When you purchase a boat or yacht policy they may include several
limitations on your marine insurance, which are called warranties.
A navigational warranty limits the coverage of an insured vessel
to a specified
area. If
you plan on traveling outside this area, you should ask B.I.Q. about purchasing an extended navigational warranty.
The extended navigational warranty will cover everything your boat
policy already covers. Also, if you plan on traveling to a distant
area with your boat, check into travel insurance. Travel insurance
is important if you plan on docking your boat and staying on shore
for a vacation, but not necessary if you have an extended navigational
warranty.
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Medical or Dental Coverage
If you travel to another country or continent does
your health insurance cover you? In many cases you
will only be partially covered which leaves you to
pay a big portion of the bill. Travelers will get
coverage that can provide transportation home or
to a decent medical facility in case of an accident.
Luggage or Personal Possession
Loss
No matter how much you watch your valuables sometimes
accidents can happen when you’re having fun.
If your valuables are lost or stolen you’ll
want compensation. Your homeowner’s policy
may cover some of this but as with medical, only
a portion. Check your homeowner’s policy to
see what you’re covered for and whatever you’re
missing, be sure to supplement it!
Trip Interruption or Cancellation
Planning a big vacation can be tough to plan ahead
sometimes. Travel plans can sometimes change. Are
you prepared to lose your money if your trip is cancelled
or interrupted? If you’re not then this coverage
is for you.
Terrorism or Civil Unrest
Since September 11th we are all aware of what a
terrorist attack means and are aware of our surroundings.
A terrorist attack can shut down thousands of airports
that are not involved in the incident. Also if your
airline decides to put the crew and equipment at
risk and fly to a troubled destination, they won’t
give you a refund it you plan on staying off of the
flight. Some passengers may be apprehensive about
this type of coverage but it can be an important
one.
Bankruptcy
What will you do if the airline you’re planning
on using goes bankrupt and won’t take passengers.
What if the new airliner is unable to meet your detailed
specific requirements? This is an insurance coverage
for those who need a more detailed coverage.
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The best way to look at Travel Insurance is to look at the worst
case scenario. Reasonable risks should be considered. These are
risks that are typically involved with the time of year you will
be traveling. Insurance companies will try to sell you as many
products of theirs as possible, so make sure you’re not purchasing
what you don’t need.
Medical Coverage When
Traveling to Another Country
If you happen to be traveling into a country
with limited medical resources it’s
important to purchase medical coverage.
It will normally provide transportation
to a facility. Your medical insurance will
most likely not cover medical treatments
in another country.
Check Your Current
Policies
Check your current policies to be sure
that, if you are covered already, you don’t
purchase unnecessary coverage’s.
A car rental policy is usually not purchased
because they are already covered. Some
coverage’s may be covered under your
homeowner’s policy.
If You Are a Frequent
Traveler
Year round policies are not too expensive
and are sold by time frame. Sometimes they
can be under $100 per year.
Read the Fine Print
If you are purchasing trip interruption
or cancellation insurance be sure to read
the fine print. They often spell out specific
reasons for cancellation and if your reason
is not listed they won’t cover you!
Don’t buy until you are satisfied
with the coverage.
Travel Agents are
Not Experts
Travel agents are specialists on travel
not insurance. Contact the insurer and
not the travel agent for information on
the coverage’s and policies.
Questions
Questions are key to find out the right
possible coverage for you. Not everything
can be covered so highlight the most important
items.
Buying Coverage Separate
From Your Trips Provider
It may seem odd to purchase your travel
insurance from a provider other than the
cruise line your traveling on but there
are some important reasons not to. Say
the cruise line goes bankrupt, are you
covered for cancellation costs? They probably
won’t cover you. Tours and cruise
lines have many exceptions on their policies,
while an independent provider has fewer.
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The question every boater wants to know is should I purchase an extended
warranty or travel insurance. When you plan on traveling with your
boat the first coverage you should purchase is a navigational warranty
since many insurance companies only cover your boat in a specified
area.
Travel insurance is commonly purchased for trips, such as a
cruise or a more expensive trip. However, if you plan on taking
a trip somewhere distant in your boat and wish to have certain
coverage’s travel insurance is your best bet. The most
important are medical coverage’s when traveling to another
area.
If you are deciding between the two, you definitely should have
an extended insurance coverage for your boat and travel insurance
is optional. Contact B.I.Q. for coverage options
on your extended navigational warranty.
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