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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How To Choose A Good Marine Insurance

Before actually purchasing your new boat, check out the different types of boat marine insurance as marine insurance varies depending on the type of boat you are purchasing and different companies have bonuses and rewards that may not apply to all types of boats. The price of the many different types of boats available today will also have an effect on the type of policy and terms and conditions available to you.

Choose at least 3 reputable marine insurance companies to check out all relevant details for your boat.

Be sure to read fine print of each policy - you don't want any surprises in the event you need to make a claim.

To get a competitive price for your marine insurance quote ask at least 3 well known companies for a quote.

Check no claim bonus and if there is full cover on and off the water, also if boat excess is waived if your boat and car are both damaged and both insured with the one company.

You would want flexible payment options including monthly payments. Access to 24/7 Helpline assistant service would be important also and check the 24/7 claims service is paperless, making claims quicker and easier to finalise.

you need to check out every detail on the type of marine policy you choose as they are all worded differently depending on type of boat, sleeping capacity, number on board at any one time, facilities available, modifications, safety equipment and procedures etc.

It is important you choose the correct one to suit your vessel to make sure you are covered for absolutely any emergency when moored or at sea and check you have all the necessary equipment on board and policies are paid up and everything is in place before venturing out to sea.

if you are buying a second hand vessel it is advisable to have an expert go over the boat to ensure everything is in top shape before you hand over any money and make sure your marine insurance company is aware of all the details of sale and condition of the boat or the boat marine insurance may be invalid, which may possibly involve a lengthy and costly refit to ensure the vehicle meets strict marine insurance regulations.

You should also seek advice on upkeep of vessel if you are not entirely sure of these things yourself and all areas internal and external and the bottom of the boat need to be checked regularly to make sure there are problems inside or out.

Maintain your boat in the correct way and you will have many years of trouble free sailing for all your friends and family to enjoy.

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All About Laser Insurance

Laser class sail boat is probably the most famous sailing boat amongst sailing fans. It is a small sailing dinghy which can be sailed by either one or two people. This boat was basically designed specifically to carry it on the top of cars when people go out for weekend camping. With slight modifications the laser boat became the most loved sailing boat ever. The reason why laser boats become more successful than any other sailing boats was because of the ease with which the boat could be handled even by a beginner and also the surprisingly low prices for this kind of sailing boats. As the popularity of laser sailing increased the manufactures of laser boats began making some serious modifications so that it can be used in official races. Soon enough the Laser boat sailing was incorporated into Olympics in the year 1996.

If you are interested in buying a laser sailing boat for yourself or you already own this type of boat, then you need to consider buying laser insurance for your water craft. You need to understand that even though the initial investment is less compared to other water craft you still need to take care of the capital you have invested. Purchasing laser insurance provides you with financial cover allowing you to enjoy the fun of sailing without having to worry about anything.

The basic insurance policy for this type of water craft is relatively similar to the policies covering any other type of water craft. The most basic policy is the physical damage and accident cover policy, which covers for the expenses towards repair if your boat meets with an accident or has been vandalized. The second type of policy is the fire protection policy, which covers the financial expenses towards restoring your sail boat if it were damaged by any fire accident. The third one is the liability policy which protects you if you were to be sued by any other people due to an accident or damage caused by your boat.

When you are buying laser insurance policy you should know there are several ways on how you can get yourself a very low quote on your policy. The first trick is to show that you park your sail boat in a safe place like a garage or a boat house when not in use. This will attract low quotes on anti theft policy. The second trick is to show that the person using the boat has some sort of experience or qualification in the form of a sailing certificate or championship participation certificate. This allows you to get a low quote on accident or damage insurance policy.

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What You Get With a Boat Insurance Policy

Is your boat or personal watercraft insured through your homeowner's policy? Even if it is-and that's not always a guarantee-you may be surprised at some of the restrictive limits to that coverage and the potential expense you may incur if you fail to secure a separate boat insurance policy. In this article we will take a closer look at boat insurance, including some of the "grey areas" for boats in a standard homeowner's policy.

A Note about Homeowner's Insurance and Boats

Assuming that your boat or personal watercraft is completely insured through your homeowner's policy could be an expensive mistake. Some boats are simply too large and too expensive to be included in a standard homeowner's policy, while those boats that are covered may not be entirely protected. A boat insurance policy not only offers complete protection with full replacement value (with a homeowner's policy you are only eligible to collect what the boat is worth at the time of the claim, also known as "actual cash value"), these policies also give you the freedom to choose the options and specialized coverage that meet your individual needs.

