Are you thinking of getting insurance for your boat? There are various types of insurance policies available to get the coverage according to the usages. You must have to select the policy after consulting the insurance adviser or agent to give suggestion of the policy based on your usage.
There is no right answer when someone asks which boat insurance company is the best. Most boat owners are simply looking for an insurance company that knows about boat coverage and provides quality service as well as support. Insuring your boat with the same company that issued your auto, life, or homeowners insurance can have certain advantages. It does, however, pay to work with a company who thoroughly understand boat and yacht insurance.
When searching for boat insurance, you may be overwhelmed when you find that there are many different types of boat insurance policies available. In general, insurance companies only offer one general watercraft liability coverage policy; some others may offer additional coverage that you are able to purchase. There are different types of coverage available, which include:
Liability Coverage for your boat: Liability coverage is only available for certain smaller boats. Basic boat insurance should always cover physical damage as well as liability. While there may be some variation in boat policies, the main types of coverage are physical damage and liability coverage. The physical policy will protect you from various threats like fire, theft, damage, cyclone, sleet, lightening, and explosion etc. Theft will not be covered if the boat is off the "residence premises." If your boat is operated by authorized third person, it will also cover him/her under the physical policy. If you need any emergency services the physical damage policy give you coverage for towing, repair while breakdown.
Liability may also provide the necessary coverage for legal representation should it become essential from any incidents involving your boat. In all states, the liability policy gives coverage if your boat damages some other boat. The liability coverage gives protection if boat owner, member of the family and any third person is injured in an accident.
Damage to Your Boat: Physical damage insurance is usually called hull insurance although it takes in the whole boat. Depending on how you use your boat, you may or may not want coverage for fishing gear, hurricane damage, hurricane haul-out expenses, and others.
Wreck Removal and Pollution Coverage for Your Boat: Another additional type of coverage to the standard liability coverage is the wreck removal and pollution coverage. This should also be strongly considered. If your boat sinks or is involved in an accident for any reason, you are required to remove it at once in accordance with the law. If oil or gas leaks into the water as a result of an accident, you will be fined. The wreck removal and pollution coverage provides coverage for this type of incident, without the coverage you will be required to pay for the removal and fines out of your own pocket.
Yachts Insuring: Boats can be insured either under a yacht policy or a boat policy. Yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures. Also, many marinas and yacht clubs won't allow you to dock your boat unless you're insured. Most yacht policies today also include a specific amount for personal property carried or stored aboard, other than regular boat equipment.
Your Boat Value is Important: You should insure your boat for market value. A basic policy which will insure your boat for depreciated value will be the cheapest. Another option is to insure the boat for an agreed upon replacement value.
