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

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.

Most boat insurance policies should cover your boat, the motor, and the trailer used to transport the boat, but Actual Cash Value boat insurance policies finance replacement costs, minus depreciation at the point of the loss. In the event of total damage, second-hand boat pricing directions and additional funds are used to decide the estimated market rate of the boat. 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 Charter Boat Insurance...

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. 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.

Essentially boat insurance covers two distinct areas; that of legal liability and that of damage or loss of property. 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. 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.

Florida Charter Boat Insurance

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