What You Get with a Boat Insurance Policy

When looking into the perfect boat insurance, you can be as general or as specific as you like in your search. For instance, most of the larger insurance companies offer specialized packages based on the type of boat you own. Whether you're looking to insure a jet boat, sail boat, houseboat or just a personal watercraft, you're certain to find the right policy for you. Other options offered through boat insurance policies-options which won't be covered through your homeowner's insurance-include:

Roadside Assistance and Towing On-Water Towing-in case you get stranded out on the water Uninsured Boater's Coverage. Covers you if you collide with an uninsured boater. Fuel Spill Liability Coverage Wreckage Removal coverage Coverage for your personal effects and fishing equipment

The cost of a boat insurance policy will of course depend on the size, type and value of the boat or watercraft you want to insure, along with the particular state in which the boat is insured and the amount of the deductible. Many companies will usually give you a break on either the premiums you pay or the amount of the deductible after a specified period of safe boating with no claim activity.

Perhaps the best reason to buy boat insurance is one we touched on briefly above and that is the replacement costs should something happen to your boat. If you file a claim through your homeowner's policy, you can only expect to receive an amount equal to or less than what the boat is worth at the time of the claim. Since boats depreciate over time, this amount is usually inadequate to replace your boat, which leaves you out of the water indefinitely. With a boat insurance policy, on the other hand, you can expect to receive an amount that will completely replace your boat, regardless of what it was worth at the time of the claim, and have you back out on the water in no time at all.

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What Is The Best Boat Insurance Company?

There is no right answer when someone asks which boat insurance company is the best. There are so many choices available that it is hard to determine the very best. It really all depends on what the specific needs of the person wanting to insure the boat are.

Facing the facts, there are pros and cons about every insurance company that you will deal with. After all, insurance companies are in business to make money, not to pay it out. This means that they will do anything in their power to not have to pay for claims, as this is the way they make money. If they do happen to pay for a claim then they will raise the rates on your insurance to help cover the loss or they will simply cancel the policy, whichever best suits their needs. For an insurance company to cancel a policy they have most likely determined that the policy is too much of a risk to continue to prevent any further claims. Having a policy cancelled can make it difficult to get insurance elsewhere.

BoatU.S. has been insuring boats, and only boats, since they opened in the late 1960's. They are said to offer some of the lowest rates and best coverage depending on the craft covered. Their web site offers free instant quotes.

National Marine Underwriters is another strictly boat insurance company. They offer insurance in the 48 contiguous states with some limited territory extensions from time to time. In business since 1983, they offer lower rates and comprehensive coverage for all risk factors.

Progressive Boat, a division of Progressive Auto is one of the cheaper boat insurance companies but they are said to not offer nearly as many services and less comprehensive coverage. They do offer free online instant quotes and their staff is said to be one of the most knowledgeable and friendly groups in the business.

American Boating Association is also an option in the boat insurance world. They offer competitive rates that are comparable to Progressive Boat but they are a little shy in the services area. Free instant online quotes are available. Quotes are also available by telephone but it you should expect a long wait on the line. Their staff is professional and friendly.

To determine the best boat insurance for you then go to a site that offers multiple quotes from several different insurance companies. This will provide you with the best basic information about several companies at the same time which will save you time versus calling all the individual insurance companies.

Many sites offer guaranteed rates if you accept one of the quotes they provide but this is not a widely accepted practice. Keep in mind that insurance companies are not necessarily bound to a quote they provide. Insurance companies will want to verify all information provided to them before making a policy available for purchase. This is required to protect against insurance fraud, which is quite commonplace in this world sadly enough.

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Choosing Boat Insurance - How to Make it Plain Sailing

Owning a boat can prove to be expensive, with maintenance, mooring and registration fees part of the ongoing costs for boat owners like you. Then there's insurance. Unlike with cars, it's not a legal requirement to be insured but without it you may face a hefty bill for accidents and repairs, not to mention theft. What's more, without insurance you'll find many marinas will turn you away.

So, where do you start in the potential minefield of boat insurance? My tip would be to make a brief switch from sailing the waters to surfing the internet. Comparing quotes online is a lot easier these days, with dedicated sites that will do this for you, some even specializing in watercraft.

Due to the sheer number of companies who currently provide boat insurance, you'll probably find some fairly competitive quotes out there. Plus, if you're brand new to the boating world, you could consider doing one of the many novice courses available as this may reduce your quote even further.

