Cancellation of Insurance
Cooling off period
If you change your mind about an insurance or subsequent renewal of insurance you should ask us or your insurance agent to cancel within the first 14 days from the date that cover began, or within 14 days of the renewal date. We will cancel the cover from the start date as if it has never been in place and refund any premium paid in full.
Cancellation at any other time
Should the vessel be sold or ownership transferred you must notify us or your insurance agent without delay.
We will calculate any return of premium from the date of the formal Bill of Sale or the date we receive notification from you or our insurance agent.
In respect of a jointly owned vessel, confirmation of the sale or transfer of ownership will be required from all parties.
Return of premium
You will be entitled to a pro rata daily return of premium calculated on the annual premium charged after deduction of any no claims bonus entitlement. We will refund the unused proportion of the premium and insurance tax but we will retain a cancellation fee.
You or we may cancel the policy at any other time subject to us both having to give each other 30 days' notice or by mutual agreement. Any return of premium will be calculated as if the vessel had been sold and subject to a cancellation fee.
Your insurance agent may also charge a fee for their services.
Cooling off period: We will refund the premium you paid in full.
Sale of vessel: We will refund the unused proportion of the premium and insurance tax but we will retain a cancellation fee of £25.
Cancellation at any other time: Any return of premium will be calculated as if the vessel has been sold and subject to a cancellation fee of £25.