When It Comes to Watercraft, Oil and Water Don't Mix - Are You Covered?

If you're a boat owner, there's a chance you may have overlooked obtaining the right boat or watercraft insurance policy. Perhaps you've been under the impression that your homeowner's policy covered your boat as well. The truth is that some homeowner's policies may provide limited boat liability insurance coverage, with the determining factor being usually the power of the boat motor. It's best to check your policy carefully and discuss your specific situation with your insurance agent.

Now's a good time to make sure you have appropriate coverage. And if you do have a boat or watercraft policy what exactly is being covered? There are different coverage options for boat owners to insure that their boat and its passengers are protected. These options include physical property damage, watercraft liability, medical payments, fuel/oil liability, uninsured watercraft, boat equipment, and emergency services.

The environmental disaster of the oil spill in the Gulf of Mexico comes to mind, and boat owners have shown concern about coverage for unforeseen circumstances. An oil spill from your boat could have a serious financial impact if you are personally responsible to pay for the clean-up. This type of occurrence is usually covered by the watercraft liability coverage on the boat owner policy. However, some policies do have separate limits that are specific to fuel oil liability.

Keep in mind that a personal umbrella liability policy, which provides an extra cushion beyond normal liability limits, does not extend to a fuel spill liability. Therefore, it's very important to carry $500K or $1MM in fuel spill coverage on the boat policy to make sure you're protected.

Boat owners may also neglect to take other operators into account when purchasing their policy. If you borrow someone else's boat, make sure your policy covers your liability on that boat, including fuel spills, which would be outlined under non-owned boat liability coverage. Although some boat policies will cover any "permissive operators" who drive the boat with permission, some boat insurance policies may provide coverage only to those operators listed on the policy. In addition, if someone operates your boat and causes a serious accident, they may be covered as a "permissive driver," but be careful because your policy may only cover those individuals specifically listed on your boat policy as operators. And this is a case where a personal umbrella liability policy could come in handy. While this policy would cover your liability exposure in operating someone else's boat, there are underlying limits that will likely leave you with a gap of $100,000 or more.

But here's the good news! There are a number of discounts that could help you save on boat insurance. These discounts might include policies on a new boat and diesel engines. You might also be eligible for a multi-policy discount on your boat and auto insurance. And remember that you may be able to earn discounts for successfully completing certain boat education courses.

Talk to your local insurance agent for more information. Safe boating!

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Why Boat Insurance Is A Necessity

Boat insurance is necessary for all boat owners who live on or really value their boats. If it is something that you feel you must replace then you need to insure it. If you live on your boat it is absolutely necessary that it be insured. Who would want to lose their home?

Also most boats are financed in the beginning. The lending company will insist on insurance in those cases just as they would with a house or a car. This is not unreasonable; they have as much to lose in the financial sense as you do if anything happens to the boat.

Some areas are more dangerous than others for boaters. While some of those areas are famous or infamous 'the Bermuda Triangle' and the Dardanelles others are less well known but can be just as dangerous.

Cape Disappointment in Washington State is one of the most dangerous areas on the seas when the conditions are right (or wrong). You need to be just as prepared when you off the Pacific coast of Washington and have your boat insurance in order as you do when you are sailing from Bermuda to Florida.

While I contemplate the last half of my life; (I am getting close to that turning point) I must make some decisions as to what I want to do with my leisure years. I have many thoughts in mind but one of those options that keep coming to mind is sailing the world.

All of us need to plan for what we want. If I choose to go sailing I will need several things of those things that I will need if I do choose a boat insurance is the top of that list. I might wind up in a cabin by the woods or on a beach in the South Pacific, I am by nature a solitary person.

If that is the case I will happily spend my time sipping iced tea and spoiling my grandchildren. If I am on a boat I think I will see the Sargasso Sea and sail around the world and across the equator.

