yacht insurance singapore

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Singapore's Best Boat Insurance

Starting from $900/year. trusted by countless boat owners across the region., compare quotes from leading insurers.

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Boat Insurance protects your precious marine vessel from physical damage and 3rd-party liability. Provide offers you the easiest way to purchase Boat Insurance with comprehensive cover, affordably & quickly.

What is Boat Insurance, and what does it cover?

Boat Insurance protects your marine vessel from two major risks: i) hull damage and ii) marine liability. Physical damage to your boat is a huge risk. This type of insurance will pay for repairs and reinstatement works. When you’re out sailing, you may collide with another vessel, and cause potential damage or injuries to other seafarers. This insurance will also pay for your legal expenses if you are sued for such liability. Some wharfs will also require proof of Boat Insurance if you intend to dock there.

Boat insurance covers physical damage due to:

• Perils of the seas
• Running aground
• Contact damage with wharf
• Lightning, volcanic eruptions, earthquakes
• Theft of the boat

Boat Insurance also covers legal liabilities to third-parties for:

• Loss/damage to third party vessels due to collision
• Damage to wharfs while docking
• Removal of wreckage caused by collision
• Legal expenses (e.g. lawyer fees) incurred as a result of the liabilities above

What kinds of vessels does Boat Insurance cover?

Our Boat Insurance can cover all types of vessels. Popular types of boats that we have assisted with include:

• Catamarans/Trimarans
• Inflatable boats
• Wooden boats
• Motorboats/Speedboats
• Pleasure crafts of all sizes
• And many more

We’re able to provide customised Boat Insurance policies for almost any type of vessel. Whether you’re sailing in a small personal watercraft, or a mega yacht, our boat insurance – backed by highly-rated global insurers – will protect you.

Is Boat Insurance legally mandatory?

Yes. All boat owners in Singapore must purchase boat insurance when registering vessels with the Maritime Port Authority . The minimum coverage amount is $25,000. Of course, it’s a good idea to purchase amounts higher than this. Unless you’re piloting a very small water craft, $25,000 cover, in the vast majority of cases, will be woefully insufficient.

This mandatory insurance requirement applies to all boats that are docked in Singapore. Also, most wharfs will require you to show proof of boat insurance before you’ll be allowed to dock your vessel.

Is a survey required to purchase this type of insurance?

Usually, our boat insurance has no survey requirements. In most cases, we only need to gather some information about your boat. It’s a straightforward process.

How much coverage do I need for my water craft?

The amount of boat insurance you should carry varies widely depending on the type of vessel you own, and the value of your vessel. As a very general guideline, you should insure an amount that can replace your entire boat. This is the safest approach. If you suffer a catastrophic, total loss of your boat, you will at least have an insurance policy that can pay for a new boat.

Some boat owners will choose to carry higher amounts of boat liability insurance. This is particularly important if you are sailing in high-traffic waters (e.g. Singapore waters), if you own a high-speed vessel, or you own a large boat.

What are some examples of Boat Insurance claims?

#1. Multi-million dollar yacht sinks off Malaysia coast

#2. Dominica-flagged vessel sinks in Singapore waters

#3. Two ships collide in Singapore waters, 7 dead, 3 missing, 2 injured

#4. More piracy cases in Singapore strait this year than whole of 2019

#5. Four people held on hijacked yacht killed by pirates

#6. 15 people injured after fire rages on yacht in Sentosa Cove

In 2018, a yacht caught fire while docked at Sentosa Cove. Many people were injured, with one person suffering serious injuries. A baby was amongst those hurt in the blaze. The fire also ended up damaging other people’s boats that were docked nearby.

In this case, the yacht owner would have to deal with two sets of large costs. The first would be to repair their own yacht from the fire damage. Debris from the fire would have to be cleared, equipment would have to be replaced, new furniture would have to be ordered, and other expensive repair works would have to be carried out.

The second set of costs would be legal claims from the owners of the surrounding boats that were damaged. Since boats are expensive pieces of equipment, these legal claims could have been potentially substantial. Damaging someone’s yacht – particularly if it were a big boat – could easily cost one a few million in property damage claims.

How can I file a claim on Boat Insurance?

Simply notify your insurance broker that you wish to file a claim. If you suffered an accident, it’s helpful to take photos/videos of the damage as proof. The insurance company will guide you through the process from there.

What other insurance do I need as a boat owner?

You should have Work Injury Compensation Insurance for all yacht crew. This is legally required for yacht staff. Provide is one of Singapore’s leading providers of Work Injury Compensation Insurance.

For all foreigners on your staff who are Work Permit holders, you must also purchase Foreign Worker Medical Insurance . This insurance must have a minimum cover amount of $15,000.

