| There is no right answer when someone asks | | | | travel further and have more unique |
| which boat insurance company is the best. | | | | exposures. Also, many marinas and yacht clubs |
| Most boat owners are simply looking for an | | | | won't allow you to dock your boat unless |
| insurance company that knows about boat | | | | you're insured. Additional coverage can be |
| coverage and provides quality service as well | | | | obtained by purchasing a boat policy, a yacht |
| as support. Insuring your boat with the same | | | | policy, or a personal watercraft policy. It |
| company that issued your auto, life, or | | | | should be noted that, in the pleasure boating |
| homeowners insurance can have certain | | | | industry, boats can be insured either under a |
| advantages. Though it does pay to work with a | | | | yacht policy or a boat policy. One of the |
| company who thoroughly understands boat and | | | | main criteria insurers weigh when it comes to |
| yacht insurance. With any luck your present | | | | insuring a boat or yacht is the owner's |
| insurer knows a good bit about boats. If not, | | | | boating background. Most yacht policies today |
| your best option is probably to go with | | | | also include a specific amount for personal |
| experienced boat insurers. | | | | property carried or stored aboard, other than |
| | | | regular boat equipment. |
| Liability Coverage | | | | |
| | | | Damage to Your Boat |
| While there may be some variation in boat | | | | |
| policies, the main types of coverage are | | | | Depending on how you use your boat, you may |
| physical damage and liability coverage. The | | | | or may not want coverage for fishing gear, |
| limit of liability varies based on whether or | | | | hurricane damage, hurricane haul-out |
| not the insured is legally required to raise, | | | | expenses, etc. Physical damage insurance is |
| remove or destroy the boat. Theft will not be | | | | usually called hull insurance although it |
| covered if the boat is off the "residence | | | | takes in the whole boat. In fact, there was |
| premises." Liability coverage is only | | | | not one but two insurance coverage forms |
| available for certain smaller boats. Basic | | | | designed to protect against damage to stored |
| boat insurance should always cover physical | | | | boats. These policies usually also REPAIR the |
| damage as well as liability. Liability may | | | | boats with a deduction for depreciation. The |
| also provide the necessary coverage for legal | | | | restrictions and limitations on material |
| representation should it become essential | | | | damage to the boat, as provided by homeowners |
| from any incidents involving your boat. | | | | insurance, are many. |
| | | | |
| Don't forget to insure your boat against | | | | Value is Important |
| damage, sinking, and most importantly, | | | | |
| accident liability. Personal Umbrella | | | | You should insure your boat for market value. |
| policies provide you with an extra layer of | | | | A basic policy which will insure your boat |
| liability coverage above and beyond what your | | | | for depreciated value will be the cheapest. |
| auto, home or boat policies provide. | | | | Another option is to insure the boat for an |
| Therefore, a specific boat or yacht policy is | | | | agreed upon replacement value. The higher the |
| required to provide coverage for the boat and | | | | agreed replacement value of the boat, the |
| equipment, personal property and liability. | | | | higher the deductible and the cost of the |
| | | | insurance policy. They should insure the |
| Insuring Yachts | | | | value of the boat - not what you paid for it. |
| | | | should also increase the coverage to reflect |
| Generally speaking, yacht coverage is broader | | | | the increasing value of the boat. |
| and more specialized because larger boats | | | | |