Now on to the detail. What type of cover will you need? There are two main types that are worth considering:

1. Hull and Machinery (in the event of total-loss you will receive what the boat is worth)

2. Liability (this will cover injuries to anyone on board and at fault property damage)

To get more detailed, expert advice, check out specialist companies with a sound reputation, such as Admiral Boat Insurance. You'll find companies like this have a very helpful customer service team on the end of a phone and offer the peace of mind of a trusted high street brand, along with some very cost effective policies to choose from.

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Why is it Important To Have More Than One Boat Insurance Quote?

Boat insurance? Do you need one? The answer to this question is simple. Obviously, if you don't own a boat, then you won't be needing one. However, if you own a boat of your own or thinking of buying one, then having boat insurance is something you should not take lightly.

Boat insurance is necessary as it safeguards your boat against unwanted incidents from happening to it, such as fire and other hazards. Different types of boats have different types of insurance coverage.

Now that we know that insurance is very important, then how do you go about getting one? There are many insurance companies out there that offer boat insurance and in order to help you make an informed decision when it comes to this type of thing, you should try to get at least two to three different quotes from the many insurance companies for comparison.

Boat insurance can be very expensive and it is very wise if you find out which policies are available beforehand. The quotes have different types of coverage which can be found through an auto insurance company. For example, your insurance will depend on where you live and also the age of your boat.

In order to find the best boat insurance policy you need to determine the type of boat you own and what you plan on using it for. You could purchase boat insurance from brokers and dealers. However, before a policy is offered to you, you'd have to have your boat inspected first.

Usually, it takes a long time for you to get the quotes if you are doing it offline, usually a few days, and sometimes it could take weeks. However, doing it online takes less time, usually in a matter of one or two days and because of this, you're able to get different quotes from different boat insurance brokers. This might prove to be beneficial to you as now you're able to compare the different quotes.

To get online quotes, you should fill out a form provided to you on boat insurance websites. The form would require you to include the age of your boat and also the type of coverage you are looking for. This is very important as the quote will be based on what type of information you include inside the form. However, the information can be changed as you see fit.

To know how much having a boat will cost you so that you'll have an idea what the monthly cost is going to be like, you should include the insurance costs in your budget. Having a boat insurance quote before everything else will help you to plan your budget better.

Now that you know the advantages of having more than one boat insurance quote, you should know that it's important that you review them one by one to see if they meet your criteria. These quotes should include the terms of policy, coverage and premiums. Take note that certain policies only cover your boat under certain conditions and it will not be covered if you do not meet the conditions. Therefore, it is very important that the policy has all the coverage needed for your boat.

Older boats will not need that much coverage as new ones. That means if you are an owner of a new boat or a boat that is not too old, you should choose a boat insurance with a policy that offers more coverage.

Having said that, it does not mean that you should look for other quotes immediately. Instead, you can also ask them to add additional coverage if the quote is missing some coverage options or you can also cut some of the options should you decide to spend less on your boat insurance. However, before doing so, you should weigh all of the options in order to see how much coverage is needed for your boat.

If you think that nothing is going to happen to your boat, you'd better think again. If you are an owner, then you have to have insurance coverage for it. There's no question about it. With the power of the Internet you can have different quotes for you to choose from within a day or two. Once you have made up your mind, discuss with the boat insurance agent to determine the right coverage for you and your boat.

Not having boat insurance is like walking in the middle of the road, against traffic blind folded. Anything may happen. Go ahead, if you are a boat owner and have not had boat insurance yet, then log in to the Internet and start searching for your quotes now.

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2 Tips On Boat Insurance Rates

Repairs to any kind of boat can prove very expensive and that is why getting the right kind of insurance to cover such is important. However as you will soon discover when you carry out a search for the best possible boat insurance rates that they vary widely. So you need to spend time on looking at what is available and comparing the rates charged.

Of course there are other things that you can do which can further help to get you the best possible deals when it comes to renewing the insurance policy on your boat. Below we take a look at just some of the things that you could do that in the future could help to ensure that the boat insurance rates you are charged aren't as high.

1. The first thing you do when it comes to renewing the insurance for your boat is to check the limit on the policy you have currently. Is it actually reflecting the value of the boat as it is currently or has it remained that same as that which you paid for the boat originally. You may be surprised to discover that your boat is valued about what it is currently worth and of course this means that you pay much higher premiums.