Given the risk of piracy and hijacking, you should also strongly consider Kidnap and Ransom Insurance. This type of insurance will pay for ransoms if you are held hostage. Kidnap and Ransom Insurance can cover you, your family, and your crew.

How much does Boat Insurance cost?

Premiums for boat insurance vary widely. There are many underwriting factors for boat insurance: boat age, captain/owner sailing experience, boat make, location of mooring, and more. It’s best to speak with an experienced insurance broker like us for a personalised quote.

Provide is the best place to get your Boat Insurance. We help you save up to 25%, and can get you coverage in a quick and hassle-free manner.

Get Boat Insurance in Singapore from just $900/year. Speak with us today!

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Navigating with confidence: your guide to yacht insurance.

Embark on your maritime journeys with confidence with AGY Asia Global Yachting’s Yacht Insurance services. Based in Asia, our tailored insurance solutions are designed to provide comprehensive coverage, ensuring peace of mind for yacht owners in the region..

What is “Yacht Insurance”?

Yacht Insurance protects your vessel from unforeseen damages and liabilities. AGY Asia Global Yachting offers customised insurance policies that cover a range of risks, providing security and financial protection for yacht owners in Asia.

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Asia Global Yachting: Your Trusted Yacht Insurance Ally

Choose AGY Asia Global Yachting for reliable and comprehensive yacht insurance. Our expertise in maritime insurance policies ensures you receive the best coverage options, tailored to your specific needs and sailing adventures in Asia.

UNIQUE APPROACH

Agy’s custom approach to yacht insurance.

Our approach to yacht insurance is as unique as your vessel. AGY Asia Global Yachting offers personalised insurance solutions, ensuring your yacht receives the protection it deserves. We understand the intricacies of the Asian maritime environment, providing coverage that’s as expansive as your voyages.

Asia Global Yachting: Safeguarding Your Voyages in Asian Waters

AGY Asia Global Yachting is recognised as the leading provider of yacht insurance in Asia. Our in-depth local knowledge and tailored insurance plans make us the preferred choice for yacht owners seeking comprehensive protection in Asian waters.

Beyond Insurance: AGY’s Array of Yachting Services

AGY Asia Global Yachting goes beyond insurance, offering a suite of yachting services including yacht registration, crew management, and bespoke yachting experiences. Discover how we can enhance every aspect of your yachting lifestyle.

ADDITIONAL INFORMATION

Frequently asked questions.

Please find below commonly asked questions from our clients.

A: Yacht insurance typically covers risks like damage to the vessel, liability for injury or property damage, theft, and sometimes even special circumstances like weather-related incidents.

A: Yes, AGY specialises in customising yacht insurance policies to meet the specific needs and concerns of each yacht owner.

A: Local knowledge is vital as it ensures that your insurance coverage is aligned with regional maritime laws and specific risks associated with sailing in Asian waters.

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Pleasure Craft Insurance

Protect your valuable asset now supported by pacific prime singapore, about the yacht insurance / pleasure craft insurance.

Save the hassle of seeking multiple yacht insurance companies for the best deal! After submission of the form below, we will gather the best quotes and get back to you within 5 business days.

The Maritime Port Authority of Singapore requires all yacht owners to have an insurance policy before they can issue a pleasure craft license. You may click here for more information on their website.

This yacht insurance offers you coverage as a craft owner and as an operator of your craft (eg yacht/cabin cruiser/jet ski/speed boat/sail boat/catamaran) for own leisure and private usage. The insurance coverage also includes physical loss of and/or damage to your craft and/or your legal liability to their parties.

The yacht insurance does not cover wear and tear. You may be interested in our Transhield Marine Covers for that.

All insurance quotes are supported by Pacific Prime Singapore.

Benefits at a Glance

Physical loss/damage.

Covers loss of or damage to your insured craft caused by:

• Perils of the seas
• Contact damage with dock or harbor equipment or installation, land conveyance, aircraft or similar object or objects falling therefrom
• Earthquake, volcanic eruption or lightning
• Accidents in loading, discharging or moving of stores, gear, equipment, machinery or fuel*
• Explosions*
• Malicious acts*
• Theft of entire insured craft or her tender boats*

*provided it is not resulting from want of due diligence by the insured owner

Legal liabilities to third parties

Covers your legal liabilities as owner whilst operating your insured craft resulting in:

• Loss of or damage to third party vessel or property as a result of collision
• Damage to dock or harbor equipment or installation as a result of contact by your craft
• Loss of life or injury to third party or illness, including payments made for life salvage, caused on or near the vessel or any other vessel
• Removal or wreck costs
• Legal costs incurred subject to our prior consent/approval

To register your interest, please fill in as much details as possible in the form below and our consultant will get back to you:

Particulars of owner / insured.

