What is marine insurance? That's what many people might ask. And in this article, we will take a look at the world of marine insurance and how it can help you protect your boat or your business against all types of damages. It's time to start thinking about marine insurance. But what is marine insurance, and why should you have it? Where can you find more information about buying and financing such a policy? And how does it really help protect you in case of an accident or damage on the water? This article will guide you through these questions and give you help in making your choice.
What is marine insurance?
Marine insurance is a form of insurance that protects
against loss or damage to your vessel and its cargo. It's also known as general
liability insurance, and provides coverage for bodily injury and property
damage (including other vessels) caused by your activities.
Marine insurance can be purchased by individuals, businesses
and associations. The coverage available varies by type of vessel, but
typically includes:
Comprehensive coverage – This provides comprehensive
protection for your vessel, cargo and crew against fire, theft and other
perils.
Liability – This provides coverage for bodily injury or
property damage to another person if you're at fault.
Collision – This provides coverage in case you hit another
vessel while underway. It also covers collision with dock walls or pilings when
docking at an anchorage.
How does it work?
Marine insurance is available to help protect you from the
financial consequences of damage or loss to your boat. It can be a useful tool
for protecting your assets, as well as your peace of mind.
How does it work?
Marine insurance covers you for losses arising from a wide
range of hazards that may affect the value of your boat. The types of insurance
cover available will depend on whether you own an insurable interest in a boat,
whether it is an un-insured vessel or just privately owned.
The type of marine insurance policy you'll need depends on
how much risk you want to take on with your investment and what level of cover
you require.
What does marine insurance cover?
Marine insurance can be a great way to protect your boat and
its contents. It provides coverage for loss or damage to your boat, as well as
any other property that's involved in an accident.
Most marine policies include:
Boat rental coverage: This pays for damages caused by a
covered person or company, such as a charter company or marina owner, when you
rent the boat from them. For example, if you rented a boat from the marina
where you live and someone slips and falls on the dock and damages it, this
would be covered under your marine insurance policy.
Excess Liability Coverage: This pays for any damages beyond
the limits of your boat insurance policy. If you have $100,000 worth of
liability coverage and someone slips and falls on the dock next door and
damages their house's roof — causing more than $100,000 worth of damage — then
this excess amount would be covered under your marine insurance policy.
Personal effects coverage: This covers personal belongings
that are inside your boat at the time it is damaged or destroyed (such as
clothing), along with other items that were left there by accident (like
tools).
How much does marine insurance cost?
Marine insurance is one of the most expensive types of
insurance. It protects your boat against damage and theft, but it may also
protect you from liability for legal action by others.
Marine insurance typically has a higher premium than other
types of coverage because it protects against so many things. If you have a
boat, it's likely that you're going to use it at least once or twice a year,
which means that you'll have to pay for an annual policy. If you have a fishing
boat, then there's even more risk involved because boats can get damaged or
stolen relatively easily depending on where they're located and who owns them.
A marine policy will cover everything from lost or damaged
equipment to lawsuits and other civil suits related to your boat. It will also
cover any claims made by passengers on board your vessel as well as any
third-party property damage or bodily injury claims made against you under
certain circumstances like collision or collisions with other boats while
driving recklessly in foggy weather conditions.
Who has to have it?
If you're a boat owner, you need to have marine insurance.
You should also be sure that your insurance policy covers all the risks of
owning a boat and use it properly, so you don't end up having to pay for other
people's messes.
Here are five reasons why it's important to have boat
insurance:
You could be sued for damages caused by your boat. If
someone is injured on your boat, you could be sued for damages.
Your boat could sink or catch fire and cause damage to other
boats or structures in a marina. This includes docks, piers and parking lots.
If a fire occurs on your boat, it could spread to another vessel or structure
in a marina.
Your family could be injured in an accident involving your
recreational watercraft (RWC). An RWC is any motorized device used for
recreation or sport that is propelled by an internal combustion engine powered
by fuel combusted within the engine. That includes jet skis, wakeboards,
personal watercraft (PWC), sailboats and more.
A person with whom you share ownership of an RWC may lose
control of the RWC during an auto accident and injure others who were riding
with them at the time of impact
What is not covered?
The insurance that is covered by your state's requirements
and the coverage you purchase will vary. However, there are many ways your
policy can be affected by a marine insurance claim.
What's not covered?
The type of coverage you need depends on your specific
needs. For example, if you are boating in a high-risk environment, such as the
Gulf of Mexico or the Atlantic Ocean, you may want to purchase additional
marine insurance.
The following items and services are not covered under most
marine policies:
Personal injury claims
Property damage claims
Loss of use or pleasure of use of your boat
Boat rental charges, storage fees and hire charges unless
included in the policy (if included, these will be handled through the rental
company)
Legal costs for your defense against an opposing party's
claim (exceptions may apply)
Conclusion
Marine insurance is a niche market, and one worth exploring
carefully if you own a boat or other marine-based property. You don't want to
find yourself stuck in a sticky situation if your boat sinks on a weekend
getaway, but you also want to avoid overspending unnecessarily when you can
easily get the protection you need for much cheaper than your current insurance
firm. That's why it's so important that you educate yourself on the basics of
marine insurance before diving in.
You may like to read: 5 Tips for The Best Accident Insurance
0 Comments