Fishing Frenzy

We live in a world that looks to require insurance for everything but probably the oldest sort of cover is that surrounding sea going vessels or yacht insurance. A boat, just like all vehicles is liable for an insurance plan, under the Maritime Insurance Act. With automobile insurance policies there is usually an excess to deter individuals from claiming on small dents and scratches but with yacht insurance the excess is substantially bigger to avoid the same problem. Overall, the only difference between automobile insurance policy and that for a boat is the sum it is covering.

Almost all states make the standard yacht insurance a requisite so it is important to abide by the law and obtain yacht insurance as soon as you become a yacht owner. Strangely, in the eyes of the maritime Industry, a houseboat is in the same category as pleasure boats like sailboats, jet boats and cabin cruises. Nonetheless, a speedboat is in a totally different category to say a angling vessel owing to the nature of its activities and a higher insurance rates is likely.

Actual Cash Value boat insurance policies cover the cost of the vessel replacement less any wear and tear form the time of the yachts loss whereas most boat insurance plans will pay for the replacement of the craft, the engine as well as the trailer. Usually when a boat has been damaged beyond repair, its up-to-date market rate is calculated using second hand values as a guide. Ex Gratia insurance usually includes coverage for reasonable repairs, emergency services to your yacht, motor, or boat trailer, and wreck removal. Partial damage repairs on the other hand are calculated by working out the full charge to restore the boat less deductibles.

Agreed amount value yacht insurance plans mean that the owner of the boat and the insurer have decided on the cost of the boat, and in the aftermath of a total loss the owner will be covered with that amount. Agreed amount value plans also replace old objects with new ones, exclusive of any assumption for wear and tear. With most Agreed value plans, the yacht insurance company will need replacement value of some items like dinghies, sails, covers, drive units to name a few, before the policy payout value is agreed.

Most yacht insurance insurance policies can be broken down into two main areas: value of the goods lost or damaged and that of liability. Liability insurance is there to cover against claims by another person that the insured boat caused damage or injury to a third party. At an early stage it is worth trying to employ the services of an insurance agent who has experience and a reputation for locating the best boat insurance and settlements for his clients. A final piece of advice surrounds the liability section of the insurance policy and the need to guarantee you are covered should legal charges be brought against you relating to a matter that is protect under the yacht insurance.