• Reference ID
• Name of registered owner First Last
• NRIC/Passport no./Company registration no.
• Date of Birth MM slash DD slash YYYY
• Nationality
• Business/Occupation
• Address Street Address Address Line 2 City State / Province / Region ZIP / Postal Code Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire, Sint Eustatius and Saba Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos Islands Colombia Comoros Congo Congo, Democratic Republic of the Cook Islands Costa Rica Croatia Cuba Curaçao Cyprus Czechia Côte d'Ivoire Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, Democratic People's Republic of Korea, Republic of Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macao Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Palestine, State of Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Romania Russian Federation Rwanda Réunion Saint Barthélemy Saint Helena, Ascension and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Sweden Switzerland Syria Arab Republic Taiwan Tajikistan Tanzania, the United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkmenistan Turks and Caicos Islands Tuvalu Türkiye US Minor Outlying Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela Viet Nam Virgin Islands, British Virgin Islands, U.S. Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands Country
• No. of years of boating experience
• Powered pleasure craft driving license obtained on MM slash DD slash YYYY (or other relevant license)
• Name of skipper (if different from registered owner) First Last
• Relationship to registered owner
• Please provide details

PARTICULARS OF THE VESSEL TO BE INSURED

• Name of vessel
• Vessel's license expiry date MM slash DD slash YYYY
• Country of registration
• Registration no.
• Vessel type, model and brand Yacht/Cabin Cruiser/Jet Ski/Speed Boat/Sail Boat/Catamaran/Inflatable Boat/Others
• Material of hull
• Place of manufacture
• Date of manufacture MM slash DD slash YYYY
• Gross tonnage
• Passenger capacity
• Date of purchase MM slash DD slash YYYY
• Purchase price
• Engine make/Model/Serial no.
• Number of engine(s)
• Engine power (KW)
• Inboard/Outboard/Others
• Maximum designed speed (knots)
• Mooring type Marina berth/Pontoon/Alongside/Forte & Aft/Swinging mooring/Ashore in Compound/Trailer/Cradle/Tender to parent craft/Dry stack
• Mooring Place
• Vessel’s cruising/navigation area (eg countries, waters and islands)
• Name of current insurance provider (if any)
• Please upload your current insurance plan in pdf format Accepted file types: pdf, Max. file size: 10 MB.
• Email This field is for validation purposes and should be left unchanged.

Don’t hesitate to contact our friendly consultants for any questions you might have.

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TYC Pte Ltd 138 Robinson Road #03-42 Oxley Tower Singapore 068906

Business/GST Registration 202123630D

The Yacht Club Singapore is a brand of TYC Pte Ltd. All Rights Reserved. Yacht charters are subject to the terms and conditions of the respective yachts we represent.

ⓒ TYC Pte Ltd, 2015-2023

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At AWG Insurance Brokers, we know that close and effective relationships matter and we are committed to a long-term relationship as your trusted insurance broker.

Pleasure Craft Insurance

$ 100.00

Whilst enjoying the fun of having a pleasure craft, you may not want to forget the potential loss and liability from any accident whilst in the open sea.

The pleasure craft insurance provides cover for not only the cost of the Hull, but also potential liability to property and the passengers.

In Singapore, it is compulsory to provide a liability insurance when registering your vessel with the Maritime Port Authority.

Features The policy provides various of sections of benefits for the pleasure craft and its accessory equipments, and also several classes of marine liability

The territorial limit subject to the surrounding water in view of the experience of the crews and capability of the vessel. Enhance Your Coverage Depending on the complexity and territory which you operate, it is important to have sufficeint liability coverage for Third Party and Environmental Liability.

Your boat may have an accompanying jet ski, or special equipments which you may want to specifically highlight and insure. The accompanying crews are not Third Party to the vessel and it is important to have a Work Injury or Employer Liability policy to cover them.

Additional Personal Accident Insurance can be arranged for the Passengers and the crews. Your vessel may be towed to the sea and you would need to extend the policy to cover land transit risk. Download Brochure Download AWG Marine Insurance Brochure Find a Broker For more information on Pleasure Craft Insurance, please contact us at: Email : [email protected]

• How to Apply
• Description

Product Description

Whilst enjoying the fun of having a pleasure craft, you may not want to forget the potential loss and liability from any accident whilst in the open sea. The pleasure craft insurance provides cover for not only the cost of the Hull, but also potential liability to property and the passengers. In Singapore, it is compulsory to provide a liability insurance when registering your vessel with the Maritime Port Authority.

