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