What marinas and lenders require

What a marina asks for

Generally liability cover at a stated minimum limit, evidence that it is in force, and frequently that the marina is named on the policy in some way.

The slip agreement usually also allocates responsibility for damage — to the berth, to neighbouring vessels, and sometimes for the vessel while yard staff are moving it. That allocation is a contract term, and it can be broader than what the policy responds to.

Read the agreement and the policy together. Where the agreement makes you responsible for something the policy excludes, that gap is yours, and it is easier to raise before signing than after.

What a lender asks for

A lender's interest is the vessel itself, so the requirements sit on the physical damage side: cover in force, a sum insured that at least matches the loan, and the lender recorded on the policy as loss payee.

Lenders commonly require a survey as well, and frequently specify how a total loss must settle. Where a lender requires agreed value, that is a policy setting rather than a document, and it needs arranging when the policy is written.

They also generally require notice if the policy lapses or changes, which is why an insurer will usually tell them directly.

Loss payee and additional insured are not the same

These two get used interchangeably and they do different jobs.

• A loss payee is paid from a physical damage settlement, to the extent of its interest — the lender's position
• An additional insured is extended the benefit of your liability cover for claims arising from your use — the marina's position
• A certificate holder is simply someone who receives evidence of the policy, and gets no rights under it at all
• Asking for the wrong one produces a document that gets rejected, usually without an explanation of why
• Adding either is a change to the policy, not a change to the certificate

Getting the paperwork right first time

Send the request rather than describing it. The wording a marina or lender wants is generally written down in the agreement, and passing that text to your insurer removes the guesswork.

Check the vessel details on the certificate against the agreement — the name, the hull identification number, and where the boat is recorded as kept. A mismatch on any of these is the usual reason a document comes back.

Then check the dates. Cover that starts the day the boat goes in the water is a common near miss, because a marina generally wants evidence before it will let the boat in at all.