Related products

Marine Cargo

Freight Forwarder Liability

Dear Valuable Clients and Partners, 

Following the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) on 3rd April 2020, we would like to announce the following changes to our work so as to continue our service to our customers. 

AWG Insurance Brokers is a key member of the financial service industry and we are exempted from the suspension. We will continue to provide services to our customers, but with the following measures and changes. 

Closure of Office to walk-in Customers.  We will no longer allow walk-in submission of documents. The office will not be opened to the public and you will need to submit any Original Documents to our Letter Box placed at our office. If Original is not required, we will encourage sending via email. This is to reduce human contacts and reducing the risk of infection. 

Working from home Our staff and management will be taking turns to work at home. We will have a reduced workforce during this period. Many insurance companies also have their staff working from home. You may still contact your servicer at the DID in their email. 

Premium Payment

We will not be able to receive cash payment from customer and all payment is to be made via Paynow with UEN No : 199002234G, QR Code (reflected on our debit note) and Cheques. Please indicate the policy/policies number that you pay and email to [email protected] for any funds transfer 

MAS has also announced recently on the availability of premium installment. We have not gotten any update from insurers as of today and will update you soonest once we have any information.  

Claims  Claim function is probably the most important part of our existence. We continue to assist and advise you on any claims matter. For claims payment, we would advise that you opt for direct fund transfer to your designated account number if the option is available. 

We apologize if there is any inconvenience caused and wish you good health amidst this difficult time. 

Choosing Your Boat Insurance /

Yacht Insurance

Marine hull and machinery insurance specialist

Our founder, Captain (NS) Andrew Ang was a Navy Captain and a certified diver with the Naval Diver unit of RSN.

Who has the best boat insurance in singapore.

That depends on what do you really want at the end of the day and it’s usually depend on the values the policy offered or the premium you’re prepared to pay. At Raffles Provident LLP, we will help you identify your real needs, source for better coverage/quotes and help you make a good informed decision.

How much is boat insurance?

It could cost a few hundred dollars for a $25,000 sum insured third party liability coverage which is a requirement by the regulator, MPA (Maritime and Port Authority of Singapore). For comprehensive coverage, different factors might affect the premium: from less than 1%, to as much as a few percent of the total market value of your vessel.

What does boat insurance cover?

Pleasure craft insurance policies basically cover for physical damages and liabilities that your boat experiences. Physical damages can be the accidental loss and damage to your boat, while liabilities refer to your legal obligations to the third parties involved. Typically, there are two common types of pleasure craft insurance.

Third-party coverage covers the financial cost of any damage you might have accidentally caused to other individuals, boats or even property.

On the other hand, Comprehensive coverage covers both third party liability and first party losses. This means that it also protects your personal financial loss in the event of an accident. 

As with all other kinds of insurance, by purchasing the right pleasure craft insurance, you can rest assured that you are financially secured in the event of an accident.

Do I need boat insurance?

It’s a requirement by the regulator, MPA (Maritime and Port Authority of Singapore) to get your boat covered by a minimum $25,000 sum insured third party liability insurance coverage. If you have hired a crew from foreign land to operate your boat, you are also required by MOM (Ministry of Manpower) to purchase work injury compensation insurance, as well as foreign workers medical insurance.

Tips on Choosing Your Boat Insurance

Some boat owners purchase insurance because it is a compulsory requirement by the Maritime and Port Authority of Singapore (MPA). One thing that really impresses me is that most boat owners realise the importance of transferring all their financial risk to the insurer and will choose to purchase a comprehensive boat insurance for their boats.

As a professional boat insurance agent, I would encourage all my clients to consider buying a comprehensive boat insurance based on the agreed fair market value of the boat, rather than on a lower value. Reason being, as a boat owner, damages covered by your insurer will be compensated to as high as your insured value. For example, if the boat sinks and is beyond economical repair, you may seek insurance claim for the cost of replacing your boat up to the insured value. It might also include expensive charges like removing the wreck of a sunken boat from the sea bed, if required by the MPA or other government authorities.

Other important factors to look at are the financial strength, core product and the support of your insurer. You may check out their financial strength ratings by agencies like Standard & Poor’s, Moody’s and Fitch. There are about 38 general insurers in Singapore offering highly competitive insurance products. It is important you seek out the strength, not just the insurance premium. Also consider who is your insurance adviser and the company behind the adviser. Investing in a boat is a long term commitment to many, and it is wise to work with a long term partner who can help you to protect your boat with the right insurance coverage.

