We live in world that seems to require insurance for everything but probably the oldest type of cover is that surrounding sea going vessels or boat insurance. The Marine Insurance Act ensures all marine craft like boats are legally obliged to have insurance cover. 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.

As soon as you become a boat owner in America, most states will require you to have a boat insurance policy in force. Houseboats are a strange case because although they are not generally moved that are required to have an insurance policy which covers pleasure boats like cabin cruisers, sailboats and ski boats etc. 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.

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. 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.

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To guarantee the value of the boat should it happen to be an insurance write off then an Agreed Value boat insurance policy can be taken out where the boat owner and insurance company come to an agreement about how much the vessel is worth and compensate to this value. 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. 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. 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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