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A-Z About Catamaran Insurance

Catamarans are a relatively new kind of boats that are being used for leisure or sports sailing. Since their introduction into sports sailing and leisure use they have become an instant success. This is mainly attributed to their unique and interesting design. Catamaran design was basically being used by fishermen from a south Indian state known as Tamil Nadu. Since it has been copied and modified by western boat designers the catamaran has proved to be a highly stable boat which can achieve great speeds even at rough seas. Catamaran is currently being powered either by sails or by a motor. Owning a catamaran is definitely a unique and highly rewarding investment. It allows you and your family to cruise along the sea side without having to worry about the instability or about the rough sea. However before you consider setting sail in your brand new catamaran, you need to decide on which catamaran insurance you are planning to buy.

Buying catamaran insurance provides you with a financial coverage for your newly purchased catamaran. Having a financial cover for your newly invented property means having peace of mind whenever you are out sailing. You do not have to sit and worry what if your catamaran is damaged, or what if it catches fire. Since you have purchased an insurance policy you actually get o sit back and enjoy your time when you go cruising out in the sea. If you plan to rent your boat or start charter business it is essential to have insurance, without this you will not be allowed t rent or charter your boat.

Now that we know how important it is to buy catamaran insurance, let's see the various types of insurance policies available for the catamaran. The basic policy which you need to purchase is the accident or the damage insurance policy. As the name indicates the policy provides you with financial cover in case your boat is damaged or meets with an accident. Now there are many varieties of policies under this insurance. One policy provides you financial cover only if you were involved in the accident while the other type, generally known as the second person cover, allows you to claim the insurance money even when the boat is damaged by an accident irrespective of you being there or not.

The next important policy is fire damage insurance policy. In an unfortunate event of a fire that will damage your boat extensively, the policy provides you with the required financial cover for the repair of the boat.

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Boat Insurance - The Key Factors That Determine Your Quote!

This marine insurance article reviews the key price calculation factors that will ultimately determine the boat insurance quotation for inland waterways vessels. Whether you own a dutch barge, narrowboat, houseboat or other type of barge in insurance terms the vast majority of boat insurance companies will categorise them as the same. The reason for this is perhaps partly due to simplicity (there are already too many boat types the boat insurance companies have to create and maintain premium calculation rules for!), but actually the key reason is because the inherent risk of a claim between these categories is very similar. Luckily if you own a barge this immediately guarantees you lower rates of insurance levy, with fast powerboats/ yachts attracting the highest levies for obvious reasons (greater speed = greater claims!). Regardless of boat insurance category however all good boat insurance companies will firstly offer you the option of either comprehensive or third party only insurance. As you might guess this option is actually the single biggest criteria in determining your insurance cost as you are effectively stating whether the insurer must pay a claim on one or two vessels in the event of an incident and you are found at fault. Third party insurances are usually calculated as a fixed price, but assuming you select comprehensive insurance, the second key factor determining the price of any boat insurance quote is inevitably the total value of your vessel. Insurance companies literally take the value of the vessel (plus an additional quoted items you state for coverage e.g. generator, ouboard) and multiply it by a specific percentage rate (i.e. vessel value x 0.#%). When it comes to inland waterways insurance the rate applied is normally fairly static however the rate can be on a sliding scale (i.e. reducing gradually for higher valued boats) but also age may well be classed as a factor (i.e. as boats age the probability of hull disrepair increases the likelihood of accidental sinking). The third key factor that will affect your quote will be (similar to most insurance types), years no claims bonus. Most insurers provide 5 years but some do provide 6 years. For each and every year without a claim a percentage will be knocked off your final insurance cost up to the maximum number of years. The remaining factors determining your insurance cost are often then optional. Clearly taking up additional optional items incurs a cost (or risk) for the insurer and as a result inevitably affects the price;

Breakdown cover (usually a fixed price) Contents cover (depends on the type and value of contents being covered & normally requires direct contact with insurance staff) No claims bonus protection (when available at a small percentage rate)

Finally there are also one or two other factors which may be taken into consideration (this all depends on individual insurers) which perhaps don't affect a majority but inevitably will affect some. For example, not having a mooring (roaming boats are of greater risk to insurers due to increased movement) or requirement for access to tidal areas e.g. on the River Severn near Gloucester, UK for instance. Somewhat surprisingly whilst most insurers will stipulate an age of 18 or over, thereafter age is not a factor upon boat insurance cost. Those over 70 however may find exemptions from personal injury claims.

