Choosing The Best Insurance For Your Boat
Choosing an insurance policy and agent to protect your trawler or motor yacht can be very confusing and complicated
. Marine insurance is highly specialized and is very much different that your auto or homeowners insurance. It is incidentally, the oldest form of insurance and often regulated by its own body of Maritime Law.Hull coverage normally encompasses the hull and all items on the trawler or motor yacht that are permanently attached or are on the trawler or motor yacht and used in the regular operation of the yacht, i.e. electronics, TVs etc. Many policies will give you a lower deductible for nautical electronics which can be a good option given the cost to replace these items and the frequency of loss or damage to the electronics by storm and/or theft.
Often you can buy hull insurance at Agreed Value, meaning that you and your insurance provider agree on the value of your vessel. If your boat is a complete loss you will be covered for that amount on the Declaration Page of the Policy.
There is also, Actual Cash Value (ACV). This means that if your boat was totaled in a loss you would be tendered a depreciated settlement the going market value of trawler or motor yacht. While Actual Cash Value will be less expensive, beware, you may also learn that if you have a loss you are getting far less than you bargained for.
Be certain to talk to your agent about how your loss would be established for both a complete loss and a partial loss and what would be subject to depreciation. Often items like canvas, cushions, engines etc. are subject to depreciation. Some policies actually exempt canvas from wind storm damage.
It's also essential that the policy you buy cover salvage, fuel spills and wreak removal as these issues come with trawler ownership . Oftentimes, the salvage of a destroyed yacht will exceed the policy limits if not for supplemental coverages included in the policies provided by the best companies.
Recreational marine insurance polices will always include cruising limits. It is usually a guarantee of the policy and consequently extremely important that it is correct on your policy. A warranty is very strong language in a policy and if you are outside the sailing limits shown on the declaration page, you likely would not have any insurance should you sustain a loss. You will want to talk to your agent about this and make sure you have the coverage you need; keeping in mind this is a critical factor in determining the premium.
Lay-up dates are also something you will want to discuss with your agent. If you are in hurricane areas, a layup will often be covered by the policy to protect the vessel from damage by an active storm. You may be entitled to some premium decrease if the trawler or motor yacht is hauled out of water during the winter months too. Some other things that may result in a discount are boating classes,a Coast Guard Captain License, and equipment on your trawler or motor yacht such as anti-theft devices.
In addition, many boat policies will have Longshore and Harbor Workers Compensation which would cover you should you become lawfully bound under the Longshore and Harbor Workers Compensation Act for any physical injury arising out of the ownership, upkeep or use of a yacht. Jones Act coverage would also be necessary if you hire crew or have a full-time professional Captain.
In addition, look at the Exclusion section of the policy so you understand what is not covered.
Since trawler insurance is a different animal, make sure to work with an Agent that understands trawler or motor yachting and knows the marine insurance business, so they will know how to advise you.
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