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Waiting period, in the boat insurance glossary

Boat insurance term, area: Contract

A waiting period is a stretch of time after the policy starts during which certain benefits do not yet apply. If the insured event falls within it, there is no cover for that event, even though the premium has been paid. It is most common in legal expenses insurance, where it stops people taking out a policy once a dispute is already on the horizon. Example: the marina gives notice on your berth six weeks after inception; if berth disputes carry a three-month waiting period, the legal costs are yours. Insurers often waive it when you switch from equivalent cover without a gap.

What to check: Which sections of your policy carry a waiting period, and how long is it? Is it waived if you held equivalent cover elsewhere and the new policy follows on without a gap?

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