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Boat Insurance Costs - Three Things You Should Do Even BEFORE You Buy The Boat!

The costs of boat insurance can be extremely high. In itself this is not surprising, because the cost to buy a boat has always been high, and has been increasing over the years as the costs for shipping yards to build boats has gone up.

However, if you consider some of the following factors then you will get a better idea about how the insurance companies price up boat insurance, and what is involved in the process.

These are steps that you should carry out even before you buy the boat, because they can really help to clarify in your mind how much boat insurance will cost you, and how much it is going to impact on your budget.

1. Start Planning BEFORE You Buy The Boat - It is a good idea to do some online boat quotes for any potential boat that you are considering buying, BEFORE you actually buy it. In that way you can get a clearer idea about what the future costs of the insurance may be, and whether or not you will be able to afford it.

2. Use Your Common Sense - You KNOW that a 50 foot yacht is going to cost more than a small sailing boat, so make sure that the cost of any insurance is factored into any cost price for the boat. Remember, this is more than likely an expense that you will have to meet EVERY year, and so a rough idea of what it will be is important in terms of overall cost implications.

3. Get Clear About Your Usage Patterns - Here are some questions to ask yourself about your prospective boat purchase:

- Where do you plan on using your boat? In the ocean? On a lake? In a canal?

- How old a boat were you planning on buying?

- How big a boat did you want? Are you flexible on the size?

- How experienced are you as an operator?

- Will you need to hire crew?

- Is the area you plan on using the boat prone to storms? If it is then your premiums will be more expensive.

If you consider these questions before you buy the boat, then you will have a much clearer idea about how much the whole boating experience may end up costing you.

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Why it is Important to Get Jet Ski Insurance

It is always an excellent idea to go for jet ski insurance to cover possible future damages and injuries that may occur as a result of this exciting but risky sport. This type of insurance is useful for both experienced as well as first time jet skiers. Such an insurance cover will ensure that you have financial security for any unforeseen events that may arise from such a sport.

This type of insurance is not just necessary for covering damages to the equipment but also for covering possible injuries. The coverage for physical injuries can provide financial protection for both riders as well as possible third parties.

Jet ski enthusiasts know how enjoyable it can be to spend a fun-filled day riding on the waters. Those who are experienced realize the value of taking care of their equipment as well as themselves from future injury. However, irrespective of how careful we may be and the number of precautions we may take, we can never be sure of future events. This is where jet ski insurance comes in immensely handy and a great way to ensure financial security not just for the equipment but also for future medical bills.

Many times owners of jet ski equipment fail to recognize the importance of insurance. There is a misconception that insuring such a small equipment makes no sense. Most people look at insuring bigger assets such as cars and homes. However, what most of us fail to notice is the heavy cost of buying another new watercraft. Most of us tend to ignore the future and continue to use our assets as if there was no tomorrow. Your jet ski equipment is one of your valuable assets, and even if it is small in size, you do need to go for a suitable jet ski insurance.

The incredible speed at which you can go on a jet ski does leave you gasping for breath and wanting more. Covering for possible damages to your watercraft will make certain that you have enough financial security for future events. None of us would like to be victims of an unfortunate accident, however the saying, it is better to be safe than sorry, holds true in such a case. Statistics reveal that the number of jet ski accidents is ever on the rise and that also includes physical injuries. While operating a watercraft may seem like a very easy task, the truth is that it is indeed a highly risky adventure, and such risk always calls for a good insurance cover.

Getting the right jet ski insurance will safeguard your future finances and cover for all probable medical expenses. You may easily recover from an accident but your finances may dwindle from the heavy medical bills.

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