Charter Boat Insurance Basics

Maritime law broadly defines the responsibility of charterboat operator as being responsible for all damages resulting from "negligence". This all-encompassing definition leaves the operator exposed to the possibility of costly and endless court cases.

This why the value of selecting a charterboat insurance policy which protects your legal rights, property and that ensures damages to your boat are reimbursed, can not be underestimated.

How can you identify which components should be in your policy? First, identify all your business activities and the risks involved in operating your charterboat business. This information will help you decide the types of components, the range, and amount of coverage needed.

Hull and Machinery Clause

This refers to the coverage of the vessel, and all its' parts. Its' main purpose is to quickly get your business and boat operational after accidents. If you afford to pick a policy, which covers the following damages your charterboat, can sustain:

· Combustion, sinking or collision of your boat.

· Deck machinery, boat engines, and electronics.

· Coverage for an engine that breaks.

However, the following are not included in the hull and machinery component: Damage to your engine due to inappropriate use or neglect, wear due to every day use of the boat or reimbursements because your engine broke down.

Protection and Indemnity (P&I) Clauses

These clauses enable you to pay passengers and other people who could have suffered personal injuries or property damage caused by your vessel.

The basic clauses you should consider are the following:

Coverage limit

How much is your business worth? A wise agent will tell you, the best coverage limit is one that you can get. It does make sense since marine P&I policy covers you on a per incident basis, not for each person.

Shore excursion

If your insurance policy doesn't have this clause, your passengers are not insured once they get off your boat.

Crew coverage

You must pay coverage for each crewmember, or you will be liable for the uninsured crewmembers' injuries in the performance of their duties.

Passenger medical payments

A good clause to have, for you're protected from irate passengers who even if they have suffered minor injuries, will file for big damages.

Personal effects

The loss of clothes, fishing equipment or cameras might seem a minor inconvenience, but not to the passenger who suffered the loss. This clause ensures that you are properly covered and your passenger's leave happy.

However, talk to your agent so that you know what items are covered in the personal effects clause and if these are appropriate to include.

Remember, the right charterboat insurance policy for you is one that insures both your boat and charterboat business.

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Boat Insurance Online

When buying online boat insurance one should get proper coverage for man-made catastrophes, burglaries, or natural disasters. By taking advantage of certain offers, one should be able to obtain a discount on online boat insurance rates.

A marine insurance expert may be able to bargain for lower premiums. Depending on lesser loss ratios, one can shun payment of insurance deductibles and depreciation allowances sustained by losses, and an individual can play a role in minimizing the damages.

Boat insurance is often overlooked by boat owners. It is not mandatory, and is only imposed on consumers if there is an outstanding loan on the boat.

Nevertheless, online boat insurance has turned out to be a reasonably priced means for boat owners to safeguard their assets. It is important to get liability coverage and property coverage at a minimum; one can also get further coverage like towing coverage and trailer coverage.

Boat insurance should be procured with the help of a veteran insurance agent or broker, who has expertise in writing boat insurance. There is no substitute for knowledge, where searching for a source of boat insurance is concerned.

Premiums depend on the size of the boat, its horsepower and navigational range, and the experience of operator. Boats which are over 25 years old are usually written under a different category of boat programs, and a majority of insurers will need a survey for boats and yachts over 10 years old.

Some insurance carriers impose a surcharge of up to 30% because of the disastrous loss character of a specific region. Yet most online insurers offer discounts and anti-burglary plans.

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Motor Boat Insurance Basics

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's 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'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.

Then, you'll sail confidently into the sun, because your insurance policy will cover you where it's most necessary.

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Your Boat Insurance - Key Considerations

Sailing off into the distant blue, has the favorable effect of blowing away your life's strains and cares with the blowing wind. Yet, before you voyage off in your attractive boat, take five and think about the merits of these questions. Do you have marine or boat insurance in place? Even when the response that that is 'Yes' at that point are you confident your insurance essentials are being fulfilled?

Marine insurance groups crafts according to a kind of dimensions. "Boats" are described as measuring anywhere between 16 feet and 25 feet 11 inches in length. Under that size then you are catalogued as small boat namely dinghies, personal watercraft and so forth. If your boat is 26 feet and above in size then you may most likely need expert insurance. Right now let's check out some of the ins and outs as applied to regular boat insurance policies.

