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04 Jun Marine Insurance for Boats and Houseboats
Marine Insurance for Boats and Houseboats
Boats are a big investment and you want to insure that investment against physical damage. The laws on boat insurance vary from state to state but many marinas will not let you dock if your boat is not insured. Read on for four more tips about boat insurance.
What kind of boats are we talking about?
Boats come in different sizes and classifications for insurance purposes. You can buy boat insurance for all types, including:
- Boats smaller than yachts and houseboats are small boats. Small boats are the ones most commonly insured.
- Yachts are in a class by themselves and owners want to insure them against theft and damage. Yacht policies also cover the captain, crew, and passengers. Depending on the size of the yacht, amenities may include a full galley, swimming pools, scuba gear and jet skis. A yacht policy will cover all amenities from damage or theft.
- Houseboats. We speak houseboat coverage from winter lay-up to navigation limits and marine surveys and all the questions in-between.
Just like any policy covering buildings, there are different types of coverage available:
- All-risk coverage – provides coverage for damage to the boat and trailer for almost any cause, such as fire, collision with another boat or object hidden in the water, damage from storms (hail, wind, etc.), theft, and other perils.
- Named perils coverage – only provides coverage against damage from certain causes named in the policy. The policy terms also contain the coverage limitations specifically spelled out. This kind of coverage sometimes means the policy will not reimburse for damages from uncommon causes.
- Agreed Cash Value coverage – Before you buy the policy, you and the insurer agree on the cash value they will pay to you if accidental damage to the boat is not repairable. The value agreed upon will not depreciate over time.
- Actual Cash Value – Under this payout, if the damage is not repairable, the policy pays whatever the value of the boat is at the time of the damage. The premium for this type of coverage usually saves you money because the boat value is subject to depreciation, unlike Agreed Cash Value coverage.
Many insurance companies sell boat insurance. Some specialize in boat and marine coverage. We work with many companies and do our best to match your needs to the company that can best meet those needs.
To talk more about boat insurance, or anything else, please contact us. We quote unconventional and extreme risks. We’re not spooked by poor claims records. We look forward to helping you protect your boat investment.