If new to owning a boat, you might be hoping that an existing homeowner's insurance plan will feature an extension for boat coverage. Sadly, this is not the case in most instances. A minimal amount of coverage might exist for small-sized boats, often the paddle powered boats with no engine, a very small dinghy or sailboat for instance. In most cases, taking out a specialized boat owner's insurance plan is a necessity to guarantee the right level of protection is in place for all-risks at sea, on the road, or on moorings.
Boat insurance (also referred to as marine insurance) covers a wide variety of watercrafts, such as the Jon boats, ski boats, center consoles, pontoon boats, houseboats, bass boats, deck boats, cruisers, and personal watercraft (PWC). Boat coverage includes physical damage to a vessel should it strike another object or run aground, damage to a third parties property - inflicting damage on other boats or dock structures for instance, as well as body injury to passengers on board or elsewhere.
An all-risks or comprehensive insurance plan offers the highest level of coverage, with such benefits as fire, theft, and vandalism protection. Cover for items of a personal nature, such as fishing gear or similar items used most in conjunction with the boat, protection against un-insured boaters, and even marine assistance for those occasions where a tow back to 'home' moorings is required.
One important factor to note with marine insurance policies is the method claims are dealt with in the event of loss. A preferred choice is those policies written with an 'agreed value' statement - this means that the insurable values are agreed at the time of the initial quotation. If unfortunate to suffer a total loss, the agreed value, as noted on the insurance schedule, is the amount paid out for a claim. Other options include the 'actual cash value' policies, and for those insurance schemes, claims are calculated on the market value of craft at the time of the incident, which can make a huge difference in claim payouts.
Also, make certain that the policy offers the flexibility to adjust the insurance as and when required. Flexible navigational limits are often desired, a cruising range often includes local coastal and inland waters, with the option to extend the navigation limits for a one-off trip. Also, look for such features as a reduced deductible for the small-itemized items, such as the tender dinghy, outboard motor, electronics, life raft, road trailer, etc. The ability to extend the insurance for occasion charters or racing events might also be desirable.
It is possible to purchase an all-risks or liability only plan from a variety of general or specialized insurance companies, with the extent of coverage, premiums, and benefits varying greatly with each provider, so be certain to shop around to find the most beneficial coverage to suit a boat owners personal circumstances.
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