Physical damage insurance coverage

The insurance company reimburses you for the replacement or recondition of your boat, resulting from the following conditions: boating mishap, vandalism, fire, burglary, lightning, hurricanes or tornadoes. Incorporated in this policy are the watercraft itself, its power train or outboard motor and your trailer. Normally the following items are omitted from the dinghy insurance coverage, as they are not thought of as being a part of your boat's operations: clothes, video or camera equipment, precious jewelry or fashion adornments, cell phones, beverages and food items, diving gear and portable electronics such as TV set, hi-fi equipment or laptops. You may discover they are included on your normal house insurance coverage or you may ask for separate insurance coverage for some of these.

Tip: I know it's a pain but - always study the fine print at the bottom. Then you will realize what restrictions have been placed on your protection. Can you boat be kept at your home? Otherwise, should the boat be at your vacation place? Where does the protection start and end on the waters you can make use of? A few policies specifically list the assumptions and restrict the use of your craft.

Individual Liability Coverage

We hope you will never ever need to find out how important this coverage is. Typical marine boat insurance cover here ranges upwards from $ 3 million and may compensate you when there's a collision and your boat is held responsible for harming another property, boat or injury.

Uninsured Boat Protection

This is known as the marine insurance equivalent to the road vehicle's uninsured motorist insurance coverage. For instance, in the circumstance that the proprietor of a boat who damages yours has run out insurance coverage or worse yet, does not have the money, your boat's repairs will certainly nonetheless be paid for.

Passenger Health Insurance coverage

This insurance coverage will pay for the medical expenses sustained by any people carried on your boat. You will definitely discover that generally there is one more provision on your policy regulating the quantity of individuals who can be aboard at any one time-- make sure you do not bring more as the insurance will at that point be invalid.

Help & Towing Protection

This component of your insurance coverage will recompense you for the costs sustained should you have the requirement to call on the emergency services. You might have motor breakdown or additional mechanical failure or damage your boat on stones requiring a tow back to dock.

What's the base line to all of this? Be insurance conscious in advance of you start your boating season. Take a while to get hands-on and acquaint yourself with understanding so you can easily decide on the right insurance option, terms and coverage which your boat insurance should include. Then you can set off into the blue knowing you are effectively prepared for any scenario.

To Your Boating Enjoyment!

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Boat Insurance Policy Limitations

Boat insurance is an important asset for those who own and operate watercraft on either a regular or seasonal basis. The degree of protection afforded to those who purchase damage policies can remove the worries of an accident and even assist in the overall process of repairing the vehicle. However, there are certain limitations commonly put on the average boat insurance policy, requiring boat owners to recognize what kind of vehicle they are using and what kind of insurance policy applies to that watercraft.

For some insurers, size or value may immediately disqualify a vehicle from receiving coverage. This largely becomes an issue because of the cost of repairs on these vehicles, which can easily become prohibitively expensive for insurers who offer comprehensive damage coverage. Although insurers may determine what they are willing to take a risk when setting these limits, large boats or vehicles worth greater than $250,000 may need specialized insurance policies that handle more valuable or massive vehicles. Similarly, personal watercraft can occasionally be assigned a limit on worth.

The age of the boat may also be a concern for some insurers. Generally speaking, a hazardous collision is more likely in an older vehicle, as there is a greater chance for a malfunction to occur either with old propulsion systems or worn down navigation systems. Particularly, a company may have a policy range between 15 and 20 years, making any boat that is older than that limit ineligible for certain types of coverage or policy options.

Finally, boats must fit legal standards and expectations, as well as insurance definitions of a boat. This immediately disqualifies houseboats, as they generally do not fit the insurance industry's concept of a vehicular boat. Instead, these boats may be treated differently altogether. On the other hand, boats that violate state or federal regulations for watercraft may be treated likewise, and may not be given an insurance policy.

To learn more about boat insurance options and limitations, contact an auto insurer.

