We live in a world that appears to need insurance for everything but in all probability the oldest sort of cover is that surrounding sea going vessels or yacht insurance. All marine watercraft as quoted by the marine Insurance Act must have insurance before they are allowed to sail.
Yacht insurance policies, just like automobile insurance come with an excess except the excess for a yacht is normally quite a substantial sum which is done in order to discourage small claims which is often the case with cars. Therefore the only real difference between the cover for a boat and that for auto is the overall amount of protection involved.
Standard boat insurance is a legal requirement in most US States and should be something that is done as soon as a individual acquires the boat. Strangely, in the eyes of the marine Industry, a houseboat is in the same category as pleasure boats like sailing boats, jet boats and cabin cruises. A speedboat for instance, is capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance underwriter that comes with a speedboat compared to a fishing yacht.
Actual Cash Value yacht insurance policies cover the cost of the vessel replacement less any depreciation form the time of the boats loss whereas most yacht insurance policies will pay for the replacement of the craft, the engine as well as the trailer.
If you require insurance to cover for additional situations like emergency services to your vessel, repairs, boat trailer and wreck removal for instance then it is possible to take out an Ex Gratia Insurance cover. Partial damage repairs on the other hand are calculated by working out the full charge to restore the yacht less deductibles.
A better boat insurance policy is the Agreed Value policy which is where both the vessel owner and the insurance company agree on a value for the boat and should it be written off, then this amount is paid out in full. This sort of policy also takes into account that old items have devalued and have less value but are still replaced with new ones. The majority of agreed amount value yacht insurance policies necessitate actual cash value on specific destroyed assets like sails, protective covers, batteries, dinghies, trailers and aged outboard motors, lower drive units etc.
Most yacht insurance policies can be broken down into two main areas: value of the possessions lost or damaged and that of liability. Liability insurance is there to cover against claims by another person that the insured vessel caused damage or injury to a third party.
At an early stage it is worth trying to employ the services of an insurance agent who has experience and a reputation for locating the best boat insurance and settlements for his customers. Make sure your plan also has provisions for lawful protection, in case one is charged for something that is guarded under the yacht insurance.
Yacht insurance policies, just like automobile insurance come with an excess except the excess for a yacht is normally quite a substantial sum which is done in order to discourage small claims which is often the case with cars. Therefore the only real difference between the cover for a boat and that for auto is the overall amount of protection involved.
Standard boat insurance is a legal requirement in most US States and should be something that is done as soon as a individual acquires the boat. Strangely, in the eyes of the marine Industry, a houseboat is in the same category as pleasure boats like sailing boats, jet boats and cabin cruises. A speedboat for instance, is capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance underwriter that comes with a speedboat compared to a fishing yacht.
Actual Cash Value yacht insurance policies cover the cost of the vessel replacement less any depreciation form the time of the boats loss whereas most yacht insurance policies will pay for the replacement of the craft, the engine as well as the trailer.
If you require insurance to cover for additional situations like emergency services to your vessel, repairs, boat trailer and wreck removal for instance then it is possible to take out an Ex Gratia Insurance cover. Partial damage repairs on the other hand are calculated by working out the full charge to restore the yacht less deductibles.
A better boat insurance policy is the Agreed Value policy which is where both the vessel owner and the insurance company agree on a value for the boat and should it be written off, then this amount is paid out in full. This sort of policy also takes into account that old items have devalued and have less value but are still replaced with new ones. The majority of agreed amount value yacht insurance policies necessitate actual cash value on specific destroyed assets like sails, protective covers, batteries, dinghies, trailers and aged outboard motors, lower drive units etc.
Most yacht insurance policies can be broken down into two main areas: value of the possessions lost or damaged and that of liability. Liability insurance is there to cover against claims by another person that the insured vessel caused damage or injury to a third party.
At an early stage it is worth trying to employ the services of an insurance agent who has experience and a reputation for locating the best boat insurance and settlements for his customers. Make sure your plan also has provisions for lawful protection, in case one is charged for something that is guarded under the yacht insurance.
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