2. The next thing to be looking at to help bring down the insurance rates for your boat is how much you are being asked to pay in deductibles. If you can afford to increase the amount you are willing to pay in deductibles (excess) if you should need to make a claim against the policy. Most boat owners tend not to make claims for smaller repairs to their boats, but rather will make claims for much larger ones such as damage because of the weather or the boat has been stolen.

Just increasing your deductibles from say $200 to $500 could actually save you quite a bit of money each year when it comes to boat insurance rates. But you must make sure that you can afford to cover these costs should you at some stage need to make a claim against your policy.

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Try to Get the Best Insurance Coverage for Your Yacht

Purchasing a yacht is very much an expensive task, so it is important that you take proper care of it. Getting proper insurance is also a very important task so you get maximum protection against any damage. It is important that you try and include insurance cost in your monthly expense and so looking around for affordable insurance company is also advisable. You just have to try and purchase one that offers you with customized features and is designed to cover any expense that is best suited for your boat type. In most cases the cost of insurance would cover personal liability, accident, vandalism and loss. It is better to be safe than sorry.

You certainly can select from different types of insurance packages that are designed best for your yachts. These types are designed to cover expense for luxury boats, bareboat charter, skipper and commercial boats. In case you are having high speed yacht then you might have to try to get different type of insurance coverage. These types of coverage' s are designed to meet different requirements of different individuals. Brokers always try and offer you with best coverage for different types of boats. You just have to try and collect quotations from different types of insurance companies. You also have to keep in mind that any insurance that you apply for should also be valid world wide.

You need to remember that yachts insurance coverage is something that is much more beyond the safety measures. It certainly does involve a lot more expenses like maintenance cost, cargo expenses, cost of equipments, sail cost and surveyors cost. So even if your boat is undergoing renovations still you can be sure to cover everything under insurance plan. At the same time you can also get insurance coverage against any type of physical damage or loss of your liabilities. Apart from this you can also try and get coverage against medical expense for each of the crew members.

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The Essential Guide to Yacht Insurance

If you own a marine vessel that is longer than 26 feet, you need yacht insurance. (If it is less than 26 feet, you need boat insurance.)

Yacht insurance will protect your investment from theft, damage, and other things that can cause partial or complete loss.

What do you need to look for when you choose an insurance policy for your yacht?

1. Comprehensive cover. Some policies cover your yacht only for accidents and damage. Others protect against fire. Still others provide only against theft or vandalism.

Naturally, just getting one sort of protection will cost you less. If you keep your yacht in a boat house, this will further lower the cost for your policy.

But how do you which of these dangers is likely to befall your yacht? In the end, it is best to get a policy that protects your yacht for all three risks.

2. Third-party liability. Third-party injury is the biggest headache you can get with your yacht. After all, should your yacht get stolen or damaged or completely burned down, you always have the option to do nothing and just swallow your loss.

On the other hand, if you and your yacht cause damage to others' property or injury on another person, you do not have the option of doing nothing. You will have to pay up.

Third-party cover will prevent you from having to cough up a huge amount of cash at one time just to keep yourself from getting sued. In any case, in the UK, you are required to have at least £2 million third-party liability before you sail in your yacht.

Incidentally, third-party insurance only applies when your yacht is in the water. Should your yacht cause damage to anyone or anything while your yacht is being transported from your boat house to the water, this should be covered by your vehicle insurance, not your yacht insurance.

3. New-for-old cover. Will your insurance pay for the cost needed to purchase a brand-new yacht should something happen to the old one? Or will your policy only cover the value of the yacht when the damage or loss occurred?

A new-for-old cover will ensure that you will have enough money to replace your old yacht with a new one. However, be aware that some companies set a maximum yacht age for your yacht - often three years - to receive this coverage.

4. Laid-up period. Some insurance companies will not cover you if you sail your yacht within a certain period during the year, when the boat yards are at peak season, or during bad weather. Check your policy to confirm the laid-up period requirement of your policy

5. Ease of claim. An insurance policy is only as good as your ability to claim it. The best way to find an insurance company that makes claim submission easy is by talking to your fellow sailors and getting referrals.

Should your yacht ever be involved in an incident that will necessitate a claim, make sure you submit the claim in the soonest time possible after the incident. If the incident involves theft, arson, vandalism, or other criminal activities, report the incident to the police first, as you will need a crime reference number in your claim form.

Remember that while spending money on insurance is never as fun as spending money on a yacht, the money you spend on your yacht insurance will allow you to enjoy your yacht longer and better. It's money worth spending, as long as you choose a good yacht insurance company to spend it on.

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