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Super Yacht Insurance

Super yachts are some of the most luxurious marine vessels that exist today, often being equivalents of a five star floating hotel. Usually super boats like this come with plasma screen TV's, internet connection, jet skis, wind surfers, scuba gear and even personal cooks. Knowing what a huge investment a super boat can represent, one should definitely insure it with super yacht insurance. Having your super yacht insured will provide you with peace of mind because in case of accidents that might cause losses you will be covered by the insurance company.

It is important to know what exactly super yacht insurance can cover for. Basically this type of insurance will provide the necessary coverage for any injury or damage caused by accidents that might affect your super yacht. Other perils that might be covered include explosions and fires, sinking and theft. As you never know what lies ahead, you can also choose a policy that covers for natural disasters such as storms and lighting. Depending on what your need is you can basically tailor super yacht insurance to fit your specific needs. For example you can choose a policy that will cover for the items that you have on your super boat. Considering that those items are usually very expensive, adding this kind of coverage will prove to be very wise. You can also add a third party liability clause in case your yacht might cause damage to a third party.

In order to get the best out of your super yacht insurance, you should have a clear mind about what all the things you want the policy to cover for. Once you established that, you can start searching for companies that offer super boat insurance. Never choose the first policy you find as you might miss out on better offers. Always compare policies before buying one so you know you made the best choice. You can compare various policies by going online. There you will get all the information you need and if you buy the policy online you might get discounts as well.

If you wish to obtain lower quotes on these insurance, make sure that your boat is in perfect condition. Also make sure you have safety equipment on board, best would be fore extinguishers and life rafts. Try to hire people that have been trained by a recognized institute and that have experience in sailing. All these things will attract discounts and lower premiums for super yacht insurance.

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Buying Boat Insurance

How you insure your boat depends on how big the boat is, what you do with it, and where you live. Boat insurance generally is more complex than home or car insurance due to the specialized coverage required by marine-related risks.

What Kind Of Boat Are You Insuring?

The first question is how big is your boat? Generally boats are considered to be 26' and smaller, while yachts are 27' and larger. Here I will discuss smaller boats; my next article will cover yacht insurance in depth. Next question: How do you use your boat? Do you stick to boating in lakes and streams or cruise coastal waters? Do you usually go by yourself or take a crowd with you? Do you mostly fish or mostly party? And how do you store your boat when it's not in use? Do you trailer it and dry-store it, or leave it in the water?

Unless you are just insuring a canoe or rowboat, steer clear of no-frills boat policies that some insurance agents add to your existing auto or homeowner's policy. The policy may be cheaper, but you probably will regret it if you ever have to make a claim.

Which Type Of Coverage Should I Get?

Boat insurance includes two broad categories of coverage:

•Liability Coverage - Covers costs owed to third parties (people besides you or your immediate family) for injury, loss of life, or property damage. It also covers legal costs arising from defending an accident-related lawsuit. •Physical Damage Coverage - Covers costs of damage to the boat itself and its equipment. Some polices may limit certain payments, such as for damages related to weather or vandalism. The physical damage coverage comes in two flavors: •Agreed Value - (Also called Stated Value.) Pays the limit stated on the policy when the boat is deemed to be a total loss. These policies offer more protection and therefore cost more. Some lenders may require you to carry this coverage, so check with them. •Actual Cash Value -- Pays the current market (depreciated) value of the boat when the boat is deemed to be a total loss. Besides the settlement amount (when the boat is a total loss), it is best to carry an 'All Risk' policy (when the boat is damaged but not totaled). All Risk policies cover losses except those specifically excluded, such as normal wear and tear, surface scratching, manufacturer's defects, and ice and freezing. As with auto insurance, boat insurance includes standard coverages and deductibles. The following are common: • Medical payments -- no deductible, $1,000 limit • Personal effects -- $250 deductible, $500 limit • Uninsured boaters liability -- no deductible, $10,000 to $300,000 limit • Towing and assistance -- no deductible, $500 limit • Fishing equipment -- $250 deductible, $1,000 limit

Suppose you do not use your boat during part of the year and have it in dry storage when it's not in use. You may qualify for a 'lay-up' discount. This gives you year-round coverage with a discount for the months your boat is unused.

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About Boat Insurance

One of the oldest types of insurance is boat insurance. Dating back to the 1800's Lloyds of London was one of the first providers of boat insurance. Merchant marine vessels were turned into companies that needed to be insured against bad weather and other perils.

