Probably one of the oldest types of insurance cover in the world is boat insurance. 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.

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. 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.

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. 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. 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. 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.

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. 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.

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