Although not it is normally regarded by the general public, yacht insurance is more than likely the oldest type of insurance in the world. All marine vessels are obligated to be insured against a number of events and it is against. The marine Insurance Act if they are not.
Yacht insurance policies, just like automobile insurance come with an excess except the excess for a yacht is normally quite a substantial sum which is done in order to discourage small claims which is often the case with cars. Therefore the only real difference between the cover for a boat and that for auto is the overall amount of protection involved.
Standard boat insurance is a legal requirement in most US States and should be something that is done as soon as a individual acquires the boat. Strangely, in the eyes of the marine Industry, a houseboat is in the same category as pleasure boats like sailing boats, jet boats and cabin cruises. A speedboat for instance, is capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance underwriter that comes with a speedboat compared to a fishing yacht.
Actual Cash Value boat insurance policies cover the cost of the boat replacement less any wear and tear form the time of the boats loss whereas most yacht insurance policies will pay for the replacement of the craft, the engine as well as the trailer. When the craft is a complete insurance right-off then the second hand value of the boat is used to estimate its market value.
If you require insurance to cover for additional situations like emergency services to your boat, repairs, yacht trailer and wreck removal for instance then it is possible to take out an Ex Gratia Insurance cover. Whereas partial damage costs are worked out by calculating the entire charge of the restoration less any deductible items.
A better boat insurance policy is the Agreed Value policy which is where both the vessel owner and the insurance company agree on a value for the boat and should it be written off, then this amount is paid out in full. This sort of policy also takes into account that old items have devalued and have less value but are still replaced with new ones. The majority of agreed amount value yacht insurance policies necessitate actual cash value on specific destroyed assets like sails, protective covers, batteries, dinghies, trailers and aged outboard motors, lower drive units etc.
The two chief aspects of boat insurance are legal obligation, or security and insurance or property loss. The liability section covers the owner against claims by a third party if any damage is caused to that individual or his property by the insured vessel.
At an early stage it is worth trying to employ the services of an insurance broker who has experience and a reputation for locating the best boat insurance and settlements for his clients. Equally important when looking for a policy is to have one with good legal backup should it be necessary as a liability claim that is covered under the boat insurance policy be brought against you.
Yacht insurance policies, just like automobile insurance come with an excess except the excess for a yacht is normally quite a substantial sum which is done in order to discourage small claims which is often the case with cars. Therefore the only real difference between the cover for a boat and that for auto is the overall amount of protection involved.
Standard boat insurance is a legal requirement in most US States and should be something that is done as soon as a individual acquires the boat. Strangely, in the eyes of the marine Industry, a houseboat is in the same category as pleasure boats like sailing boats, jet boats and cabin cruises. A speedboat for instance, is capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance underwriter that comes with a speedboat compared to a fishing yacht.
Actual Cash Value boat insurance policies cover the cost of the boat replacement less any wear and tear form the time of the boats loss whereas most yacht insurance policies will pay for the replacement of the craft, the engine as well as the trailer. When the craft is a complete insurance right-off then the second hand value of the boat is used to estimate its market value.
If you require insurance to cover for additional situations like emergency services to your boat, repairs, yacht trailer and wreck removal for instance then it is possible to take out an Ex Gratia Insurance cover. Whereas partial damage costs are worked out by calculating the entire charge of the restoration less any deductible items.
A better boat insurance policy is the Agreed Value policy which is where both the vessel owner and the insurance company agree on a value for the boat and should it be written off, then this amount is paid out in full. This sort of policy also takes into account that old items have devalued and have less value but are still replaced with new ones. The majority of agreed amount value yacht insurance policies necessitate actual cash value on specific destroyed assets like sails, protective covers, batteries, dinghies, trailers and aged outboard motors, lower drive units etc.
The two chief aspects of boat insurance are legal obligation, or security and insurance or property loss. The liability section covers the owner against claims by a third party if any damage is caused to that individual or his property by the insured vessel.
At an early stage it is worth trying to employ the services of an insurance broker who has experience and a reputation for locating the best boat insurance and settlements for his clients. Equally important when looking for a policy is to have one with good legal backup should it be necessary as a liability claim that is covered under the boat insurance policy be brought against you.
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