Boat insurance is comfort for those people who love the sea. It protects their possessions against bad weather, accidents and other loss.

Just as with any other type of insurance, boat insurance gets broken down into categories and the owner must decide which of these are most important.

If you like to travel with your boat, make sure your insurance coverage travels with you. Some companies restrict where you can take your boat or when you can take your boat. It will be important to you to make sure your coverage allows you to take your boat where and when you want to take it out.

You can choose to have roadside assistance, I know this sounds strange for boat insurance, but what if your trailer gets covered over, or you get stuck out in the water and the engine won't start. Call it waterside or roadside, it's all the same thing.

Some people choose to have just a rider on their homeowner's policy for their boat, like they would have for their jewelry or firearms, but it would give much more peace of mind from a huge financial disaster like fire or theft if you have your own boat policy.

Boat insurance is like every other type of insurance, it gives you lots of options. Most agree that to choose replacement insurance is best. This way you are covered 100%. You choose replacement insurance for your home furnishings, so why not your boat? Not all companies will offer it, so you may have to ask for it. If your boat was severely damaged and the cost to replace or repair it exceeded the value of your boat, then with replacement insurance you can replace it.

Price is always a consideration and you should consider price, but it is not always best to go with the lowest price. You will need to study the policy and make sure it fits all your needs. That may cost more money in the long run, but it will be worth it for the safety and peace of mind. Be sure to find a balance between financial security and price.

In the United States, many of the same companies that offer car and motor vehicle insurance also offer boat insurance. For pleasure crafts and working vessels against vandalism, theft or accidents, large companies like Allstate, Progressive and Geico offer boat insurance and they offer the replacement boat insurance and you won't have to ask for it.

You never know when an accident can happen, you surely don't want to wait for one to happen to you, so when you are shopping for your boat, pleasure or working, be also shopping for your boat insurance, it's better to be safe than sorry.

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Boat Insurance Comparison

If you own a boat then you should know that boats come with a variety of marine related risks. That is why boat insurance is a bit more complex than regular auto or home insurance. In order to be able to do a proper boat insurance comparison you need to take into account all the marine related risks and certain things like the navigation limits, towing and liabilities.

The first thing one needs to do before they can properly do a boat insurance comparison is to evaluate their needs. First of all you need to clearly establish what type of boat you own. Is your boat meant for comfort or is it a speed boat? You also need to specify where you usually want to sail your boat, whether it's in coastal waters or in inland lakes, or international waters. Establishing all these things is very important as this will influence the type of coverage you will require. Other things that you need to establish include the value of your watercraft, the length and the type of boat hull. All this things are also important in order to establish the insurance quotes.

In order to get a good boat insurance comparison you need to know what the features of the insurance policies are. You need to know whether the insurance policy provides road side assistance. It is important that your policy provides such a feature as in case your watercraft is damaged due to certain reasons like accidents or mechanical breakdown, the towing to a repair facility and the coverage for the repairing labor will be taken care of by the insurance company. A good boating insurance should also include a collision and a comprehensive coverage. The collision coverage will be needed if your watercraft collides with another boat or an object. Coverage in case of fire, vandalism or theft will be provided by the comprehensive feature.

The best place to do boat insurance comparison is probably online. The internet provides an easy and fast way to obtain all the information you need spending very less time. All you need to do is to submit some details about yourself and your watercraft and most insurance sites will automatically provide you with a personalized boat insurance comparison. You can compare any type of watercraft starting with a simple dingy to a super yacht. By doing so you not only save time but also money as many companies provide important discounts if you buy the policy online.

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RMS Titanic Insurance Claims

It is exactly 100 years since the pride of the White Star Line, the RMS Titanic, hit an iceberg in the Atlantic Ocean and sank with the loss of over 1500 lives.

The centenary has prompted many insurance companies on both sides of the Atlantic to publish documents relating to the greatest maritime loss to date in relative costs, mostly showing their company's involvement with claims payouts.

When the Titanic sank on the 15th of April 1912, the Lutine Bell was rung at Lloyd's of London, and a very rapid claims process was begun.

