
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One is incurred with our knowledge and consent; the other is as a result of steps
taken by you without our knowledge and consent. Salvage will refer to an express
agreement with a third party to “salve” your vessel. We generally in
a better position to agree terms with professional salvors than you are. If you
are unable to reach us, then be wary of accepting terms from salvors that are simply
presented to you in the form of their written form of salvage agreement. Do not
sign this agreement unless you are certain that you understand what it means and
that the charges being made are fair and reasonable. If the salvor refuses to assist
you unless you sign then make sure that you record the agreement as having being
“executed under protest”.
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Can any one else apart from me operate my vessel? |
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Only if we have agreed to this. This is a named operator only policy. In order to
cover any operator we require full details of their boating experience, loss record
and details of any violation/suspension including auto within the last five years.
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What is a lay up period? |
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This is the period of time within which it has been agreed that a vessel will not
be operated in any manner whatsoever. We will either agree to you laying your vessel
afloat or on land. In exchange for this you will have received a reduced premium.
In the event that you do operate your vessel during this period you will not
be covered for any losses or damage.
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Am I covered for losses I sustain as a result of me not being able to use the vessel
during the repair process? |
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No. This type of loss is specifically excluded.
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What if I sell my vessel during the policy period? |
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This automatically cancels your policy immediately unless you have our agreement
to the contrary. You should tell us if you are selling your vessel and upon what
date ownership will pass. You will receive an appropriate short rate return of premium.
You cannot transfer your insurance with title to your vessel.
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What must I do during the duration of the policy period? |
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You must properly maintain your vessel at all times throughout
the term of your policy and ensure that it is seaworthy . This is very important
because if it is subsequently determined that your vessel has not been mantained
in a seaworthy state then your entire policy may be prejudiced and not just the
particular claim . A marine surveyor can help you with this and advise you whether
your vessel is seaworthy . Make sure your surveyor is a member of an organisation
such as the society of marine surveyors "SAMS" or some other body that
is recognised and has membership details You must also comply with any regulations
covering the use of your vessel ie the coastguard . You must obey any law relating
to the use and ownership of your vessel . You must not use your vessel for any illegal
or unlawful activity and you must not allow others to do so either . You must not
operate your vessel whilst under the influence of alcohol or drugs.
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Is my engine covered and other mechanical and electrical items? |
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You have to show that the damage was sustained as a result of some accident and
or fortuity that befell you as a result of the operation and or management of your
vessel. Engines especially don’t last forever and sooner or later will require
attention. This is part of general maintenance. This policy will not cover you for
normal wear and tear.
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What happens if I take my vessel outside of the navigational limits? |
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You have already agreed that you will only operate your vessel within a strict area.
If you break that agreement we will not pay for any losses that you sustain. Ensure
that you properly understand where you can operate and where you may not operate
your vessel.
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Can I charge guests for taking them on a trip? |
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Only if you tell us about this and we have agreed in writing with you.
We try to cover as many eventualities as we can but if you have any queries please
do not hesitate to Contact Us