There are always two sides to every coin. Knowing the benefits of your insurance policy is only the first step. You should either try to read the insurance contract or seek professional advice from the adviser about the following clauses in the boat insurance contract, namely:

• Liabilities to third parties
• Excess and deductible
• Salvage charges
• Duty of Assured
• Unrepaired damage
• Constructive total loss
• Speedboat clause
• Cancellation and return of premium,
• Other exclusions

Like buying the insurance for your car, premium for boat insurance are affected by several factors. The underwriters of the insurance companies will base on the following factors to work out a reasonable premium for boat owner – insured value, length of boat; age, type of boat (i.e. powered or sail), type of engine(s), mooring location, intended area of navigation, previous boating experience, claim history of the owner and deductible amount. Sometimes the underwriter will also consider the automobile driving record of the owner(s), and whether they have taken any safe boating courses.

To sum up, it is important to get the right insurance for your dream boat. Buy it with reasonable amount of understanding. Buy it through a trusted insurance adviser to ensure your dream stays “well protected”.

Captain (NAVY, NS) Andrew ANG(AEPP, AFC, AIFP, B. (1st Class Hons) E. Eng, Cert SCI (GI, LI, HI), CLU, ChFC, FChFP, MFSP, NLP Trainer & Consultant, JobEQ consultant)

Raffles Provident LLP

Hp: 8448.7168; Office: 3112 1488 ; Fax: 3145 7168

* this article was published on BOAT Asia 2013 magazine

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EQ Pleasure Craft

Cruise with zing & joy..

• Key Benefits

We cover the loss of or damage to any other vessel or property.

We cover legal liabilities to third parties and bodily injury caused by the use of your boat.

2 Plans Available

Choose between Comprehensive or a basic Third Party Liabilities cover.

Downloads & Forms

• EQ Pleasure Craft Brochure
• EQ Pleasure Craft Proposal Form
• Clause 11 of Institute Yacht Clauses (1/11/85) wordings (for Legal liabilities to Third Parties cover)
• Institute Yacht Clauses (1/11/85) wordings (for Comprehensive cover)

Need Assistance?

• Call or visit us For enquiries, please call us at 6223 9433 or visit us at 77 Robinson Road #12-01 Robinson 77 Singapore 068896.
• Send us a message Email us or use our online Feedback form .

Frequently Asked Questions

What is pleasure craft insurance.

It offers you protection against physical loss / damage to your pleasure craft and / or liability to third parties.

What are the types of coverage available?

Either a Comprehensive cover, which is inclusive of Third Party Liabilities cover OR a pure basic Third Party Liabilities cover as required by the Maritime Port Authority.

What does Comprehensive coverage typically consist?

Physical loss / damage to your craft caused by :

• Perils of the seas

• Fire

• Jettison

• Piracy

• Contact damage

• Earthquake, volcanic eruption or lightning

And Third Party Legal Liabilities Legal Liabilities to Third Parties covers namely :

Your legal liabilities as owner whilst operating your insured craft resulting in:

• Removal or wreck costs

• Loss of or damage to third party vessel or property as a result of collision.

• Damage to dock or harbor equipment or installation as a result of contact by your craft

• Loss of life, personal injury or illness, including payments made for life salvage caused on or near the Vessel or any other vessel.

• NEED ASSISTANCE? Motor Accident

Please provide your details to download the above. By downloading, you are also agreeing to the Terms & Conditions as per our Data Privacy Policy .

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• EQI Motor Accident Hotline: 6311 3211
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Marine Insurance

Specialist cover designed for you.

QBE is a specialist Marine insurer with more than 130 years in the global market.

In the dynamic world of shipping trades, there are unimaginable risks lurking around that may disrupt your business. For over a century, clients have entrusted us and have relied on our expertise and accumulated wealth of experience to help identify and manage these uncertainties through product leadership and product innovation.

At QBE, we have the most comprehensive list of marine insurance coverage available and these are broadly classified into the following classes (with its various sub-classes):

Marine Cargo

• Marine Project Cargo and Delay in Start up (DSU)

Marine Hull

• Shipbuilder’s risk
• Pleasure Craft
• Fixed Premium Protection & Indemnity

Marine Liability

QBE offers the combination of international capability and capacity that comes from being part of a significant worldwide insurance group. We are committed to providing clients with comprehensive, viable and affordable solutions to help them achieve peace of mind.

Ship your goods anywhere throughout the world and enjoy peace of mind. With cargo insurance from QBE, your goods are covered from the time they leave your premises until your customer receives the goods at their premises. Should anything happen to your goods, we have our offices and agents worldwide to help look after your interests.

Single Voyage Marine Cargo

This policy insures cargo for a voyage that could be between two or more places. It provides cover from the time the cargo leaves the supplier’s warehouse until it is delivered to the final consignee’s warehouse, unless this is altered by virtue of the terms of sale.

