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Survey - Personal Accident Insurance for Sailors

In a recent survey carried out by Affinity Insurance Brokers, sampling both amateur and professional sailors, 70% of respondents stated they did not have Personal Accident insurance. The following form the results of the survey:

· 60% never had Personal Accident cover

· Features of PA cover were ranked in importance as follows (most important first):

o Emergency Medical Expenses cover (including repatriation)

o Permanent Total Disability cover

o Permanent Total Disability cover

o Accidental Death cover

· The following were ranked, in order of importance, in deciding to purchase a PA policy (most important first):

o Ability to select individual attributes

o Discount for sailing-only cover

o Cover for fixed number of sailing days

o 24 hour extended cover

· Professional sailors selected the following as expected premiums for a PA policy:

o 50%: €0-€500

o 50%: €501-€1,000

· Amateur sailors selected the following as expected premiums for a PA policy:

o 25%: €0-€150

o 50%: €151-€300

o 25%: €301-€450

· When asked how likely respondents are to purchase a PA policy if the aforementioned attributes were part of PA policy, the following answers were given:

o 10%: Very likely

o 50%: Somewhat likely

o 20%: Neutral

o 20%: No response

· When asked about existing policies, respondents stated that a “broad range of attributes” is lacking.

· 80% of respondents stated they would be comfortable purchasing a PA policy online

· The following were the preferred payment methods:

o 60%: Credit card

o 20%: Payment plan/direct debit

o 20%: No response

· Of those who stated they were not interested in PA cover, the following reasons were given:

o 66%: Cost

o 33%: I never worried about injuries from sailing accidents

There are a number of interesting points to note here. Firstly, not being worried about injuries from accidents is a cause for concern. This complacency may be compounded by the assumption premiums are high. In reality, and especially for the amateur/hobby sailor, premiums with Affinity Insurance Brokers are very competitive, for example, a 1 year policy with €100,000 of Accident Death cover and €1,000 Permanent Total Disability cover comes to €83.69*. Only sail for, say, 120 days per year, the premium comes down to €35*!

Respondents here clearly believe that premiums are higher (ref: question about expected premium levels).

For more information about Affinity Insurance Brokers' Personal Accident insurance for sailors, see AffinityInsurance.ie/PA

* Terms & Conditions Apply

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