A boat makes any owner proud. One can rule the ocean with ones own boat. Commanding a boat transforms man to pass as the ruler of the high seas and terrible winds. Boats have caught the fancy of man since time immemorial. Possessing a boat however, is costly and has its own perils. Boats are an expensive asset, and they need to be protected. Boat insurance is one such method to protect you as the owner from damage or loss.
Constituents of Boat Insurance:
Boat insurance has two major components; the first one being Legal Responsibility/Security and Insurance, and the second being Property Loss. The insured sum is based either on Actual Cash Value or on the Sum Agreed Over.
A boat insurance policy is based on the agreed value; there is a certain amount of money printed in the policy, which is the sum compensated in the case of a complete loss. Limited damages are provided at new prices, implying that there is no reduction imposed, apart from high wear matter like sails and some machinery. This is the costly form of insurance. An authentic cash value policy is one where if your boat is lost completely, you will get the existing market price, without any deductible and suitable reduction for the age and state of your boat during loss.
Finding an Insurer:
Finding a boat insurer online is extremely easy, with many insurers vying for this market. If you as the boat owner are already familiar with a trustworthy company, then you can just visit the company’s website and buy the insurance online. If you go for online insurance, you may get some discounts as well, especially if you choose to enroll for seamanship training through the Coast Guard classes, or membership in one of the U. S. Power Squadrons groups throughout the country.
A boat insurance policy offers broad navigational limits when a trip to distant ports is on the cards. The agreed or cash value of your boat is covered, along with rig coverage, scheduled tenders, and outboards. Most states require at least the watercraft liability insurance coverage for every boat. An insurance agent can usually help you out with all the necessary legal requirements and insurances. Once you get the required cover, you may buy more as per your convenience or requirement.
Since medical expense due to any boat accident maybe very high, it is wise to buy medical coverage also. Then there is an insurance cover against uninsured boats. This means that if you are hit by an uninsured boat, you will still be able to get compensation for replacing the boat or getting medical treatment.
Boats are great assets, but without proper insurance, they can be quite hazardous to own and sail in.
Most insurers have websites as well as offices. You can just simply click and buy any policy you require, or you can visit the office to speak and discuss with the insurance agents. These agents can assist in fulfilling the legal requirements of insuring your boat as well.
Paul MacIver writes about various boating topics. Visit the Boat Insurance Guide for detailed boat insurance information and help with selecting a boat insurer. For related resources go to Car Stuff Online