Your Boat Insurance – Key Considerations

Sailing into the distant blue has the favorable effect of blowing away the stresses and worries of your life with the blowing wind. However, before you set out on your fancy boat, take five and think about the merits of these questions. Do you have marine or boat insurance? Even when the answer is ‘Yes’ at the time, are you sure the essentials of your insurance are being met?

Maritime insurance groups vessels according to a type of dimensions. The “ships” are described as being between 16 feet and 25 feet 11 inches long. Below that size, it is listed as a small boat, ie boats, jet skis, etc. If your boat is 26 feet or larger in size, you most likely need expert insurance. At this point, let’s look at some of the pros and cons that apply to regular boat insurance policies.

Physical Damage Insurance Coverage

The insurance company reimburses you for the replacement or reconditioning of your boat as a result of the following conditions: boating mishap, vandalism, fire, theft, lightning, hurricane or tornado. The boat itself, its power train or outboard motor, and its trailer are incorporated into this policy. Typically, the following items are excluded from boat insurance coverage as they are not considered part of your boat’s operations: clothing, video or camera equipment, precious jewelry or fashion trimmings, cell phones, beverages and food, diving equipment and portable electronic devices such as televisions, hi-fi equipment or laptops. You may find that they are included in your regular home insurance cover or you may be able to apply for separate insurance cover for some of them.

Tip: I know it’s a pain, but always study the fine print at the bottom. Then you will realize the restrictions that have been placed on your protection. Can you have your boat in your house? If not, should the ship be at your vacation spot? Where does the protection of the waters you can use begin and end? Some policies specifically list the assumptions and restrict the use of your boat.

Individual Liability Coverage

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

Protection of boats without insurance

This is known as the marine insurance equivalent to road vehicle uninsured motorist insurance coverage. For example, in the event that the owner of a boat that damages yours has run out of insurance coverage or, worse yet, doesn’t have the money, the repairs to your boat will be paid for.

Health insurance coverage for passengers

This insurance coverage will cover the medical expenses suffered by the people you carry on your boat. You will definitely discover that there is usually one more provision in your policy that regulates the number of people that can be on board at any given time: make sure you don’t bring more, as the insurance at that time will not be valid.

Towing aid and protection

This component of your insurance coverage will reward you for costs sustained if you have a requirement to call emergency services. You may have an engine or additional mechanical failure or your boat may be damaged on rocks requiring a tow back to the dock.

What is the basis of all this? Be aware of insurance before you start your boating season. Take some time to get down to business and familiarize yourself with understanding so you can easily decide on the right insurance option, terms, and coverage to include in your boat insurance. Then you can head out into the blue knowing you’re effectively prepared for any scenario.

To your enjoyment of navigation!