A few months earlier the ships owners, the White Star Line, had instructed insurance brokers Willis Faber and Co. to find cover for the hull, cargo, contents and personal effects of the ship. Willis Faber passed the 'slip' to their Lloyd's mercantile division where it was assessed and subsequently underwritten by multiple syndicates and insurance underwriters acting on behalf of members.

The Titanic's hull was insured for total loss for $5 million or just over one million pounds sterling at the exchange rate of the time. The policy also included total loss cover for cargo at $600,000 and contents at $400,000 a value equivalent to two hundred thousand pounds.

The original broking slip passed around Lloyd's has been lost, but was photographed and can be seen in Wright and Fayles book of 1928 called 'A history of Lloyd's'. It shows that seven large insurance companies took nearly forty percent of the risk between them and the other sixty percent was underwritten by over seventy individuals and Lloyd's 'Names'.

According to documents recently released by Willis the marine insurance policy cost White Star £7500 or $38,000 to insure the Titanic at a rate of 15 shillings per hundred. Modern day rates for cruise liners are considerably lower.

The Ship was considerably underinsured for a value of only five-eighths of its replacement cost. This was apparently because the owners thought the hull to be unsinkable and were prepared to bear the additional $3 million dollars of risk themselves.

Willis state that despite the owners belief in the vessel being unsinkable, they had trouble placing all the hull cover at Lloyd's and some forty thousand pounds was underwritten in Germany. There was also an extremely high excess or deductible of 15% of the insured value.

Four days after the Titanic sank the US senate held a preliminary investigation at the Waldorf Hotel in New York. The surviving officers of the ship presented their evidence to the panel describing the events of the sinking and signed what is called a 'protest' which enable insurance claims to be paid.

Incredibly White Star were reimbursed for the loss of the hull within seven days of the sinking, presumably minus the excess, and fully paid up on cargo and contents losses within thirty days.

They were however grossly underinsured for their liability to others given the value of the people on board. Claims against the company exceeded their cover by over $1 million and whether they had private P and I accident cover for their staff liability, remains a mystery. Suffice to say that payouts to families of lost members of the crew, were paltry.

Claims for the loss of people amounted to in excess of five times what the value of the ship was worth, for those lucky ones who happened to have had life insurance policies or had taken out travellers personal accident cover. Although no disputes about loss of life occurred, families had to wait a lot longer than White Star for compensation.

The final payout for human losses has never been fully asserted as over one hundred and fifty different life of accident insurance companies were involved in cover, on both sides of the Atlantic. American companies took the bulk of the claims, due to the many rich entrepreneurs and millionaire family members who were drowned.

The total loss is estimated to be in the region of $20 million and one of the largest payouts was by the Travelers Insurance company of Hartford who paid out a life policy for over $1 million.

The sinking of the Titanic also brought about the first and only insurance claim for a car being hit by an iceberg, by a Mr William Carter who claimed five thousand dollars for his 25 horse power Renault, lost at sea.

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Personal Watercraft Insurance is a Must

If you own a personal watercraft you know that they can be exhilarating and fun and yet you are probably fully aware of how dangerous they can be. This is why personal water craft insurance is a must. The kind of insurance available varies from company to company and the kind of insurance you will most likely need varies from state to state.

There are some good recommendations on the American Watercraft Association website to bring you up to speed on the issues concerning water craft and these can give you a pretty good idea of the types of coverages you should be seeking.

Going skinny on coverage could prove to be disastrous in the case of a huge lawsuit due to an injury involving you or your watercraft it is deemed to have been partially your responsibility. The liability of such a judgment going against you could bankrupt your family and there are some horror stories to prove that.

If you bought your watercraft on time and borrowed money most likely you were required to buy the basic coverage. Nevertheless, this might not be enough that therefore you should be checking into extended coverages, even such things as trivial as theft and emergency towing need to be considered seriously.

I was concerned about injuries to riders or water skiers I tow and once I had someone bump me in their boat and damage my watercraft, they didn't have insurance and the derelict (opinion) was basically broke. This really upset me and prompted me to do what I should have done in the first place. I should have called an expert on insurance to help me.

Do not make that mistake, call an expert to explain to you what you need and why. I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.

