Archive for the ‘Boat Insurance’ Category

3 Reasons To Get Yacht Insurance Coverage

Like all marine vessels, yachts present a unique set of issues which owners and renters face each time they go out on the water. In order to ensure peace of mind, yacht coverage can be tailored to fit your specific needs and allow you to focus on your marine adventures rather than stress about the fallout of potential accidents.

1. It Covers Injuries

Yachts, like other vessels, present the inherent risk of accident and resulting injury. Certain policies protect both the person responsible for the accident, as well as the people or property who are damaged in the accident.

2. It Offers Functional Assistance

Sometimes, even the newest and best-maintained yachts run out of steam. If you ever find yourself stranded on the water, any assistance such as towing the boat or retrieving affected passengers will be covered by emergency yacht coverage policies.

3. It Protects the Environment

All vessels release emissions into the air or water, and yachts are no exception. Despite steps to reduce emissions, accidents and spills can release harmful chemicals into the body of water. Environmental policies cover the costs associated with cleaning up these spills as quickly and efficiently as possible.

No matter the size or function of your yacht, having specialized policies in place affords you, your family, and your crew the opportunity to make the most of your aquatic adventures.

3 Reasons Why You Need Boat Insurance

Boat Insurance

Unlike on-road vehicles, in most states, boat insurance is not required. However, your bank or marina may expect boat insurance beyond a typical homeowners’ policy. To avoid unexpected losses often associated with having a watercraft, here are three reasons why you need boat insurance.

1. Offset Litigation Costs

Properly insuring your boat may protect you from liability claims that could arise due to unexpected injury or damage. Many boat insurance policies pay for legal damages incurred during a suit and provide a defense attorney to represent you.

2. Investment Protection

Generally, purchasing a boat costs thousands, and protecting your investment from unforeseen losses is crucial. Often all-risk policies with consequential coverage protect your watercraft by allowing a boat insurance claim covering damage associated with storms, fires or vandalism.

3. On-water Storage

While not all marinas require boat insurance, most need proof of coverage before they’ll accept a contract to house your boat. Additionally,  some marinas will want to be listed on your policy before they lease a slip or mooring.

Even if your watercraft may be aging and not worth as much, it’s still a good idea to purchase insurance coverage. You can buy a flexible policy that fits your needs and avoid even higher costs that could arise due to collision, damage or injury.