Marine Liability Insurance Making Sure to Insure Your Boat
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Marine Insurance
Piracy against shipping is probably as old as maritime navigation and trade.
Like international trade, piracy has developed along with the expansion of commerce and transportation.
The recent seizure by pirates of the Saudi owned super tanker “Sirius Star” and its reported $100 million of crude oil cargo has highlighted the huge impact a few armed individuals in small boats can inflict on international trade.
This bulletin gives a brief overview of the current problem and likely coverage options for Hull and Cargo risks.
Introduction
The increasing incidents and boldness of pirate attacks in the Gulf of Yemen and around the ‘Horn of Africa’ recently has seen increased alarm and an international effort to try to secure the busy waterways leading to/from the Suez Canal.
Nigeria and Indonesia continue to feature heavily on Piracy Reporting Centre statistics and highlight the broad geographic spread of the problem.
Generally speaking the term Piracy is given to incidents of armed attack and burglary against ships. Kidnap of the crew and ransom demands are common, and in some cases an attack will result in the complete loss of the vessel.
Uninsured coverage
Uninsured boat insurance coverage is identical to the uninsured auto insurance coverage. When you happen to collide or meet with accident with some other boat and that happens to posses an expired insurance or without insurance, the repair on your boat will be covered through this coverage.
Medical coverage
The medical coverage does not include a huge amount. Generally, it ranges from four hundred to ten thousand dollars.
Here’s what to look for in an insurance policy for your Collector Boat:
• Year Around Coverage – Many Southern boaters cruise year-round. Look for coverage that does not require a “lay-up” period.
• Agreed Value – Physical damage coverage amount that YOU set, not set by the insurance company.
• Wreck Removal – If your boat sinks, this coverage pays for recovery.
• Towing and Assistance – just like towing for your car.
• Personal Property coverage – for skis, life jackets, etc.
• Pollution Liability – This is very important coverage if you spill oil or gasoline into a waterway. Cleanup could run into many thousands.
• After-market and Electronics Equipment – some policies don’t cover aftermarket parts. Make sure yours does.
• Hurricane protection.
• Transport trailer coverage – If you’re hauling your boat on a trailer behind your vehicle, the trailer needs coverage. Instead of buying a separate policy for the trailer, put the coverage on this policy as a rider and save money.
• Collision Coverage and Other than Collision (OTC) Coverage – this coverage takes care of your classic boat if you run into something. OTC covers things like fire, smoke, windstorm, theft, lightning, hail, animals and vandalism.
• Increased limits on Liability – Carry at least the same liability limits on the boat policy as you have on your auto policy. Also look for “Liability Only” coverage if you do not wish to buy Collision or Comprehensive coverage.
• Uninsured watercraft – pays you if you have an accident with an uninsured watercraft owned or operated by another person.
• Medical Payments – this is usually “good neighbor” insurance for injuries to others.
• Broad Eligibility – some insurance companies exclude certain models or types of boats.
• “Restoration” coverage – whether you’re restoring the craft yourself or using a professional facility, make sure you’re covered in case of fire or theft with a Port Risk policy that can be incrementally increased as the project progresses.
Moreover, the insurance authorities declare other features like 24/7 claim service, Emergency Towing and Labor as well as Total Loss Replacement which are specially designed to assist the boat owners.
Before proceeding to an agent, make a thorough search online for the progressive boat insurance quotes and then decide your company and agent. You can directly get the offers of the companies. The assistance on insurance is available with the National Boat Owners Association.
If you are a member in the association, you can easily get the informative data on Boat insurance. You need to evaluate the various coverage mentioned above with the companies as well as the cost of the premium you pay should be lesser. Read all the contents of your insurance papers, before you sign into contract You can be published without charge. You can to republish this article in your website or blog. Please provide links Active.
Posted by Carlos Sagastume on September 20, 2010. Filed under HUD Homes.
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