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Commercial Boat Insurance

It is the dream of every boater to be able to do what they love the most, spend their life on the waters and in the open air and be able to work at the same time. Although owning a commercial boat business can bring you a lot of enjoyment it also comes with a lot of responsibility. Because of the great exposure to danger, the commercial boat business requires commercial boat insurance coverage.

Although it is not legally required to have boat insurance it is still a necessary thing to have in order to protect yourself against unpredictable circumstances and adverse situations. With commercial boat insurance coverage you can obtain cover if any injury or damage happens to the boat no matter if it was caused by and accident or a third party.

If you suffer any losses make sure you consult the insurance company and ask them about the formalities that need to be completed in order to get your coverage. Also make sure that you get the coverage for your losses instantly. It is more recommended that you get the quote in writing.

If your boat were to sink or if there is an accidental fuel slip, these things are considered as emergencies and the commercial boat insurance company has to cover for towing the boat. Although you will have to take action immediately you will probably be reimbursed later.

You need to choose the commercial boat insurance company carefully only after you find out all the information regarding the types of losses that the policy will cover. Check if the policy covers for risks such as theft, fire, sinking, hurricanes, and collision floods as well as for natural disasters. The company may also cover for repair of the motor or other minor repairs depending on the amount that is covered. Some companies also cover for the transporting trailer that is used to transport the boat.

Here are some things to keep in mind that might help you obtain a cheaper premium quote for commercial boat insurance. First of all you need to have a clean sailor history without any past accidents. Also the training that you undertook is a very important factor. If you were trained by recognized institutes you will probably obtain a discount on your policy. If your boat is new and it's equipped with safety equipment it will attract a lower premium quote.

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Motor Boat Insurance Quotes

There are ways in which boat owners can bring down the premiums they pay on their motor boat insurance. They just have to be knowledgeable on how these cycles go.

They can start strategizing by researching on the different insurance providers that offer plans for motor boat insurance. This is because a majority of insurance agents provide single lead company that the consumers can use.

They can apply for one by filling up the forms on the official websites of the providers. This determines the risk factors as well as the cost of insurance depending on which plan you prefer.

If you are a boat owner, you can easily decrease the cost of your insurance by remembering the following:

First and foremost, liability levels increase whenever additional protection is required. You must be aware of coverage needs so they can acquire an optimum coverage mix at the best cost. This should be done without compromising the security of their boats.

Along with liabilities are the deductibles. The deductibles can reach to $50 up to $500. The cost of the insurance is also decreased whenever the deductible doubles.

You must come to a compromise of the insurance rate along with the deductible that is agreed on by the insurance provider.

Safety equipment and safety courses come with the plans that are offered by the insurance providers. If the insurance can even provide discounts to such plans, the better.

The safety equipments include GPS, VHF, Ship to Shore, Fume detector and Halon system. The insurance plan is also in charge of the costs that are basically payments for the basic safety courses that are offered to you by the United States Coast Guard, United States Power Squadrons, Auxiliary, and NASBLA.

You should also consider the age and type of their boats. These are important factors that determine the kind of insurance that works best for the owner.

If they know which one is appropriate for them, then the easier it is for them to meet the requirements.

Another factor that they should pay close attention to is the use and the area of navigation. Boat owners should stay in this area and refrain from navigating the risky zones.

They should state what is indicated in their plans that are said to be the areas covered by their motor boat insurance.

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Yacht Insurance - Seven Key Points to Getting The Right Policy

If your yacht is over 26 feet long then it is a requirement for you to have a yacht insurance policy in force. Insurance for yachts that are less than 26 feet long is technically referred to as boat insurance, but for larger yachts, individual insurance policies are needed because of the increased values and the range of requirements. However, the general principles of both yacht insurance and boat insurance types are similar.

There are two key reasons for having yacht insurance. First is to protect your financial investment against damage, theft, fire, or any other event which could cause complete or partial loss of your treasured vessel. Secondly, if another person or yacht is injured or damaged by your yacht then a financial remedy will be paid out by your yacht's insurer.

Which are the key elements you need to examine when insuring your yacht?

