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. Under the Marine Insurance Act, a boat is just as liable for insurance as any other type of vehicle. 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. Therefore the only real difference between the cover for boat insurance and that for car insurance is the amount.

Almost all states make the standard boat insurance a requirement so it is important to abide by the law and obtain boat insurance as soon as you become a boat owner. 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. If you are an owner of a speedboat for example, your insurance premium will be higher than for that of a fishing boat owing to the potential for a larger claim.

Almost all boat insurance policies will cover the cost of replacing the vessel, engine and the boat trailer but Actual Cash Value boat insurance plans only pay for replacement less any vessel depreciation from the point of loss. Usually when a boat has been damaged beyond repair, its current market rate is calculated using second hand values as a guide. It is possible to take out Optional Insurance which will include additional extras such as emergency services to the boat, cover for reasonable repairs, removal, the motor and trailer. Where there has only been limited damage to the vessel, partial damage repairs include the restoration less any items that can be deducted.

Florida Boat Insurance Companies...

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. With most Agreed value policies, the boat insurance company will require replacement value of some items like dinghies, sails, covers, drive units to name a few, before the policy payout value is agreed.

The two chief aspects of boat insurance are legal responsibility, or security and insurance; and property loss. The liability section covers the owner against claims by a third party if any damage is caused to that person or his property by the insured vessel. 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. Make sure your boat insurance policy also has provisions for lawful protection, in case one is charged for something that is protected under the boat insurance.

Florida Boat Insurance Companies

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