With boats being about the oldest form of transport still being used, it is not surprising when you realise that boat insurance has been available in varying forms for thousands of years. A boat, just like all vehicles is liable for an insurance policy, under the Marine Insurance Act. As with car insurance, policies come with an excess to discourage small claims and for boat insurance, this is usually quite a large sum of money, as the intention of the insurance is to cover you against substantial losses instead of just scratches and dents. So the major difference between boat insurance and car insurance is the amount of coverage a policy provides.

Standard boat insurance is a legal requirement in most American States and should be something that is done as soon as a person acquires the vessel. Strangely, in the eyes of the Marine Industry, a houseboat is in the same category as pleasure boats like sailboats, jet boats and cabin cruises for instance. However, a speedboat is in a completely different category to say a fishing vessel owing to the nature of its activities and a higher insurance premium is likely.

Actual Cash Value boat insurance policies cover the cost of the vessel replacement les any depreciation form the time of the boats 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 current market rate is calculated using second hand values as a guide. Optional insurance usually includes coverage for reasonable repairs, emergency services to your boat, 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 minus deductibles.

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A better boat insurance plan 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. Another benefit of Agreed value policies is that old items are replaced with new, irrespective of the value of the items being replaced. However, Agreed Value boat insurances policies require a cash value to be given on many onboard items such as sails, outboard motors, dinghies for instance and these will need to be agreed before the policy commences.

The two chief aspects of boat insurance are legal responsibility, or security and insurance; and property loss. When an individual insures his boat for liability, it guards an individual against harm to another person’s assets brought about by the boat. It is just as important to find a boat insurance agent that looks after his clients by finding the best policies and obtaining the best settlements should they need them. Equally important when searching for a boat insurance 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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