subject: Marine Insurance On The Water [print this page] When purchasing a boat, for pleasure or business, marine insurance is extremely necessary to protect your craft, and potentially your livelihood. Just like the boats and ships on the water, marine insurance comes in many shapes and sizes and can be customized to fit just about any waterborne craft.
Personal boat insurance is going to be the most basic marine insurance policy. Boat insurance is required by the lender if a loan is taken out to purchase the boat. Boat insurancecan cover anything from a small jet ski up to a large yacht. The exact scope and amount of coverage depends on the owner of the craft and what they want to insure. For something as simple as a jet ski, there generally is not much property to insure, so other than liability coverage (and hull coverage initially) for the operator and the jet ski itself, the marine insurance policy is quite simple. For other boats, even a small motorboat, generally there is personal property and other equipment onboard, so the marine insurance policy would need to be written to cover that. On luxury craft, everything from the equipment in the galley to the artwork in the state rooms can be protected, so comprehensive marine insurance can be written. Boat insurance generally covers fires, sinking, fuel spills, and grounding, and dock liability riders can be added for extra protection from liability and damage done at a dock or marina.
Marine insurance for commercial shipshas more factors than a pleasure craft. Anything from a small motorboat used for fishing tours to the latest super tankers can be covered under commercial marine insurance. The difference is that commercial ships have certain extras that need coverage that personal craft do not. Commercial marine insurance needs to address the protection of the cargo and crew on board in addition to hull coverage. Despite improvements in packing and shipping, damaged cargo is a frequent liability claim faced by commercial ship owners. Marine insurance policies can provide coverage toward the value of damaged goodsin the event of a covered loss. Similar to personal marine insurance policies, commercial marine insurance policies provide coverage from much of the same water hazards, including fires, sinking, fuel spills, and grounding. Commercial marine insurance can help offset the cost of salvaging the boat or ship in the event something renders it inoperable.
Marine insurance is important for anyone who owns or operates a boat or ship. There are many hazards on the water, from weather to land hazards, and even a small mistake can have consequences. Marine insurance gives owners of a boat or shipa financial safety net and keeps them from being left footing the bill if the ship is damaged or destroyed. Shopping for marine insurance and finding the best insurance policy for your boat or ship can be a hassle, but using an independent insurance agent can save you time and money. Independent insurance agents are partnered with many insurance providers and can do the shipping while finding the best marine insurance policy for your water craft.
About Boardwalk Insurance: Boardwalk Insurance Group is licensed to write marine insurance and boat insurance policies in over half the United States and has many other insurance solutions available through its affiliated insurance providers. For More Details visit https://www.boardwalkinsurance.com
by: Mathew Hussey
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