Sailing into the distant blue has the positive effect that the wind blows away the hardships and worries of life. But before you set off on your attractive boat, take five days to reflect on the legitimacy of these questions. Do you have transport or boat insurance? Even if the answer is yes at this point, are you confident that your insurance needs will be met?
Transport insurance groups ships according to certain dimensions. "boats" They are described as being between 16 feet and 25 feet 11 inches in length. Below that size they are then cataloged as small boats, namely dinghies, personal watercraft, etc. If your boat is 26 feet or more, you will most likely need insurance from an expert. Now let’s look at some special features that apply to regular boat insurance.
Insurance coverage for bodily injury
The insurance company will reimburse you for the replacement or repair of your boat due to: boating accident, vandalism, fire, burglary, lightning, hurricanes or tornadoes. This policy covers the watercraft itself, its power train or outboard motor and your trailer. Typically, the following items are excluded from dinghy insurance as they are not considered part of the operation of your boat: clothing, video or camera equipment, valuable jewelry or costume jewelry, cell phones, beverages and food, scuba gear, and portable electronics such as televisions, hi-fi devices or laptops. You may find that they are included in your normal home insurance coverage, or you may apply for separate coverage for some of them.
Tip: I know it’s tedious, but always read the fine print below. Then you will see what limitations have been placed on your protection. Can your boat be stored at your home? Otherwise, should the boat be at your vacation spot? Where does the protection begin and end on the waters that you can use? Some policies explicitly state the assumptions and limit the use of your vehicle.
Individual liability insurance
We hope you never have to find out how important this coverage is. Typical marine boat insurance coverage here is over $3 million and can indemnify you if a collision occurs and your boat is held responsible for damage to another property, boat or injury.
Uninsured Boat Protection
This is known as transport insurance and is equivalent to uninsured road vehicle insurance coverage. For example, if the boat owner who damages your boat is out of insurance or, even worse, doesn’t have the money, repairs to your boat will still be paid for.
Health insurance coverage for passengers
This insurance coverage covers the medical expenses of everyone carried on your boat. You will find that there is generally an additional provision in your policy governing the number of people that can be on board at one time – make sure you do not bring more as this will void the insurance.
Assistance and towing protection
This component of your coverage compensates you for the costs incurred if you need to call emergency services. You may experience engine failure or another mechanical failure, or you may damage your boat on rocks and have to be towed back to the dock.
What is the basis for all of this? Be insurance conscious before the start of your boating season. Take the time to familiarize yourself with the practice and understanding so you can easily make the right insurance option, terms, and coverage that your boat insurance should include. Then you can head out into the blue, knowing you’re fully prepared for any scenario.
For your boating pleasure!
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