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Inside this Article
Motor Boat Insurance
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Sailing off into the blue yonder, has the salutary effect of
blowing cares and stresses away with the winds. However, before
you sail away in your new boat, consider the merits of these
questions.
Do you have boat insurance? Moreover, are your insurance
needs fully met?
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Marine insurance defines vessels according certain
measurements.
A boat is defined as one measured between 16 feet
and 25 feet, 11 inches in length. If that’s the length and width
of your seaworthy vessel, then you have a boat.
Boat insurance policy - Here are the pertinent components your boat insurance policy should
have:
Physical Damage Coverage
The insurer pays you for the repair or replacement of your boat,
under the following circumstances: Theft, vandalism, lightning, fire,
tornadoes, or hurricanes. Included in this coverage is the boat itself,
outboard motors, engines, and your boat trailer.
Excluded from the coverage are the following items, which are not,
considered a part of your boat’s operations: camera or video
equipment, clothing, fashion accessories, or jewelries, food or
beverages, cell phones, stereo equipment, portable television, personal
computers or scuba gear.
Alternatively, you can ask for separate coverage for these items. Tip.
Read the fine print and so that you know what restrictions could apply
to your coverage. Can your boat be stored at your place of residence?
Alternatively, should the boat be at your vacation spot? Where does the
coverage begin? Some policies specifically limit the uses of your boat
and list the exceptions.
Liability Coverage
You’ll find this coverage quite useful. You may also wish you‘d
paid a bigger premium, when there’s an accident and your boat is
liable for damaging another boat, property, or injury.
Uninsured Boat Coverage
This is the marine insurance equivalent of the road
vehicle’s uninsured motorist coverage. In this case, your boat’s
repairs are covered, in the event the owner of the property your boat
collided with has expired insurance or worse, doesn’t have it.
Passenger Medical Coverage
This coverage pays for the medical expenses incurred by people on
your boat. This is a must-have clause and the limit can be inexpensive,
from $450.00 to $10,000.00, is quite common.
Towing & Assistance Coverage
With this coverage, you’ll get reimbursement for the costs you’ve
incurred for availing of emergency services.
Examples of these, your
vessel breaks down, and a commercial outfit tows your vessel to the
port, you’ve paid for delivery to replace your fuel, oil, or engine
parts, or for someone to repair your engine.
The bottom line to all this? Be pro-active and arm yourself with
knowledge, which among the different policies possible, your boat
insurance should have.
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