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?
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抯 the length and width of your seaworthy vessel, then you have a boat.
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抯 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抣l find this coverage quite useful. You may also wish you慸 paid a bigger premium, when there抯 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抯 uninsured motorist coverage. In this case, your boat抯 repairs are covered, in the event the owner of the property your boat collided with has expired insurance or worse, doesn抰 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抣l get reimbursement for the costs you抳e incurred for availing of emergency services. Examples of these, your vessel breaks down, and a commercial outfit tows your vessel to the port, you抳e 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.
Then, you抣l sail confidently into the sun, because your insurance policy will cover you where it抯 most necessary.