Comprehensive Coverage - There are three main areas of insurance for your yacht; physical damage, e.g. collision, fire and vandalism or theft. Some policies allow you to make a selection amongst these. If you chose not to take one or more of these insurance types then you are assuming all the risk in the unfortunate case that such an event occurs. Also that can lead to problems if you have insured for damage, but the actual damage is a combination of collision and fire. So, on reflection, the vast majority of yacht owners sensibly insure against all risks through a comprehensive yacht insurance policy.

Home Mooring Location - Many policies ask where your boat is normally moored. It is vital to be truthful and accurate about this when you are applying for marine boat insurance for your yacht. You may keep your yacht moored in a dock or marina, or it may spend its time in a tidal mooring, but either way you must be honest so you will be properly covered by your boat insurance in the event of an accident.

Third-Party Liability - In the unfortunate event that your yacht gets damaged, stolen, or totally burned out, you always have the choice of doing nothing and simply accepting your loss. However, if you or your yacht injure another person or cause damage to their property, you won't have that option. You must reach into your own pocket to make restitution. This is where the third party part of your yacht's insurance policy will come into effect so you do not have to pay out personally. Even though there is not an overarching requirement for insurance cover there are plenty of localities where it is necessary - an example is in most docks, marinas and harbors where a minimum insurance is required, perhaps $ 2 million.

Coverage by Location - Take care to understand where your insurance policy provides cover for your yacht. Most yacht insurance companies are fairly generous with their definition of sailing area, but make sure you read and clearly understand any limitations. The range can always be increased if necessary, but some additional premiums may be required. The location is an important consideration with the non-sailing portion of your insurance as well. One example is when the yacht is stored dockside, either over winter or for repairs and maintenance. Another example is if your yacht is to be transported by road.

Insurance Value - When determining your yacht's value for marine insurance purposes there are two principal options. The first is by an agreed-on figure written into the policy document. The second is by valuation. In the latter case, the value is determined by a marine surveyor after a yacht's loss. Having a pre-agreed figure in your policy brings greater certainty in the event of a claim; a second advantage is that, as the figure is agreed in advance, a settlement can be more speedily executed.

Laid-Up Period - It is a 'feature' of some yacht insurances that you do not sail at certain times of year in some locations to avoid extreme weather and in others to avoid the deep winter months. Examine your policy closely to verify any laid-up period requirements.

How easy is it to make a claim? - A yacht insurance policy is only as good as your ability to make claims from it in the event of an incident. Talk to fellow yachtsmen and yachtswomen at your dock, marina or sailing club. Use their experiences to check out the insurance companies and brokers that are best to use, or avoid, so that you will find submitting a claim is easy if it is ever required.

Boat Insurance 101   The Benefits Of Having More Than One Boat Insurance Quote   Boat Insurance Coverage   Why You Need Motorboat Insurance   Boat Insurance - Is it Really Needed?   

Boat Insurance

One of the supreme delights that a person can obtain is by possessing his own boat. It takes us to the past when adventure on the high seas was a real experience and man was the complete ruler of his dominion as a commander of his ship.

At present there are few places where a common man can be master and leader of his own fate, but a boat is one of them. But possessing a boat is not without peril or cost. Boat insurance is necessary for shielding such an expensive asset.

The two chief aspects of boat insurance are legal responsibility, or security and insurance; and property loss. In some respects, they are managed the same way as automobile or home policies.

When an individual insures his boat for liability, it guards an individual against harm to another person's assets brought about by the boat. It also has provisions for lawful protection, in case one is charged for something that is protected under the boat insurance.

However, there are certain delicate differences from an automobile policy when it comes to loss and damage insurance. The characteristic coverage for loss is either "actual cash value" (ACV), or "agreed upon" value.

Boat insurance, which is "agreed upon" for worth, has a money amount printed in the policy, which is the sum, compensated for complete loss. Limited damages are restored at "for new" prices, implying that there is no reduction imposed, apart from high wear matter like sails, and some machinery. This is the extra-costly alternative to cover a boat.

An authentic cash value policy indicates that if a boat is a complete loss, one will obtain the existing market price, not including the deductible, and suitable reduction for the age and state of the boat during loss.

Boat Insurance 101   The Benefits Of Having More Than One Boat Insurance Quote   Boat Insurance Coverage   Why You Need Motorboat Insurance   Boat Insurance - Is it Really Needed?   Boat Insurance Guidelines to Obtain a Good Deal