New Boat Insurance
Purchasing new boat insurance may not always be required by law, but only makes sense for anyone who wishes to protect this valuable leisure asset. In addition, any water craft that serves as security for a loan will require coverage that will pay off that loan if something should happen to the vessel. In some cases, additional liability coverage may be required. Marinas that allow storage of personal water crafts may also have regulations that require owners to insure any boats being stored. All in all, boats and water crafts can be very expensive investments that require adequate protection. The dollar amount of this protection may vary. Some owners may only wish to carry the minimal amount that is required by a storage facility while others may wish to insure a boat for up to hundreds of thousands of dollars worth of coverage. Policies can be purchased for a wide variety of maritime vehicles. These vehicles could include bass boats, pontoons, jet boats, high performance watercraft, ski boats or any number of maritime products. Coverage could include medical payments, liabilities, hull coverage, personal effects, towing or coverage against damage done by an uninsured boater. Many boaters assume that they can simply rely on home owner's or renter's insurance, but these policies may not offer adequate coverage. Detailed discussions with a knowledgeable agent can inform a consumer on the extent of their current coverage and whether or not additional new boat insurance is needed.
The coverage that is offered in most new boat insurance products can vary widely. Most clients will be given a choice between purchasing coverage for the agreed upon value of the water craft and the actual cash value. The agreed upon value is somewhat self explanatory. A value that is assigned by the insured individual and the insurance company, and is based upon a fair market value with no depreciation, is an agreed upon value. An actual cost value will include any appropriate depreciation on the insured vehicle. These values are all part of the hull coverage feature of a new boat insurance policy. Another choice that a water craft owner will face is a choice between protection and indemnity and simple water craft liability. Injuries to hired crew, removal of wreckage, property damage, negligence, and bodily injury protection all come under the umbrella of protection and indemnity coverage. Simple water craft liability protection will usually cover property damage and bodily injury. Other protection choices could include all risk or specified perils coverage, navigation limits, coverage for lay up periods, and deductibles. A lay up period is any time that a water craft will not be in use. Navigation limits may be put in place by some policies and will mean that a water craft is not covered if an incident occurs outside of a specified area.
In addition to traditional new boat insurance, there are a variety of specialty policies that will meet the more specific needs of many boat owners. Antique water crafts and classic wooden boats may require special coverage. In addition, coverage for individuals who are renting some type of water craft may be required from time to time as well. Charter boat and fishing guide services also need insurance that is tailor made to their specific requirements. Other special policies could include coverage for yacht clubs, boat dealerships, marinas, and schools that teach recreational maritime skills such as water skiing. These policies could cover general liability, commercial property, workers compensation, and coverage for piers, docks, and wharves. When a client successfully completes a boating safety course, some companies may offer credits and discounts. Keeping certain safety equipment on board an insured vessel may carry credits and discounts as well. If a boating accident should occur, an insured individual will want to know that a new boat insurance policy will fully cover any injuries to passengers as well as boat owners. Many policy holders will also want to make sure that damage to the property of others is covered. Damage to accessories and trailers may be covered by some programs. As with most insurance products, clients can generally choose from a variety of features that will best fit the needs of a particular situation and water craft.
Skilled boat owners are not immune from mistakes when operating a maritime vessel. Finding new boat insurance that will provide coverage for these mistakes is important. Should a boat owner cause damage to another vessel or a dock, there are policies that will cover any expenses that are incurred as a result of this damage. There is a certain peace of mind that can come with taking the extra step of securing liability coverage for water crafts. The Bible talks about the blessings of endurance and perseverance for the believer. Blessed is the man that endureth temptation: for when he is tried, he shall receive the crown of life, which the Lord hath promised to them that love him. (James 1:12)
Choosing a provider of new boat insurance need not be difficult or arduous. But there are a few qualities that a potential client should keep in mind. One important feature to consider is the quality of the customer service that an agency offers. Price and the variety of available options are important as well. All in all, the overall reputation of an insurer as well as the caliber of the products offered can add to a water craft owner's peace of mind.
The coverage that is offered in most new boat insurance products can vary widely. Most clients will be given a choice between purchasing coverage for the agreed upon value of the water craft and the actual cash value. The agreed upon value is somewhat self explanatory. A value that is assigned by the insured individual and the insurance company, and is based upon a fair market value with no depreciation, is an agreed upon value. An actual cost value will include any appropriate depreciation on the insured vehicle. These values are all part of the hull coverage feature of a new boat insurance policy. Another choice that a water craft owner will face is a choice between protection and indemnity and simple water craft liability. Injuries to hired crew, removal of wreckage, property damage, negligence, and bodily injury protection all come under the umbrella of protection and indemnity coverage. Simple water craft liability protection will usually cover property damage and bodily injury. Other protection choices could include all risk or specified perils coverage, navigation limits, coverage for lay up periods, and deductibles. A lay up period is any time that a water craft will not be in use. Navigation limits may be put in place by some policies and will mean that a water craft is not covered if an incident occurs outside of a specified area.
In addition to traditional new boat insurance, there are a variety of specialty policies that will meet the more specific needs of many boat owners. Antique water crafts and classic wooden boats may require special coverage. In addition, coverage for individuals who are renting some type of water craft may be required from time to time as well. Charter boat and fishing guide services also need insurance that is tailor made to their specific requirements. Other special policies could include coverage for yacht clubs, boat dealerships, marinas, and schools that teach recreational maritime skills such as water skiing. These policies could cover general liability, commercial property, workers compensation, and coverage for piers, docks, and wharves. When a client successfully completes a boating safety course, some companies may offer credits and discounts. Keeping certain safety equipment on board an insured vessel may carry credits and discounts as well. If a boating accident should occur, an insured individual will want to know that a new boat insurance policy will fully cover any injuries to passengers as well as boat owners. Many policy holders will also want to make sure that damage to the property of others is covered. Damage to accessories and trailers may be covered by some programs. As with most insurance products, clients can generally choose from a variety of features that will best fit the needs of a particular situation and water craft.
Skilled boat owners are not immune from mistakes when operating a maritime vessel. Finding new boat insurance that will provide coverage for these mistakes is important. Should a boat owner cause damage to another vessel or a dock, there are policies that will cover any expenses that are incurred as a result of this damage. There is a certain peace of mind that can come with taking the extra step of securing liability coverage for water crafts. The Bible talks about the blessings of endurance and perseverance for the believer. Blessed is the man that endureth temptation: for when he is tried, he shall receive the crown of life, which the Lord hath promised to them that love him. (James 1:12)
Choosing a provider of new boat insurance need not be difficult or arduous. But there are a few qualities that a potential client should keep in mind. One important feature to consider is the quality of the customer service that an agency offers. Price and the variety of available options are important as well. All in all, the overall reputation of an insurer as well as the caliber of the products offered can add to a water craft owner's peace of mind.
New Boat Insurance
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