Marine Cargo Open Cover

This policy covers all shipments that a client may have on terms and conditions that are pre-agreed with the insurer. It gives the insured the peace of mind that all their shipments that fall within the cover are insured subject to declaration of such shipments being made in a manner as agreed with insurer. Click here for Proposal Form .

Project Cargo and Delay Start Up Cover

This insurance provides cover for shipments of large equipment that are moved for specific projects such as power plants or the setting up of industrial complexes. There could be concerns that a delay in the delivery of the cargo due to a problem during the voyage could result in financial loss. This may include expenses having to be incurred on site during the period that the lost or damaged portion of the cargo is being either replaced or repaired. This policy provides cover for such delay in the start up of the project following the incident.

Towing Risks

Cargoes may have to be delivered to ports and/or places which can only be accessed by vessels that have a shallow draft. For example, many timber concessions and coal mines are located in remote areas that can only be reached via rivers and necessary machinery and equipment must be brought in on a barge that is towed by a tug. This policy provides cover for cargo delivered by this mode of transportation.

Goods-In-Transit

This policy insures goods that are moved on road conveyances such as trucks, vans or low loaders. Such transits can be within Singapore and/or between Singapore and West Malaysia.

Comprehensive Exporters and Products Liability

For SMEs exporting manufactured goods overseas, we can provide a Products Liability cover to complement the marine cargo policy.

In the business environment, service providers in areas such as transportation, freight forwarding, stevedoring, ship repairs, and other professions in the marine industry who provide advice to their customers, or organisations that operate terminals, face a multitude of responsibilities and liabilities.

Transport Operators Liability

For those in the business of transporting cargo, QBE can help you manage your transport liabilities through our Transport Operators Liability cover. Click here for Proposal Form.

Stevedores Liability

Insurance for the stevedores provides coverage to many of the exposures encountered, including liabilities for loss or damage to vessels, their cargoes and damage to wharves, piers and docks while loading onto and unloading from a vessel. Click here for Proposal Form .

Shiprepairers Liability

Shiprepairers Liability Insurance provides cover to shiprepairers for their legal liabilities to vessels under their case, as well as for third party property damage and for death or injury.

Marine Professional Indemnity Insurance

Designed for marine professionals such as marine surveyors and ship agents, this cover helps protect your business against claims for loss or damage by a client or a third party if you have made mistakes. Or if you are found to have been negligent in some or all of the services that you have provided for clients. Click here for Brochure  and Proposal Form .

Marine Terminal Operators Package

Marine terminal operators are also potentially exposed to a wide variety of legal liabilities, including liability for damage to vessels, cargoes or property belonging to customers as well as third-party property damage and liability for death or bodily injury to third parties.

The Marine Terminal Operators Package provides cover for these liabilities enabling you to manage these risks to your marine terminal operations.

Click here for Proposal Form

Marina Operators Liability

Insurance for the marina operators providing cover for legal liabilities incurred for damage to pleasure crafts or vessels in the operator’s care, custody and control and for third-party property damage, death or injury to third parties. Click here for Proposal Form .

Commercial vessels are subject to a range of damages and liability risks that can amount to significant financial loss. QBE is dedicated to help manage your exposures by providing Hull & Machinery Insurance for shipowners and operators based on their individual needs.

Hull and Machinery

Insurance for shipowners and operators providing coverage for physical loss or damage to the hull and machinery of the ship.

Increased Value/Disbursement

This cover provides additional insurance, usually limited to 25% of the Hull value, in the event of the vessel becoming a total loss. The policy provides insurance against the loss of revenue and increased costs arising out of an incident that is covered under the Hull & Machinery Insurance.

Insurance for physical loss or damage to the vessel arising from war and strikes perils.

Mortgagees Interest

Insurance for the mortgagees (banks or financial institutions) for outstanding monies due to them in the event of non-payment of claim under a Hull & Machinery and/or Increased Value policy following a breach of warranty by the operators of the vessel.

Innocent Owners Interests

Insurance for the innocent owners whilst their vessel is on a bareboat charter. The shipowner is exposed if Hull & Machinery and/or Increased Value covers do not respond, due to the arrangements becoming void following an act by the disponent owner or bareboat charterer.

Builders' Risks

This type of insurance covers a vessel while it is under construction. During that period, it is exposed to risks such as fire, tidal wave or failure in launch. It is also exposed to collision and sinking on a trial trip. The builders’ risk insurance effected by shipyards provides cover against all such risks. Click here for Proposal Form .

