Boat Insurance: Can I buy a policy even if I am not the boat owner?
Normally, to insure any object, be it a house, a car or a boat, you must have an ‘insurable interest’ in that object. This essentially means that in the event of its loss or damage, you are likely to suffer some form of financial loss (e.g. the cost of repairing it or even replacing it).
Ownership of the boat is normally a clear indication of having an insurable interest in it, but such interest can also arise in other ways. For example, if you hire a boat long term, and under the terms of the hire contract you are responsible for its upkeep, including making good any damage sustained, then you may well have an insurable interest in the boat. In that instance you would be able to arrange a boat insurance policy, even if you are not the owner.