You might not have thought about it, but boat insurance is probably the oldest kind of insurance there is. 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. 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. 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.

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. When the craft is a complete insurance right-off then the second hand value of the boat is used to estimate its market value. 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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Agreed amount value boat insurance policies mean that the owner of the boat and the insurance company have decided on the cost of the boat, and in the aftermath of a total loss the owner will be compensated with that amount. This type of policy also takes into account that old items have depreciated and have less value but are still replaced with new ones. 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. 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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When it comes to filing an insurance claim on your boat, nothing is cut and dried.(Brief Article)…

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