Commercial Third Party Liability

This cover provides insurance against certain liabilities to third parties that may be incurred by the shipowner or operator of the vessel such as damage to third-party property or bodily injury to third parties arising from incidents such as a collision with other vessels or removal of wreck.

Pleasure Craft Insurance

For recreational sailors, the sea promises freedom and adventure but the lurking perils at sea can potentially place you or your yacht at risk. Enjoy the freedom of your leisure activity and leave the risks of dealing with unexpected problems and accidents to QBE.

Pleasure Craft Insurance can help protect you against the physical loss or damage to your craft including any liabilities to third-party property and injury to third parties, arising out of the use of your pleasure craft.

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British Marine P&I (Asia)

The British Marine office in Singapore, along with our colleagues in London, specialise in the underwriting of P&I insurance for owners of small to medium-sized merchant ships specialist craft, and fishing vessels operating in the region. In being served by an independent A+ S&P rated Insurance company, clients can feel secure in the knowledge that the premium they pay will not be subject to unbudgeted additional premium charges and that claims and underwriting are driven by the provider and not by reinsurers.

We offer fixed cost insurance backed by Standard & Poor's ‘A+’ rated security, whilst maintaining the tradition of mutual insurance in providing a high level of service to all our clients.

For more information, you can also visit the British Marine website  www.britishmarine.com or contact us: [email protected]  

British Marine 2023 Charterers P&I Terms & Conditions

British Marine 2023 Owners P&I Terms & Conditions

Important Notice: The above only serves as a general description of our products and services. For full product details and coverage, please check with your local insurance broker or a QBE authorised agent.

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Marine Insurance Services

Singapore offers a wide and comprehensive range of marine insurance services, with a number of marine insurers and Protection and Indemnity (P&I) Clubs operating here.

The increase in Asian trade in recent years has led to a corresponding rise in demand from ship and cargo owners for marine insurance.

To tap this growing market, an increasing number of marine insurers are setting up their Asian offices in Singapore, attracted to its stable political and pro-business environment.

Today, there are over 30 marine insurance players here offering both direct and reinsurance cover to all sectors of the maritime industry. In addition to Lloyd’s syndicates and the International Group P&I Clubs, which offer marine hull & liability insurance, there are also some 60 licensed insurance brokers, including marine specialists in Singapore. Lloyd's Asia, which oversees the Lloyd’s syndicates, has had an office in Singapore since 1999.

Please refer to the brochure here . 

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Our history in providing marine insurance around the world makes us experts in customisable transportation risk solutions for a variety of ocean and inland marine risks. So whether you’re a shipper or freight forwarder, we can tailor a plan just for your business.

Chubb’s Marine Logistics Pillar was awarded the ‘Underwriting Initiative of the Year’ in the InsuranceAsia News Awards for Excellence 2021.

Cargo insurance.

Insurance protection for cargo locally and globally.

Logistics Insurance

Tailored solutions for logistics companies.

Marine Hull & Specialty Insurance

Customisable specialist marine hull and associated products to tackle industry risk exposures.

Fine Art & Valuable Goods (Specie) Insurance

More than 60 years’ experience of fine art and valuable goods experience with local expertise and worldwide resources.

Project Cargo Insurance

Specialist in Cargo and Risk Management protection for Construction Projects.

SME Package Policy (Select+)

A package policy for Small and Medium Enterprises (SMEs) offering wide standard cover with optional add-ons

A Few Minutes is All it Takes

Seamless policy issurance - that's the foundation of Chubb's CargoAdvantage. Less friction in goods movements makes for greater convenience and efficiency for transport operators.

Have a question or need more information?

Contact us to find out how we can help you get covered against potential risks

How Much Does It Cost To Own a Boat or a Yacht in Singapore?

Cruising the seas on a yacht is the ultimate in luxury, as those folks with their very own super yachts berthed at Sentosa Cove’s marina would know.

Owning a boat is obviously not cheap the way a shopping spree at Daiso would be, but it does not have to cost millions either.

How much is a boat in Singapore?

Boats come in all shapes and sizes, and the prices can vary wildly. As with cars, a second hand boat costs significantly less than a brand new one.

Generally, prices cost from about $50,000 onwards for a second hand boat. On the other end of the scale, some of the biggest, fanciest yachts with spacious onboard living space can cost over a million bucks.

How much does it cost to berth your boat per month?

Wet berthing costs are generally in the $480 to $1,500 per month range, depending on location and the size of your boat. If you are getting a club membership in order to berth your boat, you might also receive other perks like use of the club’s gym.

Here are the available Marinas in Singapore:

• Marina @ Keppel Bay
• Marina Country Club
• One Degree 15
• Raffles Marina
• Republic of Singapore Yacht Club
• SAF Yacht Club Changi
• SAF Yacht Club Sembawang
• Changi Sailing Club

How to buy a boat in Singapore?

