Okay, so maybe your boat doesn’t look like the image shown….but it probably is one of your life’s pleasures that you want to continue to enjoy this summer, and many more to come. So is it properly insured?
There are many types of boat/pleasure craft policies to choose from, but choosing the right policy for your needs does require an expert advisor. The last thing you want to find out when your boat is damaged or destroyed is that your policy does not cover the settlement on a declared or agreed value, that your personal effects on the boat were not covered or someone was injured and you have no liability coverage!
Here are our top 5 Things you should you know:
1) You can insure an older vessel with a recent marine survey, which is basically a detailed inspection of the boat to determine its current condition and seaworthiness, not to mention if the vessel is safe to use.
2) Total losses are usually treated on a “Declared Value/Agreed Value” basis for the Hull and Machinery (boat and equipment) which means the insurance company will pay the limits on the policy with no deduction for depreciation.
3) Some policies will give you Reimbursement Emergency Expense coverage, which will in effect, provides for coverage in the event the boater runs out of fuel or experiences a mechanical failure which may otherwise not be an insured peril.
4) Liability protection which is referred to in marine insurance as Protection and Indemnity. Essentially it protects you for at fault property damage and bodily injury claims. It will also investigate the loss, and defend you whether you are at fault or not.
5) Your Personal Effects are covered too and usually on a replacement cost. So the lifejackets and all the items that you keep on your boat that is usual to its use have value to you, so make sure they are included in your insurance.
There are many types of policies out there, and some broader than others. Let us help you with this insurance buying decision…so you can have a safe and enjoyable boating season!