Thanks for your replies.
Scenario is that I am a member of a boat club. We are concerned as to what might transpire if we have a member whose boat sinks. Some of the members are insured third party.
My boat is insured with Craftinsure and is covered for salvage but as in Alan's example it does say in the policy that I have to maintain my boat.
I am happy that I am taking the necessary care but the concern is that it might be possible that someone has not maintained their boat sufficiently well and it takes on water and sinks. It would be good to know that third party recovery costs would be covered but from everyone's input it seems like that will not be the case.
The owner might not be able to afford to refloat it themselves and if that is the case it's probably going to be a waste of time trying to sue them. Meanwhile, we are stuck with a wreck on our moorings.
I hasten to add that this scenario hasn't played out yet but it is a concern for the club committee which is why I asked the question.