An offshore racing catamaran with twin outboards at full speed, crew in helmets

Speedboat and offshore raceboat insurance

Short answer

Speed is where many insurers step back. We write fast boats and offshore raceboats too, but we ask for the top speed.

A speedboat is not a sportsboat with a bigger engine, it is a different risk. With Cigarette, Nor-Tech, Mystic, Outerlimits, Skater, MTI, Otam or Tullio Abbate the top speeds are far beyond what a hull forgives when it lands on a wave. Center consoles with four outboards now belong here too.

That is why insurers ask for the top speed, and above a certain speed a hazard loading is common. That is not a refusal but an honest reflection of the losses this class produces: rarely collision, often hull damage from slamming and engine damage from sustained load.

Racing is a separate matter. Offshore races and scored events are not included in standard hull cover and need an express agreement, in some classes also proof of safety equipment and a racing licence. Declare it when taking out the policy, then it is in the contract instead of being examined after the loss.

Offshore speedboat leaves the wave and slams down hard; the hull takes the impact on landing.

Questions and answers

What owners of these boats ask

From what speed does the loading apply?

That varies.

Many insurers apply a hazard loading above a certain top speed; ask from which speed and how much.

The calculator asks for the top speed directly.

Is racing included?

Not automatically.

Offshore races and scored events we agree expressly,

which includes details of equipment and licence.

What applies with four outboards?

No problem; what matters is total power and top speed.

The calculator asks for both.