Insuring Your Boat – Key Considerations

Written by Amine

Sailing in the far blue, has the favorable effect of removing the strains of your life and taking care of the wind that blows. However, before you travel on your attractive boat, take five and think about the merits of these questions. Do you have marine or boat insurance in place? Even when the answer to that is “Yes” at that point are you confident that your insurance essentials are being met?

Marine insurance groups trades according to type of dimensions. “Boats” they are described as measuring anywhere between 16 feet and 25 feet 11 inches in length. Below that size then you are cataloged as a small boat ie dinghies, personal watercraft and others. If your boat is 26 feet or more, then you probably need expert insurance. Right now let’s check out some of the ins and outs as applied to regular boat insurance policies.

Physical damage insurance coverage

The insurance company reimburses you for the replacement or reconditioning of your boat, resulting from the following conditions: boating accident, vandalism, fire, theft, lightning, hurricanes or tornadoes. Included in this policy are the watercraft itself, its power train or outboard motor and your trailer. The following items are usually excluded from dinghy insurance coverage, as they are not considered part of your boat’s operations: clothing, video or camera equipment, precious jewelry or fashion adornments, cell phones , drinks and food items, diving equipment and portable electronics such as TV set, hi-fi equipment or laptops. You may find that they are included in your normal home insurance coverage or you may request separate insurance coverage for some of these.

Tip: I know it’s a pain but – always study the fine print at the bottom. Then you will realize what restrictions have been placed on your protection. Can a boat be kept at your home? Otherwise, should the boat be at your vacation spot? Where does protection on the waters you can use begin and end? A few policies specifically list the assumptions and restrict the use of your craft.

Individual Liability Coverage

We hope you never need to find out how important this coverage is. Typical marine boat insurance coverage here ranges over $3 million and can compensate you when there is a collision and your boat is held liable for property damage, boating or other injury.

Uninsured Boat Protection

This is known as the marine insurance equivalent to the uninsured motorist insurance cover of the road vehicle. For example, in the circumstance that the owner of a boat that damages yours has run out of insurance coverage or worse, has no money, your boat repairs will certainly still be paid for.

Passenger Health Insurance Coverage

This insurance cover pays for medical expenses incurred by any person carried on your boat. You will certainly discover that there is usually another provision on your policy that governs the quantity of individuals that can be on board at any one time — make sure you don’t bring more as the insurance will be invalid at that point.

Towing Assistance and Protection

This component of your insurance cover will compensate you for the costs incurred if you need to call the emergency services. You may have engine damage or additional mechanical damage or damage your boat on rocks that require a tow back to the dock.

What is the bottom line for all this? Be aware of insurance before starting your boating season. Take some time to get hands on and familiarize yourself with the understanding so that you can easily decide on the right insurance option, terms and coverage that your boat insurance should include. Then you can go into the blue knowing that you are effectively prepared for any scenario.

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