The easiest way is to approach a boat dealer. Dealers usually have a mixture of brand new and second hand boats for sale.

If you are not paying the full cost in cash, some boat dealers will offer their own loans if you are buying one of their boats. Alternatively, you can seek financing by taking out a personal loan .

Maintenance and repairs per month

Your maintenance costs will obviously depend on how frequently and intensively you use your boat. If you use your boat every weekend, you should budget at least $500 to $1,500 per month. This cost includes the cost of fuel and any repairs or replacements that must be made.

Other than mechanical checkups and maintenance, you should also take into account costs such as marina memberships fees, cleaning services and the price of getting your boating license if you do not already have one.

Insurance for a boat

Your boat insurance premiums will depend on factors such as boat model and size, as well as what your boat is being insured for. Most insurers will offer hull coverage, which protects the hull as well as the items attached to or kept and used on the boat, such as marine electronics.

Other features that might or might not be included are cleanup coverage in case of fuel spills, and removal of wrecks. You should also check the limits of the territory in which your boat is insured.

Be prepared to pay at least $1,200 a year for the most basic insurance plans.

How to get a boat licence in the first place?

In order to pilot a boat, you will need a Powered Pleasure Craft Driving Licence.

There are several organisations conducting courses (usually 2 or 3 days long) that will prepare you for the test, namely the following:

• SAF Yacht Club
• ONE15 Marina Club
• Singapore Police Force Aquatic Club
• Singapore Polytechnic
• Singapore Powerboat Association
• Water Venture Changi

To get your licence you will have to pass both a theory and practical test.

Set aside about $350 for the course fees, as well as about $190 for the tests and licence fee, assuming you pass on your first try.

Is a boat or yacht a liability or an investment in Singapore?

Like a car, a boat is a depreciating asset. You will be paying significant costs in order to operate and maintain it, and you are unlikely to be able to sell it at a much higher price than you got it for, unless you are undertaking major restoration or renovation works.

That being said, it is still possible to monetise your boat or yacht by renting it out. For instance, there is quite a bit of demand for weekend yacht parties in Singapore. This does take extra work though, as many yacht rental businesses provide not only a crew but also perks like champagne buckets.

Total cost of owning a boat for a year (minimum)

Thinking of buying a boat in Singapore? Share your questions in the comments!

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Managing risks terminal to port

Start your journey with us today, start your journey today..

 With growing complexity and increased underwriter scrutiny across a range of marine risk classes, Gallagher can assist with structuring a comprehensive solution that benefits from our deep expertise in this sector and access to exclusive markets through our network of international partners.

Marine insurance coverage highlights:

• Marine liability insurance and cargo risk management solutions covering commercial hull, port, and cargo terminals and logistics, including supply chain risk transfer, logistics liability, equipment and machinery, and property liability
• Specialist solutions for distributors, warehouse operators, logistics and transportation networks, and commercial container operations
• Marine and cargo claims advice - support from lodgment through to resolution
• Exclusive access to international markets, and the ability to structure complex insurance programs

Comprehensive coverage with global expertise

Gallagher offers global commercial marine and cargo insurance expertise with access to specialist advice covering the key global markets. We develop bespoke solutions specific to Singapore and the Asia Pacific (APAC) region, as well as international programs for complex marine and logistics operations.  

Our marine liability coverage includes a range of risks:

• Marine and cargo liability insurance, including the storage and handling or hazardous goods
• Workers’ compensation insurance
• Employers liability Insurance
• Cargo liability insurance
• Import/export restrictions, including changes to quarantine and biosecurity regulations
• Trade credit insurance
• Impact of delays: demurrage, project delay, accumulation charges beyond agreed limits

COVID-19’s impact on the marine industry

In the wake of the COVID-19 pandemic and reduced cargo throughput into many international ports, the flow on impact to sea freight and other marine logistics operators has been significant. 

Given the challenge this creates to the flow of imports, exports and distribution of goods in key Asian markets, and increased storage times at ports and terminals, we strongly recommend the ongoing review of insurance and risk programs to ensure they remain fit for purpose.

Our marine and cargo risk management experts are well placed to advise on structuring your insurance program and managing strategic marine, cargo & logistics placements.

Marine Insurance Summary

• Commercial liability insurance coverage, including marine, cargo, and logistics
• Specialist marine claims advice and technical support
• Exclusive access to international markets

Benjamin Fong

Director, marine, related resources.

Helping large, complex organisations better understand their risk profile and the potential liabilities.

Meet our specialist team located in Singapore for your insurance, risk management and benefits needs.

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