Although not in the generally considered by the general public, boat insurance is more than likely the oldest type of insurance in the world. The Marine Insurance Act ensures all marine craft like boats are legally obliged to have insurance cover. Boat insurance policies, just like vehicle insurance come with an excess except the excess for a boat is usually quite a substantial sum which is done in order to discourage small claims which is often the case with cars. There is little difference between the two types of policy except the amount of cover provided with boat insurance is considerably larger.

As soon as you become a boat owner in America, most states will require you to have a boat insurance policy in force. 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. 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 company that comes with a speedboat compared to a fishing boat.

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. If you require insurance to cover for additional situations like emergency services to your vessel, repairs, boat trailer and wreck removal for instance then it is possible to take out an Optional Insurance Cover. 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. Agreed amount value policies also replace old objects with new ones, exclusive of any assumption for depreciation. The majority of agreed amount value boat 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.

Most boat insurance policies can be broken down into two main areas; value of the property lost or damaged and that of liability. When an individual insures his boat for liability, it guards an individual against harm to another person’s assets brought about by the boat. Remember to try and find a boat insurance agent with a good reputation of getting the best possible policies for his clients and a good record in claim settlement. 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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Shopping for insurance.(boat-and-trailer insurance): An article from: Trailer Boats…

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